Sarasota, FL -- (SBWIRE) -- 01/18/2018 -- According to the report, the global intelligent highway system market was valued at approximately USD 16,949.09 million in 2016 and is expected to reach approximately USD 43,700.63 million by 2022, growing at a CAGR of around 17.1% between 2016 and 2022.

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Intelligent highway systems comprise of innovative solutions for different modes of transport and traffic management and enable various users to be better informed and make safer, coordinated, and smarter use of transport networks. Nowadays, most of the cars are already embedded with various driver assistance systems. All these intelligent systems include various monitoring and communication systems along with more advanced applications that integrate live data and feedback from a number of other sources, such as parking guidance and information systems; climate information.

Nowadays, various wireless and cloud based technologies are available to lessen highway accident; such as automatic number plate recognition, security CCTV systems, and speed cameras are used for efficient monitoring. In addition, more advanced applications are available that integrate live data and feedback from a number of other sources, such as parking guidance systems, information systems, and weather information. Quality of travel and transportation has been considerably improving as there are continuous changes happening in computer technologies and systems.

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The intelligent highway market is segmented based on technology, by service and by geography. Based on technology the market is classified as intelligent transportation management system, intelligent traffic management system, communication system, monitoring system. In the technology segment, intelligent traffic management system is estimated to grow at a significant CAGR owing to stringent government regulations across regions. The second highest market growth is predicted in intelligent transportation system which will also grow at a promising CAGR. On the basis of service, the market is further divided into managed service, maintenance and operation service, and consultancy service. The market for managed service is anticipated to grow at a significant CAGR. Based on geography, the market looks profitable across geographies owing to growing concern for safe and intelligent highways. The Asia Pacific and Latin America are predicted to grow at a significant growth rate for the forecast period. In addition to this Europe and North America hold the largest market share during the forecast period.

Alcatel-Lucent, Indra, Siemens AG, Kapsch AG, LG CSN, CISCO Systems, Inc., Schneider Electric, International Business Machine (IBM), Xerox Corporation, Huawei Technologies Co., Ltd. are some of the leading key players in intelligent highway market. Launching of new products, joint ventures and partnerships are the strategies followed by the organizations for the growth of the market.

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