As per the report published by Allied Market Research, the global smart highway construction market generated $20.17 billion in 2020, and is expected to reach $104.77 billion by 2030, registering a CAGR of 17.3% from 2021 to 2030.
An increase in the number of vehicles among emerging countries, a surge in international trade among the developing nations, rise in road traffic injuries, and increase in smart city initiatives have boosted the growth of the global smart highway construction market. However, lack of technical expertise and high initial and maintenance cost hinder the market growth. On the contrary, advent of smart vehicles and increase in advance technology among the transportation industry are expected to open new opportunities in the future.
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The report segments the global smart highway construction market on the basis of solution, deployment, technology, and region.
Based on the solution, the monitoring and detection systems segment held the largest share in 2020, contributing to around two-fifths of the market. However, the software segment is estimated to portray the highest CAGR of 18.1% from 2021 to 2030.
On the basis of deployment, the cloud-based segment is projected to manifest the highest CAGR of 18.3% during the forecast period. However, the on-premise segment held the lion’s share in 2020, accounting for nearly three-fifths of the market.
The global hospital information system market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America dominated in 2020, around two-fifths of the market. However, the market across Asia-Pacific is projected to showcase the highest CAGR of 18.7% during the forecast period.
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