South America Smart Highway Market is expected to reach US$ 1580.41 million by 2028

Smart Transport Management System Segment to dominate South America Smart Highway Market during 2020–2028

According to a new market research study on “South America Smart Highway Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Technology and Component,” is expected to reach US$ 1580.41 million by 2028 from US$ 503.55 million in 2021. The market is estimated to grow at a CAGR of 17.7% from 2021 to 2028. The report provides trends prevailing in the South America smart highway market along with the drivers and restraints pertaining to the market growth. Origin of smart city concepts, advancing digital reality and mobility innovation, and boosting integration of traffic control centers and route guidance systems are the major factor driving the growth of the South America smart highway market. However, dearth of supporting infrastructure, unawareness, and unwillingness to adopt new ways hinder the growth of South America smart highway market.

South American countries have been witnessing growth in a number of industries over the past few years. However, the COVID-19 pandemic has affected several sectors including infrastructural development activities in this region. Due to non-availability of raw materials, the market has been negatively affected, as the systems used in smart highways include various semiconductor components, most of which are imported from other countries. Due to supply chain disruption, the revamp of existing roadways and construction of new intelligent highway systems is on halt. As a response to the drastic impact of COVID-19 on transportation systems, various reports by the World Bank, ITU, GSMA and World Economic Forum suggest that major countries in South American region need to support digital industry supply chain by facilitating customs and logistical process, for example classifying network equipment as essential infrastructure. The countries are further ensuring access to and affordability of digital services by the majority public. These developments in the region, which are accelerated as a result of the COVID-19 pandemic, are creating positive growth prospects for smart highway market.

The South America smart highway market is segmented on the basis of technology, component, and country. Based on technology, the market is segmented into smart transport management system, smart traffic management system, communication system, monitoring system, and others. In 2020, smart transport management system segment held the largest share in the market, and monitoring system is expected to be the fastest growing segment during the forecast period. Based on component, the market is bifurcated into hardware and software. In 2020, hardware segment held the largest share in the market, and software is expected to be the fastest growing segment during the forecast period. Similarly Based on country the market is segmented into the Brazil, Argentina, and Rest of South America. In 2020, Brazil held the largest share in the market, and it is also expected to be the fastest growing country during the forecast period.

Cisco Systems, Inc.; Huawei Technologies Co., Ltd.; Kapsch TrafficCom AG; Nokia Coropration; Siemens AG; Conduent, Inc.; Toshiba Corporation; Nippon Koei, and Co., Ltd. are among the leading companies in the South America smart highway market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, Huwaei announced the launch of its ORT technology that aims at facilitating the removal of expressway toll gates at provincial borders. This product can drastically reduce traffic congestion and transportation costs, making road transport and highway transit more convenient.

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