Report : Middle East and Africa Smart Highway Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology (Smart Transport Management System, Smart Traffic Management System, Communication System, Monitoring System, and Others) and Component (Hardware and Software)
Software is Expected to be the Fastest Growing Segment During the Forecast Period 2020–2028
According to a new market research study on “Middle East & Africa Smart Highway Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Technology and Component,” is expected to reach US$ 4,483.79 million by 2028 from US$ 1,461.49 million in 2021. The market is estimated to grow at a CAGR of 17.4% from 2021 to 2028. The report provides trends prevailing in the Middle East & Africa smart highway market along with the drivers and restraints pertaining to the market growth. Increasing digital reality and mobility innovation, demand of smart city concepts, and elevating integration of traffic control centers and route guidance systems are the major factor driving the growth of the Middle East & Africa smart highway market. However, insufficient supporting infrastructure, unawareness, and unwillingness to adopt new ways hinder the growth of Middle East & Africa smart highway market.
Middle East & Africa comprises of South Africa, the UAE, Saudi Arabia, and other countries. In this region, South Africa recorded the highest number of COVID-19 cases and is followed by Saudi Arabia and the UAE. The Middle East & Africa region has a smaller number of companies operating or offering market-specific solutions. Further, according to the Institute of Chartered Accountants in England and Wales (ICAEW), the Middle East economy has witnessed a sharp slowdown in the year 2020. The COVID-19 outbreak has negatively impacted the construction businesses of roads and highways in the region due to the supply chain disruption and the transportation sector was also affected due to the non-movement of vehicles. In 2020, thus the revenue collected from highway systems decreased, resulting in a negative impact on the smart highway market in the region. However, in 2021, with the uplifting of lockdown restrictions and vaccination processes, the road and highway construction and developments has started again, helps in creating a positive scenario for the smart highway market growth in region. Furthermore, the infrastructural readiness of several stable economies in Middle East, such as UAE, Saudi Arabia, Qatar, and Bahrain, creates ample opportunities for the governments to implement intelligent transportation systems for enabling smart highways in the region.
The Middle East & Africa 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 South Africa, the UAE, Saudi Arabia, and Rest of MEA. In 2020, South Africa 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, Co., Ltd.; Telegra; and IBI Group are among the leading companies in the Middle East & Africa 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, Global design and technology firm, IBI Group is continuing its relationship with the South African National Roads Agency (SANRAL) via a six-year Freeway Traffic Management Software and Support Services contract.
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