The
global market for Smart Highway is projected to reach US$62.6 billion by 2025,
driven by growing interest in smart cities as the only sustainable way to accommodate
7+ billion people on earth and the ensuing increase in smart transportation and
intelligent transportation systems (ITS). Smart highways are an integral part
of smart transportation which encompasses car sharing; congestion management;
emergency response; integrated traffic light management; public information
systems; road user charging; smart parking; and traffic monitoring and
management. The need for smart transportation is growing more urgent than ever
with global cities plagued by increasing congestion on roads and rise in
vehicular emissions. Governments worldwide are focusing on building
infrastructure which is key to economic growth and societal evolution. The new
budgetary focus on infrastructure comes at a time when infrastructure around
the world is collapsing as a result of chronic underfunding of critical
infrastructure. A key driver of optimism for bigger transportation development
budgets in the coming years, is the infrastructure gap in global roadways to
the tune of US$8 trillion for the cumulative period 2016-2040, which remains
the highest as compared to US$2 trillion for rail, US$3 trillion for energy,
US$1 trillion for water & US$2 trillion for telecom. Against this backdrop,
world’s highways will rapidly evolve and develop supported by committed
government support and initiatives aimed at connecting cities and countries for
better economic growth and gains. The importance attached to transportation
infrastructure development can be put into perspective by the fact that over
25% to 30% of World Bank funding support to developing countries is purposed
for transportation infrastructure projects, higher than health, education and
social services. Read
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