The Business Research Company’s report on the Smart Highway Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the smart highway market in recent years?
The development of smart cities is driving the smart highway market. A smart city is a developed urban area that excels in a number of critical areas, including economy, mobility, environment, people, lifestyle, and government. This results in sustainable economic growth and excellent quality of life. Due to rising urbanization and the growing population, governments across the globe are developing smart cities to optimize economic growth and improve the quality of life for citizens. The government is taking extensive initiatives to develop smart urban roads, upgraded water supply, water disposal facilities, and others. In April 2022, the U.S. federal government launched strengthening mobility and revolutionizing transportation (SMART) grant program. SMART funding program, has allocated $500 million to smart city initiatives, is a noteworthy initiative that supports and encourages the development of sustainable and intelligent transportation solutions in smart cities. Thus, the growing development of smart cities is expected to demand smart highways during the forecast period.
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What is the projected market size of the smart highway industry, and how is it expected to grow?
The smart highway market size has grown rapidly in recent years. It will grow from $42.91 billion in 2024 to $49.77 billion in 2025 at a compound annual growth rate (CAGR) of 16.0%. The growth in the historic period can be attributed to increasing urban population, the rise in traffic congestion, growing environmental concerns, safety improvements, government investments and initiatives for infrastructure development.
The smart highway market size is expected to see rapid growth in the next few years. It will grow to $88.04 billion in 2029 at a compound annual growth rate (CAGR) of 15.3%. The growth in the forecast period can be attributed to connected and autonomous vehicles (cavs), renewable energy integration, sustainability, emergency response integration, technological advancements. Major trends in the forecast period include connected vehicle technology, solar roadways, dynamic road markings, eco-friendly materials, electrification of roadways.
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Who are the key players driving competition in the smart highway market?
Major companies operating in the smart highway market include Cisco System Inc., International Business Machines Corporation (IBM), Huawei Technologies Co. Ltd., LG Electronics Inc., Schneider Electric SE, Alcatel-Lucent Enterprise, Indra Sistemas SA, Infineon Technologies AG, HAAS Alert, Miovision, RoadBotics Inc., Tevva Motors, Urban DK, WiTricity Corporation, Upstream Security, Prisma Photonics, Siemens AG, Xerox Corporation, Kapsch AG, Intelligent Highway Solutions Inc., Vodafone Group PLC, Indra Philippines, Kapsch TrafficCom AG, Panasonic Corporation, Samsung Electronics Co. Ltd., Cubic Corporation, Swarco AG, Traffic Tech Gulf LLC, TransCore LP, Iteris Inc., Clearview Intelligence Ltd., Sensys Gatso Group AB, Vaisala Oyj
What key trends are expected to drive the smart healthcare products market during the forecast period?
Major companies operating in the smart highway market are focusing on cloud-based solutions to drive revenues in their market. Cloud-based smart highway solutions are technology systems that leverage cloud computing to manage and optimize traffic, infrastructure, and services on highways, enhancing safety, efficiency, and sustainability. For instance, in February 2024, Huawei, a China-based technology corporation, launched Intelligent Transportation System 2.0 (ITS 2.0). This solution utilizes software-defined cameras, radar-integrated cameras, edge computing, and big data to intelligently detect traffic incidents, optimize signal control, and analyze traffic situations, resulting in a 15% improvement in overall traffic efficiency.
Which key geographies are driving the growth of the smart highway market?
North America was the largest region in the smart highway market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart highway market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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What are the key segments driving growth in the smart highway market?
The smart highway market covered in this report is segmented –
1) By Technology: Intelligent Transportation Management System, Intelligent Management System, Communication System, Monitoring System, Other Technologies
2) By Component: Hardware, Software, Services
3) By Deployment Mode: On-Premise, Cloud
Subsegments:
1) By Intelligent Transportation Management System: Traffic Signal Control Systems, Traffic Flow Optimization Systems, Incident Detection and Response Systems
2) By Intelligent Management System: Smart Parking Management Systems, Fleet Management Systems, Roadway Asset Management Systems
3) By Communication System: Vehicle-to-Infrastructure Communication, Dedicated Short-Range Communications (DSRC), 5G Communication Systems
4) By Monitoring System: Real-Time Traffic Monitoring Systems, Environmental Monitoring Systems, Road Condition Monitoring Systems
5) By Other Technologies: Automated Toll Collection Systems, Smart Lighting Systems, Integrated Transportation Solutions
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What defines the structure and scope of the smart highway market?
Smart highway refers to technologically advanced roads integrated with advanced technologies and sensors for improved management and sustainable traffic flow. Smart highways can help reduce the alarming number of traffic fatalities and the hours wasted in backups. Smooth traffic flow results in more efficient fuel use and even fewer roads when they are constructed.
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