What are the latest figures on the smart roads market’s size and projected CAGR?
The smart roads market size has grown exponentially in recent years. It will grow from $16.35 billion in 2024 to $20.59 billion in 2025 at a compound annual growth rate (CAGR) of 26.0%. The growth in the historic period can be attributed to an increasing focus on road safety and preventing accidents, a rise in traffic injuries, an increase in demand for smart motorways, a growing need for effective transportation, and rising population levels.
The smart roads market size is expected to see exponential growth in the next few years. It will grow to $51.19 billion in 2029 at a compound annual growth rate (CAGR) of 25.6%. The growth in the forecast period can be attributed to increasing interest in corporate travel, rising number of highway accidents, increasing investment in transportation and construction infrastructure, rising demand for enhanced safety and comfort of road users, and increasing adoption of connected and autonomous vehicles. Major trends in the forecast period include the integration of Internet of Things (IoT) technologies, development of autonomous vehicle infrastructure, increasing focus on sustainability and eco-friendly materials, enhancement of road safety through advanced sensor technologies, and rising use of big data analytics for traffic pattern predictions.
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Which Market drivers have played a significant role in driving the smart roads market?
The rising number of highway accidents is expected to propel the growth of the smart road market going forward. A highway accident is an unforeseen and unintentional incident involving one or more vehicles on a highway or expressway, resulting in property damage, injuries, or fatalities. The rising number of highway accidents is due to weather conditions, vehicle maintenance issues, high traffic volume, impaired driving, and poor road conditions. Smart roads help reduce highway accidents by improving traffic management and safety through real-time monitoring, vehicle-to-infrastructure communication, and automated incident detection, which enhance overall road safety. For instance, in May 2023, according to a report published by the Bureau of Infrastructure and Transport Research Economics (BITRE), an Australia-based government agency that provides economic analysis and statistics related to infrastructure and transport, in 2022, road crash deaths rose to 1,194, marking a 5.8% increase compared to 2021. Therefore, the rising number of highway accidents is driving the growth of the smart road market.
What are the key segments within the smart roads market?
The smart roadsmarket covered in this report is segmented –
1) By Type: Transportation And Communication System, Traffic Management System, Other Types
2) By Component: Hardware, Software, Service
3) By Deployment Mode: On-Premise, Cloud
4) By Technology: Intelligent Transportation Management System, Intelligent Management System, Communication System, Monitoring System, Other Technologies
5) By Application: Urban Traffic Management, Highway Traffic Management, Parking Management, Other Applications
Subsegments:
1) By Transportation And Communication System: Vehicle-To-Vehicle (V2V) Communication, Vehicle-To-Infrastructure (V2I) Communication, Intelligent Transportation Systems (ITS), Smart Traffic Signals
2) By Traffic Management System: Traffic Monitoring Systems, Traffic Control Systems, Incident Management Systems, Traffic Flow Optimization Systems
3) By Other Types: Smart Parking Solutions, Road Weather Information Systems (RWIS), Automated Toll Collection Systems
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Which key players are shaping the smart roads market?
Major companies operating in the smart roads market are Huawei Technologies Co. Ltd., Hitachi Ltd., Siemens AG, Intel Corporation, Panasonic Holdings Corporation, International Business Machines Corporation, Cisco Systems Inc., Nokia Corporation, Thales Group, Infineon Technologies AG, WSP Global Inc., Indra Sistemas SA, Cubic Corporation, Alcatel-Lucent Enterprise, SWARCO INDUSTRIES Inc., TransCor, Sierra Wireless Inc., Genetec Inc., Iteris Inc., Econolite Group Inc., Intelligent Security Systems, Kapsch TrafficCom AG
Which transformative trends will shape the smart roads market landscape?
Major companies operating in the smart roads market are focused on developing advanced solutions, such as turnkey solutions, to enhance traffic management and optimize road safety. A turnkey solution refers to a product or service designed, developed, and implemented by a provider so that it is fully operational and ready for immediate use by the client with minimal effort or customization. For instance, in July 2024, Intelligent Security Systems (ISS), a US-based video intelligence and data awareness solutions provider, launched Intellisection, a new turnkey solution for automated intersection monitoring. It is an advanced automated solution for intersection monitoring that excels in detecting, counting, and classifying all road users, including vehicles, pedestrians, bicyclists, and mobility devices. It enhances safety with near-miss analysis, red-light violation monitoring, and crash detection. The system provides real-time alerts via email, text, and browser notifications, enabling swift response to incidents. It handles multiple vehicles across different lanes simultaneously, making it ideal for complex intersections. It is built to NEMA TS-2 standards and ensures high reliability and durability in various conditions.
How do regional factors impact the smart roads market, and which region is the largest contributor?
North America was the largest region in the smart roads market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart roads market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Smart Roads Market Report 2025 Offer?
The smart roads market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Smart roads refer to highways or streets equipped with advanced technologies, sensors, and communication systems to enhance transportation efficiency, safety, and sustainability. These technologies allow roads to communicate with vehicles, traffic management systems, and infrastructure, enabling real-time traffic flow monitoring, road conditions, and vehicle behavior. Smart roads aim to reduce accidents, optimize traffic flow, and support connected and autonomous vehicle technologies.
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