Smart Highway Market Size & Growth Analysis to 2030

The global smart highway market size is anticipated to register a significant CAGR of around 18% during the forecast period from 2021 to 2027. The increasing investment in transportation infrastructure by governments of various economies is a primary factor to drive the market growth. Furthermore, the technological advancement such as intelligent traffic management, electronic toll collection, and automatic traffic control systems is further expected to fuel the market growth. Moreover, the increasing adoption of wireless technologies, smart parking systems, and adoption of monitoring systems is projected to boost the market growth.

Market Drivers:

Increasing focus on road safety: Governments and transportation authorities are placing greater emphasis on improving road safety and reducing accidents. Smart highways incorporate advanced technologies such as intelligent transportation systems, sensors, and communication networks to enhance safety features, monitor traffic conditions, and alert drivers about potential hazards.

Growing traffic congestion and urbanization: The increasing number of vehicles on roads and the challenges of urbanization lead to traffic congestion and inefficiencies in transportation systems. Smart highways utilize technologies like real-time traffic monitoring, adaptive traffic control systems, and intelligent routing to manage traffic flow and reduce congestion, improving overall transportation efficiency.

Advancements in connected vehicle technology: The development of connected vehicle technology, which allows vehicles to communicate with each other and with the surrounding infrastructure, is a key driving factor for smart highways. This technology enables features like vehicle-to-vehicle (V2V) communication, vehicle-to-infrastructure (V2I) communication, and cooperative adaptive cruise control, which enhance safety, optimize traffic flow, and enable efficient transportation management.

Government initiatives and investments: Governments worldwide are investing in smart transportation infrastructure to improve efficiency, reduce environmental impact, and enhance the overall quality of transportation systems. Various smart highway projects, such as intelligent tolling systems, traffic management systems, and smart lighting systems, are being implemented with the support of government initiatives and funding.

Environmental concerns and sustainability: Smart highways incorporate sustainable and energy-efficient technologies to reduce environmental impact. These may include solar-powered lighting systems, energy-efficient traffic signals, electric vehicle charging infrastructure, and integration with public transportation systems. The focus on sustainability and reducing carbon emissions drives the adoption of smart highway solutions.

Advancements in communication and IoT technologies: The development of communication technologies, including 5G networks and Internet of Things (IoT) devices, has enabled the seamless integration and real-time exchange of data between vehicles, infrastructure, and traffic management systems. These advancements provide the foundation for smart highway solutions, enabling efficient data collection, analysis, and decision-making for improved traffic management and safety.

Demand for smart transportation and mobility solutions: The increasing demand for smart transportation and mobility solutions, driven by factors such as urbanization, changing consumer preferences, and the need for efficient transportation systems, contributes to the growth of the smart highway market. Smart highways play a crucial role in creating integrated and intelligent transportation ecosystems that cater to the evolving needs of travelers and businesses.

Technological innovations and pilot projects: Continuous technological innovations, pilot projects, and research and development efforts in the field of smart highways drive market growth. These innovations may include autonomous vehicle technologies, smart signage systems, real-time data analytics, and advanced vehicle-to-infrastructure communication solutions. These advancements expand the capabilities and possibilities of smart highways, attracting investments and driving market expansion.

Market Outlook:

Market Insights:

The global smart highway market is bifurcated into technology, services, and geography. On the basis of technology, the market is further segmented into intelligent transport management systems, intelligent traffic management systems, communication systems, monitoring systems, and others. The intelligent traffic management systems segment is accounted to hold a significant market share in 2020. The increasing adoption of electronic toll collection systems and real-time traffic management are some major factors driving the segment growth.

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The smart highway comprehensive study offers an in-depth analysis of industry trends, market size, competitive analysis, and market forecast – 2021 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The smart highway market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Global Smart Highway Market Segmentation:

By Technology:

• Intelligent Transport Management System
• Intelligent Traffic Management System
• Communication System
• Monitoring System
• Others

By Services:

• Consultancy Services
• Maintenance and Operation Services
• Managed Services

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Smart Highway Market: Geographic Coverage

Geographically, North America dominated the global smart highway market in 2020 and estimated to hold the largest market share of around half of the market by the end of the analysis period. The increasing investment in smart roads is a prominent factor to drive the market growth in the region. Furthermore, the investment in connected highway technology is further expected to fuel the market growth in North America. In addition, the adoption of the Internet of Things (IoT) in smart roads, Intelligent transport systems, and the embedded of sensors in roads is projected to propel the market in North America.

Smart Highway Market: Competition Assessment

Some of the prominent market players operating in the global smart highway market are Cisco Systems, Siemens AG, Xerox Corporation, Schneider Electric SE, and IBM Corporation. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

List of Key Companies:

• Cisco Systems
• Siemens AG
• Xerox Corporation
• Schneider Electric SE
• IBM Corporation
• Infineon Technologies
• Alcatel-Lucent S.A
• Intelligent Highway Solutions Inc.
• Kapsch AG
• LG CNS Co. Ltd

Key Questions Answered by Smart Highway Market Report

• Global smart highway market forecasts from 2021-2027
• Regional smart highway market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2021-2027 covering 15 major countries from the aforementioned regions
• Smart highway submarket forecasts from 2021-2027 covering the market by technology, by services, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis pertaining to the smart highway market
• Analysis of the key factors driving and restraining the growth of the global, regional and country-level smart highway markets from 2021-2027
• Competitive Landscape and market positioning of top 10 players operating in the smart highway market