The Smart Highway Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Smart Highway Global Market Report 2024, The smart highway market size has grown rapidly in recent years. It will grow from $37.18 billion in 2023 to $43.24 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. 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 $76.57 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. 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.
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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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
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 March 2021, INRIX, Inc., a UK-based company provides location-based data and software-as-a-service analytics to automakers, businesses, cities, and road authorities worldwide, launched INRIX Smart Alerts. INRIX Smart Alerts is a cloud-based smart alert to help avoid dangerous driving situations and to help drivers save lives, time and fuel. INRIX can quickly identify abnormalities in traffic flow that indicate congestion, unsafe slowdowns, and road closures.
The smart highway market report table of contents includes:
1. Executive Summary
2. Smart Highway Market Characteristics
3. Smart Highway Market Trends And Strategies
4. Smart Highway Market – Macro Economic Scenario
5. Global Smart Highway Market Size and Growth
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26. South America Smart Highway Market
27. Brazil Smart Highway Market
28. Middle East Smart Highway Market
29. Africa Smart Highway Market
30. Smart Highway Market Competitive Landscape And Company Profiles
Top Major Players:
- Cisco System Inc
- International Business Machines Corporation (IBM)
- Huawei Technologies Co. Ltd
- LG Electronics Inc
- Schneider Electric SE
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