Smart Roads Market Global Trends, Size, Segments and Growth by Forecast to 2027|Top Players are Alcatel Lucent (France), Kapsch AG (Austria), Indra Sistemas, S.A. (Madrid) and LG CNS (South Korea)

Market Overview

During the projection period, the global smart highway market is expected to increase at a CAGR of 17.4 percent, from $12,564.4 million in 2014 to $27,992.0 million in 2019.

By 2020, the population and number of vehicles on the road are predicted to treble, yet the amount of land available for roadways is restricted. As a result, all countries are concerned about the lack of convenient, pollution-free, secure, and congestion-free transportation. To address these issues, industries are developing new technologies in the current and future years. Several smart city initiatives are being developed in various regions, one of the major driving forces behind the highway sector. As a result, transportation businesses offer intelligent highway solutions and services to support smart city initiatives. The government is likewise investing in highway technology vendors and suppliers to assist them in creating new technologies and products.

The maintenance, operation, and new enhancement of road infrastructure are highway authorities' responsibility and state transportation departments. This becomes extremely hard to connect numerous sub-segments with a continuous communications network whilst managing highway systems. As a result, businesses are rushing to adopt breakthrough Intelligent Transportation Systems (ITS), that will help to reduce traffic congestion while also improving safety and security. They are also redefining less strict legislation to implement them readily.

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Market Segmentation

The market is divided into technology, services, deployments, displays, and geographies in the smart highway report. Intelligent traffic management systems, intelligent transportation management systems, communication systems, and monitoring systems are the different types of technology. An automatic number plate recognition system (ANPR), a technology lane departure warning system (LDW), an incident detection system, as well as a radio frequency identification system, make up the intelligent traffic management system (RFID). Maintenance, consultancy, and operation services, as well as managed services, are all available. Digital signage, variable message signs, and other displays are among the options. On-premise and on-cloud deployments are separated further.

Regional Classification

The smart roads market is segmented into North America, Asia Pacific, Europe, and the rest of the world, as per the research. North America has risen to the top of the worldwide smart highway market rankings because of technological improvements in the smart road business. A substantial number of enterprises engaged in the development of intelligent road equipment could be found in the United States plus Canada, two technologically advanced nations. As a result, these nations put a high emphasis on road safety, creating several prospects for enterprises involved in the smart road industry. The Asia Pacific area has emerged as the fastest-growing smart road market share, with countries like China and Japan extensively engaged in various efforts for the intelligent transportation system, as they become increasingly worried about road safety (ITS).

Industry News

The intelligent transportation system segment is expected to gain considerable market share during the projection period. The smart highway market in this category is growing because of lots of benefits offered by this system, such as decreasing infrastructure damage, increasing traffic safety, managing traffic, and gathering traffic data. On the other hand, the monitoring system sector is predicted to grow at the fastest rate throughout the projection period, owing to the quick adoption of this system by various governments around the world to reduce road accidents and avoid vehicle theft. As a result, the market in this category is growing.

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Smart Roads Market Research: By Technology (Transportation and Communication Systems, Traffic Management System), by Sensor (Anemometers, Strain Gauges, Accelerometers, Temperature Sensors), by Deployment (On-Premise, On-Cloud) - Forecast to 2027

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