Smart Highway Market 2023- Market Size, Companies Analysis, Share, Key Players, Growth And Forecast To 2032
As per the smart highway market report by The Business Research Company, 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 global smart highway market size grew from $31.81 billion in 2022 to $37.07 billion in 2023, at a compound annual growth rate (CAGR) of 16.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The smart highway market size is expected to grow to $64.63 billion in 2027 at a CAGR of 14.9%.
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Major competitors in the smart highway market include Cisco System Inc., IBM Corporation, Huawei Technologies Co., Ltd., LG CSN, Schneider Electric SE, Siemens AG, Honeywell International Inc., ABB Ltd., ALE International, AT&T Inc., Indra, Alcatel-Lucent, Kapsch TrafficCom AG, Nippon Koei Co., Ltd., and Toshiba Infrastructure Systems & Solutions Corporation.
The smart highway market is segmented -
• By Technology: Intelligent Transportation Management System, Intelligent Management System, Communication System, Monitoring System, Other Technologies
• By Component: Hardware, Software, Services
• By Deployment Mode: On-Premise, Cloud
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the smart highway market.
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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.
The Table Of Content For The Smart Highway Market Include:
1. Executive Summary
2. Smart Highway Market Characteristics
3. Smart Highway Market Trends And Strategies
4. Smart Highway - Macro Economic Scenario
5. Smart Highway Market Size And Growth
26. Africa Smart Highway Market
27. Smart Highway Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Smart Highway Market
29. Smart Highway Market Future Outlook and Potential Analysis
The "Global Smart Highway Market Report 2023" from The Business Research Company is a comprehensive report that covers every facet of a market covering over 60 geographies and over 2500 market segments. The regional and country breakdowns section analyzes the market in each geography and the market size by region and country. Furthermore, it assesses the market's historical and projected growth and identifies significant trends and strategies that companies can leverage for business expansion.
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