Press release
Smart Highway Market Report 2024: Strategies And Recent Developments | Cisco System Inc., International Business Machines Corporation (IBM), Huawei Technologies Co. Ltd
Smart Highway Market Size
The Business Research Company offers in-depth market insights through Smart Highway Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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.
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Market Segmentation:
The main products offered under smart highways include intelligent transportation management systems, intelligent management systems, communication systems, monitoring systems, and others. Intelligent transportation management system solutions refer to a collection of cutting-edge information and communication technologies that are utilized in traffic management and transportation systems to enhance driving experiences and increase the safety, effectiveness, and sustainability of transportation networks. The hardware, software, and services in smart highway are deployed over cloud or on premise.
Major Driver - Smart Cities Driving The Evolution Of The Smart Highway Market
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 .
Competitive Landscape:
Major companies operating in the smart highway market include Cisco System Inc., International Business Machines Corporation (IBM), Huawei Technologies Co. Ltd., LG Electronics Inc., Schneider Electric SE, Alcatel-Lucent Enterprise, Indra Sistemas SA, Infineon Technologies AG, HAAS Alert, Miovision, RoadBotics Inc., Tevva Motors, Urban DK, WiTricity Corporation, Upstream Security, Prisma Photonics, Siemens AG, Xerox Corporation, Kapsch AG, Intelligent Highway Solutions Inc., Vodafone Group PLC, Indra Philippines, Kapsch TrafficCom AG, Panasonic Corporation, Samsung Electronics Co. Ltd., Cubic Corporation, Swarco AG, Traffic Tech Gulf LLC, TransCore LP, Iteris Inc., Clearview Intelligence Ltd., Sensys Gatso Group AB, Vaisala Oyj
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Top Trend - Increasing Focus On Cloud-Based Solutions
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 Table Of Content For The Market Report Include:
1. Executive Summary
2. Smart Highway Market Characteristics
3. Smart Highway Market Trends And Strategies
4. Smart Highway Market - Macro Economic Scenario
5. Smart Highway Market Size And Growth
…..
27. Smart Highway Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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