Press release
Smart Roads Market Segments, Analysis, Overview, Outlook 2024-2033
"The Business Research Company recently released a comprehensive report on the Global Smart Roads Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.Ready to Dive into Something Exciting? Get Your Free Exclusive Sample of Our Research Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=19191&type=smp
According to The Business Research Company's, The smart roads market size has grown exponentially in recent years. It will grow from $13.03 billion in 2023 to $16.35 billion in 2024 at a compound annual growth rate (CAGR) of 25.5%. The growth in the historic period can be attributed to an increasing focus on road safety and preventing accidents, a rise in traffic injuries, an increase in demand for smart motorways, a growing need for effective transportation, and rising population levels.
The smart roads market size is expected to see exponential growth in the next few years. It will grow to $40.80 billion in 2028 at a compound annual growth rate (CAGR) of 25.7%. The growth in the forecast period can be attributed to increasing interest in corporate travel, rising number of highway accidents, increasing investment in transportation and construction infrastructure, rising demand for enhanced safety and comfort of road users, and increasing adoption of connected and autonomous vehicles. Major trends in the forecast period include the integration of Internet of Things (IoT) technologies, development of autonomous vehicle infrastructure, increasing focus on sustainability and eco-friendly materials, enhancement of road safety through advanced sensor technologies, and rising use of big data analytics for traffic pattern predictions.
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Market Drivers and Trends:
The rising number of highway accidents is expected to propel the growth of the smart road market going forward. A highway accident is an unforeseen and unintentional incident involving one or more vehicles on a highway or expressway, resulting in property damage, injuries, or fatalities. The rising number of highway accidents is due to weather conditions, vehicle maintenance issues, high traffic volume, impaired driving, and poor road conditions. Smart roads help reduce highway accidents by improving traffic management and safety through real-time monitoring, vehicle-to-infrastructure communication, and automated incident detection, which enhance overall road safety. For instance, in May 2023, according to a report published by the Bureau of Infrastructure and Transport Research Economics (BITRE), an Australia-based government agency that provides economic analysis and statistics related to infrastructure and transport, in 2022, road crash deaths rose to 1,194, marking a 5.8% increase compared to 2021. Therefore, the rising number of highway accidents is driving the growth of the smart road market.
Major companies operating in the smart roads market are focused on developing advanced solutions, such as turnkey solutions, to enhance traffic management and optimize road safety. A turnkey solution refers to a product or service designed, developed, and implemented by a provider so that it is fully operational and ready for immediate use by the client with minimal effort or customization. For instance, in July 2024, Intelligent Security Systems (ISS), a US-based video intelligence and data awareness solutions provider, launched Intellisection, a new turnkey solution for automated intersection monitoring. It is an advanced automated solution for intersection monitoring that excels in detecting, counting, and classifying all road users, including vehicles, pedestrians, bicyclists, and mobility devices. It enhances safety with near-miss analysis, red-light violation monitoring, and crash detection. The system provides real-time alerts via email, text, and browser notifications, enabling swift response to incidents. It handles multiple vehicles across different lanes simultaneously, making it ideal for complex intersections. It is built to NEMA TS-2 standards and ensures high reliability and durability in various conditions.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Huawei Technologies Co. Ltd., Hitachi Ltd., Siemens AG, Intel Corporation, Panasonic Holdings Corporation, International Business Machines Corporation, Cisco Systems Inc., Nokia Corporation, Thales Group, Infineon Technologies AG, WSP Global Inc., Indra Sistemas SA, Cubic Corporation, Alcatel-Lucent Enterprise, SWARCO INDUSTRIES Inc., TransCor, Sierra Wireless Inc., Genetec Inc., Iteris Inc., Econolite Group Inc., Intelligent Security Systems, Kapsch TrafficCom AG
Smart Roads Market 2024 Key Insights:
• The smart roads market size is expected to see exponential growth in the next few years. It will grow to $40.80 billion in 2028 at a compound annual growth rate (CAGR) of 25.7%.
• Rising Highway Accidents Driving Growth In The Smart Road Market
• Advanced Neural Network Solutions Revolutionizing Intersection Safety And Traffic Management
• North America was the largest region in the smart roads market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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