Press release
Smart Highway Market: Unprecedented Growth Forecast with a CAGR of 15.3% by 2029
Smart Highway Market
What Is The Projected Market Size Of The Global Smart Highway Market And Its Growth Rate?
Smart highways have seen formidable growth in recent years due to increasing urbanisation, traffic congestion, environmental concerns, and government initiatives. Key statistics include:
• There was a massive leap from $42.91 billion in 2024 to $49.77 billion in 2025 in global smart highway market size, with a compound annual growth rate (CAGR) of 16.0%.
• Rapid growth in the next few years is forecast, with market size projected to reach $88.04 billion in 2029, at a CAGR of 15.3%.
• This growth can be attributed to advancements in connected and autonomous vehicles, integration of renewable energy and emergency response, and several other technological advancements.
What Is Driving The Growth In The Smart Highway Market?
The growth in smart cities is a major driver for the smart highway market. Urban areas across the globe are being developed into smart cities due to rise in urbanization and population. These cities excel in various areas such as economy, mobility, environment, people's lifestyle, and governance which results in sustainable economic growth and better quality of life. There is a global trend of governments taking initiatives to develop smart urban roads, water supply, waste disposal facilities etc. A significant step in this direction was the launch of Strengthening Mobility and Revolutionizing Transportation (SMART) grant program by the U.S federal government in April 2022. This funding program has allocated $500 million to support and encourage the development of sustainable and intelligent transportation solutions in smart cities. This leads to the increasing demand and development of smart highways.
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Who Are the Key Players Driving Smart Highway Market Growth?
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, and many more
What Are The Key Trends In The Smart Highway Market?
Key trends in the smart highway market include:
• The incorporation of connected vehicle technology
• Implementation of solar roadways
• Development of dynamic road markings
• Use of eco-friendly materials
• Electrification of roadways
What Are The Segments Of The Global Smart Highway Market?
Segments of the global smart highway market are:
• 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
Which Region Leads The Smart Highway Market?
North America dominated the smart highway market in 2024, while Asia-Pacific is projected to record the fastest growth in the upcoming forecast period. The smart highway market report covers a comprehensive analysis of all major regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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What Is Covered In The Smart Highway Market Global Market Report?
- Market Size Analysis: Analyze the Smart Highway Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Smart Highway Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Smart Highway Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Smart Highway Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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