Smart Roads Market Set to Reach $51.19 Billion by 2029 with 25.6% Yearly Growth

What Is the Estimated Market Size and Growth Rate for the Smart Roads Market?
Recent years have seen an exponential expansion in the size of the smart roads market. From a market valuation of $16.35 billion in 2024, it is projected to escalate to a size of $20.59 billion in 2025, featuring a compound annual growth rate (CAGR) of 26.0%. The surge over the historical period can be traced back to amplified attention on road safety and accident prevention, an uptick in traffic-related injuries, an amplified demand for intelligent highways, an increasing necessity for efficient transport, and a surge in population numbers.

Anticipated growth in the smart roads market over the coming years is projected to be significant. With a compound annual growth rate (CAGR) of 25.6%, it's estimated that the market value will reach $51.19 billion by 2029. Several factors are expected to fuel this growth during the forecast period, such as a surge in corporate travel, an increase in highway accidents, escalated investment in construction and transportation infrastructure, and an enhanced emphasis on the safety and comfort of road users. The rising incorporation of autonomous and connected vehicles is another contributing element. Key forecast period trends are also projected to include IoT technology integration, the development of autonomous vehicle infrastructure, a heightened focus on sustainability and eco-friendly materials, the use of advanced sensors to improve road safety, and the increased use of big data analytics for predicting traffic patterns.

What Are the Forces Behind the Rapid Growth of the Smart Roads Market?
The smart road market is projected to grow due to an increase in highway accidents. These accidents typically involve multiple vehicles on highways or expressways and often result in damage to property, injuries, or fatalities. These accidents are often caused by factors such as weather conditions, poor vehicle maintenance, heavy traffic, impaired driving, and bad road conditions. Through real-time monitoring, communication between vehicles and infrastructure, and automated incident detection, smart roads can significantly improve traffic management and safety, thus reducing highway accidents. An illustration of this is a report published by the Bureau of Infrastructure and Transport Research Economics (BITRE) in May 2023. The Australia-based government agency that provides data related to infrastructure and transport reported a 5.8% increase in road crash deaths from 2021, with the total reaching 1,194 in 2022. Consequently, the growing number of highway accidents is catalyzing the expansion of the smart road market.

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Who Are the Dominant Companies Influencing Smart Roads Market Trends?
Major companies operating in the smart roads market are 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

How Is the Smart Roads Market Evolving?
Leading corporations engaged in the smart roads sector are prioritizing the creation of cutting-edge solutions, like turnkey solutions, to improve traffic control and boost road safety. A turnkey solution is a product or service that is designed, built and delivered by a provider in a manner that it is fully functional, requiring little to no alterations from the client for immediate usage. For instance, in July 2024, a US-based firm named Intelligent Security Systems (ISS), known for its video intelligence and data awareness solutions, unveiled Intellisection, a brand-new turnkey solution devised for automatic intersection surveillance. Intellisection is a sophisticated solution for intersection monitoring that excels in identifying, enumerating, and categorizing all road patrons, including vehicles, people on foot, cyclists and mobility equipment. It boosts safety through close-call analytics, observing red-light violations, and accident detection. It offers instant alerts through email, messages and browser notifications, facilitating prompt incident response. Intellisection can handle multiple vehicles across various lanes concurrently, making it perfect for multifaceted intersections. Built to NEMA TS-2 standards, it maintains high reliability and endurance across different conditions.

What Are the Different Segmentations in the Smart Roads Market?
The smart roadsmarket covered in this report is segmented -

1) By Type: Transportation And Communication System, Traffic Management System, Other Types
2) By Component: Hardware, Software, Service
3) By Deployment Mode: On-Premise, Cloud
4) By Technology: Intelligent Transportation Management System, Intelligent Management System, Communication System, Monitoring System, Other Technologies
5) By Application: Urban Traffic Management, Highway Traffic Management, Parking Management, Other Applications

Subsegments:
1) By Transportation And Communication System: Vehicle-To-Vehicle (V2V) Communication, Vehicle-To-Infrastructure (V2I) Communication, Intelligent Transportation Systems (ITS), Smart Traffic Signals
2) By Traffic Management System: Traffic Monitoring Systems, Traffic Control Systems, Incident Management Systems, Traffic Flow Optimization Systems
3) By Other Types: Smart Parking Solutions, Road Weather Information Systems (RWIS), Automated Toll Collection Systems

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Which Region Is at the Forefront of the Smart Roads Market?
North America was the largest region in the smart roads market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart roads market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Is Covered In The Smart Roads Global Market Report?

- Market Size Analysis: Analyze the Smart Roads Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Smart Roads 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 Roads Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Smart Roads Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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