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Smart Cities Driving The Evolution Of The Smart Highway Market Driver: Leading Transformation in the Smart Highway Market in 2025
The advancement of intelligent urban areas is a significant factor propelling the smart highway market. An intelligent city is a modernized urban region that outperforms in various vital areas like economy, mobility, environment, people, lifestyle, and government, leading to sustained economic progress and superior living standards. With the surge in urbanization and population, administrations worldwide are creating intelligent cities to boost economic expansion and enhance citizens' life quality. Governments are making considerable efforts to develop smart city infrastructure, including enhancing urban thoroughfares, improving the water supply and disposal facilities, among others. With the introduction of the strengthening mobility and revolutionizing transportation (SMART) grant program by the U.S. federal government in April 2022; about $500 million has been allocated to intelligent city initiatives. This significant initiative is backing and promoting the development of sustainable and intelligent transportation solutions in smart cities. Consequently, the acceleration of smart city advancements is anticipated to amplify the demand for smart highways in the prediction period.
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What Is the projected market size and growth rate for the smart highway market?
Over the preceding years, there has been a swift expansion in the smart highway market size. Anticipated to escalate from $42.91 billion in 2024 to a whopping $49.77 billion in 2025, the market is set to experience a compound annual growth rate (CAGR) of 16.0%. Factors like the burgeoning urban populace, escalating traffic bottlenecks, rising environmental issues, enhancement of safety measures, along with the government's endeavors and capital inputs in infrastructural development have contributed to this growth in the historic period.
Anticipations predict a swift expansion in the smart highway market size in the coming years, with an estimated worth of $88.04 billion by 2029, expanding at a compound annual growth rate (CAGR) of 15.3%. This expansion in the forecast period can be credited to factors such as the rise in connected and autonomous vehicles (cavs), integration of renewable energy, sustainability, incorporation of emergency responses, and technological progressions. The forecast period will showcase significant trends including technology for connected vehicles, solar roadways, dynamic road markings, eco-friendly materials, and roadways electrification.
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What new trends are reshaping the smart highway market and its opportunities?
Leading corporations in the smart highway market are prioritizing cloud-based solutions as a revenue growth strategy. These solutions use cloud technology for the management and optimization of traffic, infrastructure, and highway services, thereby improving safety, efficiency, and sustainability. For example, Huawei, a technology firm based in China, in February 2024, introduced its Intelligent Transportation System 2.0 (ITS 2.0). This solution leverages software-defined cameras, radar-integrated cameras, edge computing, and big data to smartly identify traffic mishaps, fine-tune signal control, and monitor traffic conditions, leading to a 15% rise in overall traffic efficiency.
What major market segments define the scope and growth of the smart highway market?
The smart highway market covered in this report is segmented -
1) By Technology: Intelligent Transportation Management System, Intelligent Management System, Communication System, Monitoring System, Other Technologies
2) By Component: Hardware, Software, Services
3) By Deployment Mode: On-Premise, Cloud
Subsegments:
1) By Intelligent Transportation Management System: Traffic Signal Control Systems, Traffic Flow Optimization Systems, Incident Detection and Response Systems
2) By Intelligent Management System: Smart Parking Management Systems, Fleet Management Systems, Roadway Asset Management Systems
3) By Communication System: Vehicle-to-Infrastructure Communication, Dedicated Short-Range Communications (DSRC), 5G Communication Systems
4) By Monitoring System: Real-Time Traffic Monitoring Systems, Environmental Monitoring Systems, Road Condition Monitoring Systems
5) By Other Technologies: Automated Toll Collection Systems, Smart Lighting Systems, Integrated Transportation Solutions
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Which region dominates the smart highway market?
North America was the largest region in the smart highway market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart highway market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Which key market leaders are driving the smart highway industry 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, 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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What Is Covered In The Smart Highway Global Market Report?
•Market Size Forecast: Examine the smart highway market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the smart highway market for a structured understanding.
•Key Players Overview: Analyze major players in the smart highway market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the smart highway market.
•Segment Contributions: Evaluate how different segments drive overall growth in the smart highway market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the smart highway market.
•Industry Challenges: Identify potential risks and obstacles affecting the smart highway market.
•Competitive Landscape: Review strategic developments in the smart highway market, including expansions, agreements, and new product launches.
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