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Smart Cities Driving The Evolution Of The Smart Highway Market: An Emerging Driver Transforming The Smart Highway Market Landscape
Smart Highway
What Is the Projected Growth of the Smart Highway Market?
The scale of the smart highway market has seen swift expansion in the past few years. Estimated to have a value of $42.91 billion in 2024, it is projected to increase to $49.77 billion in 2025, showing a compound annual growth rate (CAGR) of 16.0%. This progression in the historical timeframe can be linked to the escalation of urban populations, higher traffic jams, escalating ecological worries, enhancements in safety, as well as governmental funding and strategies for infrastructure growth.
Anticipated to witness significant expansion in the upcoming years, the smart highway market is projected to reach a value of $88.04 billion by 2029, with a compound annual growth rate (CAGR) of 15.3%. This growth during the forecast period is primarily driven by elements such as the proliferation of connected and autonomous vehicles (cavs), the incorporation of renewable energy, focus on sustainability, the inclusion of emergency response systems, and progressive technological developments. Key trends to be observed during the forecast period encompass connected vehicle technology, solar pathways, dynamic traffic markings, adoption of eco-friendly materials, and the electrification of roadways.
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What Are the Different Smart Highway Market Segments?
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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What Are the Primary Drivers Shaping the Smart Highway Market?
The progression towards smart city development is propelling the smart highway market forward. A smart city is an advanced urban region that excels in numerous critical sectors including economy, mobility, environment, people, lifestyle, and government, contributing to sustainable economic growth and an exceptional quality of life. As a response to rising urbanization trends and population growth, government bodies worldwide are creating smart cities as a means to stimulate economic growth and enhance the living conditions of residents. These efforts include the development of smart urban roads, improved water supply systems, efficient water disposal facilities, and more. For example, in April 2022, the U.S. federal government introduced the Strengthening Mobility and Revolutionizing Transportation (SMART) grant program. The SMART funding program, which has devoted $500 million to smart city projects, is a significant initiative that promotes and bolsters the creation of sustainable, intelligent transport solutions in smart cities. Consequently, the continued evolution and development of smart cities is predicted to generate a demand for smart highways in the forecast period.
Which Companies Are Leading in the Smart Highway Market?
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
What Are the Major Trends Shaping the Smart Highway Market?
The key players in the smart highway market are placing a focus on solutions for cloud computing in order to drive their market revenues. This involves the use of technology systems reliant on cloud computing to manage and boost efficiency of traffic, infrastructure, and services on highways, thus improving safety, efficiency, and sustainability. As an illustration, Huawei, a tech company based in China, launched the Intelligent Transportation System 2.0 (ITS 2.0) in February 2024. This solution involves the use of software-defined cameras, cameras integrated with radars, edge computing, and big data to intelligently detect incidents in traffic, optimize control of signals, and analyze traffic situations, leading to an improvement in overall traffic efficiency by 15%.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Smart Highway Market?
2. What is the CAGR expected in the Smart Highway Market?
3. What Are the Key Innovations Transforming the Smart Highway Industry?
4. Which Region Is Leading the Smart Highway Market?
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