Press release
Rising Highway Accidents Driving Growth In The Smart Road Market: A Significant Driver Propelling The Smart Roads Market In 2025
Smart Roads Market Size
What Is the Smart Roads Market Size and Projected Growth Rate?
The smart roads market size has experienced exponential growth in recent years. It will grow from $16.35 billion in 2024 to $20.59 billion in 2025, at a CAGR of 26.0%. This growth is driven by the focus on road safety, the rising number of traffic injuries, the increasing demand for smart motorways, the need for efficient transportation, and population growth.
The smart roads market is expected to grow to $51.19 billion by 2029, with a CAGR of 25.6%. Growth drivers include increased corporate travel, rising highway accidents, investment in transportation and construction, the demand for safer roads, and the adoption of connected and autonomous vehicles. Key trends include IoT integration, autonomous vehicle infrastructure development, a focus on sustainability, the enhancement of road safety via advanced sensors, and the use of big data analytics f
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What Are the Major Segments 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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What Are The Driving Smart Roads Market Evolution?
The increasing number of highway accidents is expected to propel the growth of the smart road market. Highway accidents, caused by factors like weather, vehicle maintenance issues, and traffic congestion, are on the rise. Smart roads help reduce accidents by enhancing traffic management, improving safety, and enabling real-time monitoring. For instance, road crash deaths in Australia increased by 5.8% in 2022. Thus, the growing number of highway accidents is driving the smart road market.
Which Firms Dominate The Smart Roads Market Segments?
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
What Are the Latest Developing Trends in the Smart Roads Market?
Major Companies in the smart roads market are developing turnkey solutions to improve traffic management and road safety. A turnkey solution is a fully operational product or service ready for use with minimal customization. In July 2024, Intelligent Security Systems (ISS) (USA) launched Intellisection, a turnkey solution for automated intersection monitoring. This advanced solution detects, counts, and classifies road users like vehicles, pedestrians, and cyclists. It improves safety with near-miss analysis, red-light violation monitoring, and crash detection, providing real-time alerts and ensuring high reliability in complex intersections.
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Which Is The Largest Region In 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Smart Roads Market?
2. What is the CAGR expected in the Smart Roads Market?
3. What Are the Key Innovations Transforming the Smart Roads Industry?
4. Which Region Is Leading the Smart Roads Market?
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