Press release
Key Trends Influencing the Growth of the Smart Roads Market in 2025: Advanced Neural Network Solutions Revolutionizing Intersection Safety And Traffic Management
Smart Roads
What Is the Expected CAGR for the Smart Roads Market Through 2025?
Over the past few years, the size of the smart roads market has experienced substantial growth. By 2025, it is projected to expand from $16.35 billion in 2024 to $20.59 billion, maintaining a compound annual growth rate (CAGR) of 26.0%. This considerable growth during the historical era is largely due to factors such as a heightened emphasis on road safety and accident prevention, increased instances of traffic-related injuries, surging demand for smart highways, the urgent need for efficient transportation systems, and a steady rise in population numbers.
What's the Projected Size of the Global Smart Roads Market by 2029?
Anticipated to witness substantial growth in the forthcoming years, the smart roads market size is projected to reach $51.19 billion by 2029, reflecting a compound annual growth rate (CAGR) of 25.6%. This growth during the projected period can be ascribed to a surge in corporate travel, an upsurge in highway accidents, growing investments in transportation and construction infrastructure, increased demand for improved safety and convenience for road users, and accelerated adoption of autonomous and connected vehicles. Key trends during this projection is the incorporation of Internet of Things (IoT) technologies, the formation of autonomous vehicle infrastructure, amplified focus on sustainable and eco-friendly materials, advanced sensor technologies for enhancing road safety, and a growing usage of big data analytics to predict traffic patterns.
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Top Growth Drivers in the Smart Roads Industry: What's Accelerating the Market?
The smart road market is expected to expand due to the escalating amount of highway accidents. Such accidents on highways or expressways can be unintentional and unexpected, involving one or more vehicles and leading to property damage, injuries and fatalities. Various elements like weather conditions, problems in vehicle maintenance, high volume of traffic, impaired driving, and substandard road conditions can contribute to the increased number of highway accidents. Smart roads can minimize these accidents significantly by enhancing traffic management and safety via real-time monitoring, communication between vehicle-to-infrastructure and automated incident detection, thus increasing overall road safety. For example, a report published by the Bureau of Infrastructure and Transport Research Economics (BITRE), an Australian government agency focusing on economic analysis and statistics about infrastructure and transport, disclosed that in 2022, road crash deaths increased to 1,194, demonstrating a 5.8% rise compared to 2021. Hence, the escalating number of highway accidents propels the expansion of the smart road market.
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What Trends Will Shape the Smart Roads Market Through 2029 and Beyond?
Prominent entities in the smart roads sector are concentrating on the development of innovative solutions such as turnkey solutions for improved traffic control and enhanced road safety measures. The term 'turnkey solution' pertains to a product or service that is meticulously designed, developed, and installed by a service provider and is ready for immediate use with little effort or customization required by the client. For instance, a provider of video intelligence and data awareness solutions based in the US, Intelligent Security Systems (ISS), released Intellisection in July 2024. This new turnkey solution is specifically designed for automated intersection monitoring. This advanced software excels at identifying, counting, and categorizing all users on the road including vehicles, pedestrians, cyclists, and other mobility devices. Its unique features for enhancing safety include near-miss analysis, red-light violation monitoring, and crash detection. The system gives real-time alerts through email, text, and browser notifications, allowing for quick incident responses. Its ability to manage multiple vehicles across different lanes at the same time makes it perfect for complex intersections. Constructed to NEMA TS-2 standards, it boasts high reliability and durability under various conditions.
What Are the Main 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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Which Top Companies are Driving Growth in the Smart Roads Market?
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
Which Regions Will Dominate the Smart Roads Market Through 2029?
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.
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