Press release
Smart Highway Market Expansion Continues, with Forecast Valuation of $86.44 Billion by 2029
Smart Highway Market
Smart Highway Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The scale of the smart highway market has seen a swift surge recently. It is projected to swell from $42.91 billion in 2024 to approximately $49.5 billion in 2025, boasting a compound annual growth rate (CAGR) of 15.4%. The historic period's expansion can be traced back to factors such as the surge in urban dwellers, escalating traffic gridlocks, intensifying concern for the environment, enhancements in safety, along with investment and initiatives by the government in infrastructure development.
Smart Highway Market Size Forecast: What's the Projected Valuation by 2029?
Expectations of a swift expansion in the size of the smart highway market are mounting, with predictions placing the valuation at $86.44 billion in 2029, representing a compound annual growth rate (CAGR) of 15.0%. This anticipated escalation during the forecast period sees its roots in the advent of connected and autonomous vehicles (cavs), incorporation of renewable energy, focus on sustainability, integration of emergency response systems, and technological progression. Notable forecast period trends encompass technology supporting vehicle connectivity, solar-powered roadways, dynamic road signage, use of eco-friendly materials, and roadway electrification.
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What Are the Drivers Transforming the Smart Highway Market?
The progression of intelligent urban areas is propelling the smart highway market. An intelligent city is an advanced urban region that excels in various critical areas, such as the economy, mobility, environment, people, lifestyle, and government. This leads to sustainable economic development and exceptional living standards. Due to increasing urbanization and population growth, governments worldwide are working on creating smart cities to maximize economic expansion and enhance citizens' living conditions. The government takes comprehensive measures to develop smart urban highways, improved water supply, waste disposal facilities, among others. In April 2022, the United States federal government started the Strengthening Mobility and Revolutionizing Transportation (SMART) grant initiative. The SMART funding scheme, which assigned $500 million to smart city projects, is a significant program that promotes and boosts the growth of sustainable and intelligent transportation solutions in intelligent cities. As such, the increasing advancement of smart cities is anticipated to increase smart highways' demand throughout the forecasted period.
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What Are the Key Trends Driving Smart Highway Market Growth?
The smart highway market's predominant businesses are concentrating on cloud-based solutions to increase their market revenues. These innovative smart highway systems employ cloud computing to govern and optimize elements such as traffic, infrastructure, and services on highways, thus augmenting safety, efficiency, and sustainability. To illustrate, in February 2024, Huawei, a tech company rooted in China, introduced the Intelligent Transportation System 2.0 (ITS 2.0). This approach uses software-defined cameras, the fusion of radar and cameras, edge computing, and extensive data to intelligently identify traffic issues, optimize signal control, and scrutinize traffic conditions, leading to a 15% boost in overall traffic efficiency.
Which Segments in the Smart Highway Market Offer the Most Profit Potential?
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 Firms Dominate the Smart Highway Market by Market Share and Revenue in 2025?
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
Which Regions Offer the Highest Growth Potential 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.
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