Steady Expansion Forecast for Smart Roads Market, Projected to Reach $50.61 Billion by 2029

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Smart Roads Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In the past few years, there has been a substantial surge in the market size of smart roads, exponentially advancing from $16.35 billion in 2024 to a projected $20.46 billion in 2025. This expansion reflects a compound annual growth rate (CAGR) of 25.2%. Factors contributing to this noteworthy growth during the historic period include heightened emphasis on road safety and accident prevention, an uptick in traffic-related injuries, increased interest in smart highways, pressing demands for efficient transport systems, and burgeoning population figures.

Smart Roads Market Size Forecast: What's the Projected Valuation by 2029?
The size of the smart roads market is anticipated to expand tremendously in the coming years. It's projected to surge to $50.61 billion by 2029, growing at a compound annual growth rate (CAGR) of 25.4%. The progression during the forecasted timeframe can be ascribed to a rise in corporate travel, an increase in highway accidents, greater investment in transportation and construction infrastructure, a heightened demand for superior safety and comfort for those using the roads, and growing use of connected and independent vehicles. Key trends during this period include the incorporation of Internet of Things (IoT) solutions, construction of infrastructure for autonomous vehicles, a growing concentration on sustainability and environmentally friendly materials, increased safety on roads through cutting-edge sensor technologies, and the increasing application of big data analytics for projecting traffic patterns.

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What Are the Drivers Transforming the Smart Roads Market?
The growth of the smart road market is set to be driven by an increasing number of accidents on the highway. These accidents, unforeseen and unintentional, often occur on highways or expressways and can result in hurt individuals, fatalities, or damaged property. The causes behind the growing number of such accidents include poor weather conditions, issues related to vehicle maintenance, high volumes of traffic, impaired driving, and substandard road conditions. Smart roads, with their real-time monitoring, vehicle-to-infrastructure communication, and automated incident detection capacities, are designed to enhance overall road safety and reduce the number of highway accidents. Take, for example, a report published by the Bureau of Infrastructure and Transport Research Economics (BITRE), an Australian government agency, in May 2023. The report revealed a sharp climb in road crash fatalities in 2022, reaching 1,194, which represented a 5.8% increase from 2021. Hence, the growing number of highway accidents stands behind the burgeoning smart road market.

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What Are the Key Trends Driving Smart Roads Market Growth?
Leading businesses in the smart roads sector are prioritizing the creation of sophisticated solutions such as turnkey solutions. These solutions are aimed at improving traffic control and augmenting road safety. The term "turnkey solution" denotes a product or service crafted, built, and set up by a vendor so that it is completely functional, requiring minimal effort or personalization for its application by the customer. For example, in July 2024, Intelligent Security Systems (ISS), an organization based in the US offering video intelligence and awareness of data, introduced Intellisection, an innovative turnkey solution aimed at automated intersection monitoring. This advanced solution is particularly adept at detecting, counting, and differentiating all road users such as vehicle operators, people on foot, cyclists, and mobility device users, thus significantly enhancing safety with its near-miss analysis, supervision of red-light offenses, and accident detection functionalities. This system sends instant alerts through email, text messages, and browser notifications which facilitate quick reactions to incidents. It can manage multiple vehicles across varied lanes concurrently, making it perfect for complex intersections. The system abides by the NEMA TS-2 standards that ensure its reliability and durability under different circumstances.

Which Segments in the Smart Roads Market Offer the Most Profit Potential?
The smart roads market 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 Firms Dominate the Smart Roads Market by Market Share and Revenue in 2025?
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 Offer the Highest Growth Potential 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.

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