Smart Highway Market: Segmented: By Technology (Intelligent Transportation Management System, Intelligent Traffic Management System, Communication System, Monitoring System), By Display (Variable Message Signs, Digital Signage, and Others), By Service (Managed Service, Maintenance and Operation Service, Consultancy Service) And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
[ 170 + Pages Research Report ] Smart Highway Market to surpass USD 219.5 billion by 2032 from USD 34.46 billion in 2021 at a CAGR of 18.4% in the coming years, i.e., 2022-32.
Smart highway are roads that are incorporated with technologies that improve the operational efficiency, sustainability, and safety on the roads. Smart highway uses IoT devices which helps in enhancing operation of connected and autonomous vehicles, assisting in monitoring traffic flows and managing road conditions. Advanced technologies aid in reducing congestion and emissions by providing real-time analytics and promote safe driving practices. Smart highway technologies are bifurcated into intelligent transportation system, communication system, intelligent traffic management system, and monitoring system. It provides services such as managed service, consultancy service, and maintenance and operation service.
Smart Highway Market is expected to project a notable CAGR of 18.4% in 2032.
Growing traffic issues, road accidents, investment in smart city projects, and advancement in technologies along with the adoption of AI and IoT devices are driving the growth of Smart Highway market.
Intelligent Transportation Management System segment to hold the largest market share during the forecast period 2022-32
Smart Highway market is classified on the basis of technology into Intelligent Transportation Management Systems, Intelligent Traffic Management System, Communication System, Monitoring System. Intelligent Transportation Management System is anticipated to hold the largest share in the market during the forecast period. The growing need for development of smart transportation infrastructure is propelling the growth of Intelligent Transportation Management System. These systems assist in automatic number plate recognition and electronic toll collection on highways.
Maintenance and Operation Service segment to grow at a significant rate during the forecast period 2022-32
Smart Highway market is classified on the basis of service into Managed Service, Maintenance and Operation Service, and Consultancy Services. Maintenance and Operation Service segment to grow at a significant rate during the forecast period. The growth is attributed to rising investments and increasing government initiatives to support smart highway systems.
Need for Reliable and Sustainable Road Networks
Vehicle sales have increased exponentially owing to the increase in the disposable income of individuals. Rise in the number of vehicles on road have caused heavy traffic congestion and road accidents. Rapid industrialization and urbanization have resulted in the rising need for reliable and sustainable road networks. Smart highways are sustainable infrastructure that aids in economic growth by reducing transportation time and road accidents, reducing negative impacts on the environment, and ensuring efficient functioning of highways with the implementation of smart technologies. Hence, growing need for reliable and sustainable roads is driving the growth of Smart Highway market.
Advancements in Technology and Favorable Government Initiatives
The integration of smart technology such as lane departure warning, automated tolling solutions, digital sensors and smart monitoring systems to optimize roadways management is fueling the growth of the market. Rising adoption of AI and IoT devices with the deployment of Intelligent Transportation Systems will help in providing real-time information, weather conditions, and reducing traffic issues. Furthermore, government has allocated budgets for the development of road infrastructure under its smart city project initiatives which is fueling the growth of Smart Highway market.
High Installation Costs and Dearth of Technological Expertise
The initial cost of installing smart technology is very high which is restraining the growth of the market. Furthermore, dearth of technological expertise and skilled professionals will impede the growth of Smart Highway market.
Smart Highway market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America is dominating the market with the largest share. The growth is attributed to the huge investments on construction and road infrastructure by government, and faster adoption of intelligent transportation systems to improve efficiency and safety. Furthermore, Asia Pacific is anticipated to grow at a significant rate during the forecast period, owing to the rising number infrastructure development activities.
Coronavirus pandemic has adversely affected the economies around the globe. Nationwide lockdown regulations were imposed in many countries to control the spread of the virus and social distancing norms were strictly followed by the citizens. Covid-19 negatively impacted Smart Highway market. Many construction and infrastructure development projects were delayed due to pandemic. However, the global economic shock highlighted the importance of smart road networks and solutions for efficient and easy mobility.
Smart Highway Market is further segmented by region into:
Smart Highway Market Segments:
|Market size value in 2021
|USD 34.46 billion
|Revenue forecast in 2032
|USD 219.5 billion
|CAGR of 18.4% from 2022 to 2032
|Base year for estimation
|Revenue in USD million and CAGR from 2022 to 2032
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
|Technology, Display, Service, and Region
|North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
|Key companies profiled
|Kapsch TrafficCom, LG CNS Corporation, Schneider Electric, Alcatel-Lucent S.A., Siemens, SAP SE, Indra Sistemas S.A., Panasonic Corporation, Honeywell International Inc., Masstrans Technologiies Pvt. Ltd., Infineon Technologies AG, Huawei Technologies Co. Ltd., Cisco Systems Inc., IBM, ABB, and Other Prominent Players
Smart Highway market size was estimated at USD 34.46 billion in 2021 and is expected to reach USD 219.5 billion in 2032.
Smart Highway are roads which are incorporated with technologies which improve the operational efficiency, sustainability, and safety on the roads.
Intelligent Transportation Management System, Maintenance and Operation Service segment accounted for the largest Smart Highway market share.
Key players: Kapsch TrafficCom, LG CNS Corporation, Schneider Electric, Alcatel-Lucent S.A., Siemens, SAP SE, Indra Sistemas S.A., Panasonic Corporation, Honeywell International Inc., Masstrans Technologiies Pvt. Ltd., Infineon Technologies AG, Huawei Technologies Co. Ltd., Cisco Systems Inc., IBM, ABB, and Other Prominent Players are the key players in the Smart Highway market.
Need for Reliable and Sustainable Road Networks and Advancements in Technology and Favorable Government Initiatives are the factors driving the Smart Highway market.
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