Smart Highway Market

Smart Highway Market Size

[ 170 + Pages Research Report ]  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.

Market Highlights

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.

Smart Highway Market: Segments

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.

Market Dynamics                                            

Drivers

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.

Restraint

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.

Recent Developments

• In January 2021, Ferrovial declared plans to collaborate with Kapsch TrafficCom, 3M, and Microsoft for the development of 5G smart roads and advanced monitoring, sensorization, and simulation technology.

Smart Highway Market: 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
• Other Prominent Players

Smart Highway Market: Regions

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.

Impact of Covid-19 on Smart Highway Market

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:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Smart Highway Market report also contains analysis on:

Smart Highway Market Segments:

• By Technology 
  • Intelligent Transportation Management System
  • Intelligent Traffic Management System
  • Communication System
  • Monitoring System 
• By Display
  • Variable Message Signs
  • Digital Signage
  • Others
• By Service
  • Managed Service
  • Maintenance and Operation Service
  • Consultancy Service 
• Smart Highway Market Dynamics
• Smart Highway Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

Smart Highway Market Report Scope and Segmentation

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