Press release
Smart Highway Market Growth and Trends Analysis 2024-2033 - Exploring Market Opportunities
Smart Highway Market Growth
Smart Highway Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $76.57 billion In 2028 At A CAGR Of 15.4% :
The smart highway market size has grown rapidly in recent years. It will grow from $37.18 billion in 2023 to $43.24 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to increasing urban population, the rise in traffic congestion, growing environmental concerns, safety improvements, government investments and initiatives for infrastructure development .
The smart highway market size is expected to see rapid growth in the next few years. It will grow to $76.57 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to connected and autonomous vehicles (cavs), renewable energy integration, sustainability, emergency response integration, technological advancements. Major trends in the forecast period include connected vehicle technology, solar roadways, dynamic road markings, eco-friendly materials, electrification of roadways.
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Smart Highway Market Major Segments
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
Key Driver - Smart Cities Driving The Evolution Of The Smart Highway Market
The development of smart cities is driving the smart highway market. A smart city is a developed urban area that excels in a number of critical areas, including economy, mobility, environment, people, lifestyle, and government. This results in sustainable economic growth and excellent quality of life. Due to rising urbanization and the growing population, governments across the globe are developing smart cities to optimize economic growth and improve the quality of life for citizens. The government is taking extensive initiatives to develop smart urban roads, upgraded water supply, water disposal facilities, and others. In April 2022, the U.S. federal government launched strengthening mobility and revolutionizing transportation (SMART) grant program. SMART funding program, has allocated $500 million to smart city initiatives, is a noteworthy initiative that supports and encourages the development of sustainable and intelligent transportation solutions in smart cities. Thus, the growing development of smart cities is expected to demand smart highways during the forecast period .
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Prominent Trend - Increasing Focus On Cloud-Based Solutions
Major companies operating in the smart highway market are focusing on cloud-based solutions to drive revenues in their market. Cloud-based smart highway solutions are technology systems that leverage cloud computing to manage and optimize traffic, infrastructure, and services on highways, enhancing safety, efficiency, and sustainability. For instance, in March 2021, INRIX, Inc., a UK-based company provides location-based data and software-as-a-service analytics to automakers, businesses, cities, and road authorities worldwide, launched INRIX Smart Alerts. INRIX Smart Alerts is a cloud-based smart alert to help avoid dangerous driving situations and to help drivers save lives, time and fuel. INRIX can quickly identify abnormalities in traffic flow that indicate congestion, unsafe slowdowns, and road closures.
Smart Highway Market Players
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
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Largest And Fastest Growing Region In The Market
North America was the largest region in the smart highway market in 2023. 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.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Smart Highway Market Report Structure
3. Smart Highway Market Trends And Strategies
4. Smart Highway Market - Macro Economic Scenario
5. Smart Highway Market Size And Growth
…..
27. Smart Highway Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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