Report ID : 10065224 |
Published Date : 21 Mar 2025 |
Report Format : PDF,PPT |
Delivery Timeline :48-72 Business Hours
Smart Highway Market Definition
The smart highway is an example of how technology is incorporated into roads to improve everyday traffic management. Such highways help improve the performance of connected and autonomous vehicles (CAVs). They are also useful for the efficient implementation of street lights and traffic lighting, and for monitoring the state of roads, speed of vehicles, and traffic levels. Speed sensors, IP CCTV cameras, acoustic sensors, smart traffic lights, digital signage, and condition and weather monitoring systems are some devices that enable smart highway technology. Further smart highways are essential to make cities adaptable to sustainable and long-term traffic needs.
Global Smart Highway Market: Key Insights
|
Base Year |
2022 |
|
Forecast Year |
2023-2033 |
|
CAGR |
~19% |
|
Base Year Market Size (2022) |
~ USD 25 Billion |
|
Forecast Year Market Size (2033) |
~ USD 145 Billion |
|
Regional Scope |
|
Global Smart Highway Market Highlights Over 2023 - 2033
The global smart highway market is estimated to garner a revenue of ~ USD 145 billion by the end of 2033 by growing at a CAGR of ~19% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~ USD 25 Billion in the year 2022. With intermittent traffic restrictions and extreme weather conditions, market fluctuations can be observed in road traffic worldwide, sometimes leading to frustrating traffic congestion. These congestions are the primary factor leading the market growth. It is estimated that Americans lost ~3 billion hours in traffic congestion in 2021.
GET A SAMPLE COPY OF THIS REPORT
These congestions happen as a result of different situations, including an unexpected spike in traffic, accidents, difficult weather, and more. Smart traffic lights in the smart highway infrastructure work together to adjust their timing following the incoming traffic to prevent the occurrences of logjams and to keep the traffic flow as smooth as possible.
Global Smart Highway Market: Growth Drivers and Challenges
Growth Drivers
-
Large Investments for Smart City Projects Worldwide – The global technology expenditure on smart city initiatives are projected to reach ~190 billion in 2023. The major aim of smart cities is to utilize data obtained from sensors to automate different services to achieve lower costs, minimum environmental impact, and better performance. Smart highways/ smart roads are significant components of the smart city concept that facilitate the planning, construction, management, and services of smart cities with the application of advanced technologies, including cloud computing, the internet of things (IoT), and artificial intelligence (AI).
-
Alarming Global Rate of Carbon Dioxide (CO2) Emission - As of 2020, global transportation-related emissions were estimated to reach ~7 billion metric tons of carbon dioxide.
-
Growing Use of Autonomous Vehicles Around the World – By 2030, autonomous vehicles are projected to comprise ~13% of the total car registrations.
-
Growing Concerns over Road Accidents – According to the World Health Organization (WHO), the number of people dying each year, from road traffic crashes amounts to ~1 million.
Challenges
-
Huge Investments Needed to Implement Smart Highways – In building smart highways, choosing cost-effective services and technologies is not wise all the time. Hence, the building and implementation would involve the need for large investments, resulting in delays in their development.
-
Lack of Supporting Technology Infrastructure
-
Delay in the Adoption of Smart Highways in Developing Countries
The global smart highway market is segmented and analyzed for demand and supply by deployment mode into on-premise and cloud. The general growth of the data being stored in the cloud, improved customer service, reduced downtime, flexibility, scalability, and cost-effectiveness are expected to lead to greater adoption of cloud deployment in smart highway projects leading to segmental market growth. For instance, the amount of data to be stored in the cloud by 2025 has been projected to surpass ~ 99 zettabytes.
Global Smart Highway Market Regional Synopsis
The North American smart highway market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. In the region, highway and road spending comprises the expenditure on maintenance, operation, and construction of streets, sidewalks, roads, highways, bridges, and other such structures. These high investments by the government in the development of road infrastructure and the presence of developed economies in the region are the main factors driving the regional market growth. It is estimated that about 42% of the spending on federal transportation and infrastructure in the U.S. in 2021 was on highway transportation.
Market Segmentation
Our in-depth analysis of the global smart highway market includes the following segments:
|
By Technology |
|
|
By Component |
|
|
By Service |
|
|
By Deployment Mode |
|
Key Companies Dominating the Global Smart Highway Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global smart highway market that are included in our report are Advanced Services in Mobility S.L. (ASIMOV), Bergman Technologies AS, Cisco Systems, Inc., Delcan Technologies Inc (DTI), Huawei Technologies Co., Ltd., IBI Group Inc., International Business Machines Corporation (IBM Corp.), Indra Sistemas S.A., Infineon Technologies AG, INRIX, Inc., and others.
Global Smart Highway Market: Latest Developments
-
October 2022: Infineon Technologies AG announced the development of a solution based on XENSIV IM67D130A, an automotive-qualified MEMS microphone, which it developed with Clarence Emergency Vehicle Detection (EVD) software, to enable precise detection of emergency vehicle sirens even when the vehicle is out of sight.
-
September 2022: IBI Group Inc. announced the awarding of its Advanced Traffic Management Systems (ATMs) portfolio by the Florida Department of Transportation with a new statewide contract and contract extension.
?
