Global Smart Highway Market to Reach US$ 177.8 Billion by 2032, Impelled by the Increasing Need for Sustainable Highways

October 04, 2022 | Technology & Media

According to the latest report by IMARC Group, titled "Smart Highway Market Report by Component (Hardware, Software, Service), Deployment Model (On-premises, Cloud-based), Technology (Intelligent Transportation Management System, Intelligent Traffic Management System, Communication System, Monitoring System, and Others), and Region 2024-2032," the global smart highway market reached a value of US$ 49.0 Billion in 2023. Smart highways are routes that use cutting-edge technologies for better traffic management and flow. These are equipped with solar panels, closed-circuit television (CCTV) cameras, speed and acoustic sensors, and digital signage that are powered by big data, artificial intelligence (AI), and the Internet of Things (IoT). These technologies are incorporated into roads to improve the connection between two or more autonomous vehicles running on the same track and monitor the road more closely. Several benefits of smart highways include improving mass transit systems, minimizing driving time, reducing road accidents, and enhancing traveler safety and the desire for travel.

Global Smart Highway Market Trends:

The global market is primarily driven by an increasing number of road accidents. In line with this, the rising international trade among emerging countries is paving the way for smart highways. Furthermore, rapid technological advancements in the transportation sector and the emergence of smart vehicles are offering lucrative growth opportunities in the market. Apart from this, the growing demand for sustainable highways to reduce traffic issues is positively influencing the market. Moreover, multiple market vendors are focusing on providing software platforms with core functionalities, including traffic management, tunnel management, management of equipment, video surveillance, video incident detection, SCADA integration, reporting engine, and alarm management, empowered with fully automated scenario management for fast and reliable system response to incidents. Additionally, the rapid development of smart cities and the escalating awareness associated with the benefits of smart highways are providing a boost to the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 177.8 Billion by 2032, exhibiting a CAGR of 14.9% during 2024-2032.

Market Summary:

  • On the basis of the component, the market has been segmented into hardware, software, and service.
  • Based on the deployment model, the market has been categorized into on-premises and cloud-based.
  • On the basis of the technology, the market has been classified into intelligent transportation management system (lane departure warning system (LDW), automatic number plate recognition (ANPR), incident detection system, and radio frequency identification (RFID)), intelligent traffic management system (electronic toll collection system, global navigation satellite system (GNSS)/global positioning system (GPS), and real-time traffic management), communication system (radio network, emergency network, and data network), monitoring system (traffic measurement, weather management, and video surveillance), and others.
  • On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa. 
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Cisco Systems Inc., Honeywell International Inc., Huawei Technologies Co Ltd., Indra Sistemas S.A., Infineon Technologies AG, International Business Machines Corporation, Kapsch Aktiengesellschaft, LG CNS (LG Corporation), Nokia Oyj, Schneider Electric SE, Siemens AG and Xerox Holdings Corporation.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Component, Deployment Model, Technology, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Cisco Systems Inc., Honeywell International Inc., Huawei Technologies Co Ltd., Indra Sistemas S.A., Infineon Technologies AG, International Business Machines Corporation, Kapsch Aktiengesellschaft, LG CNS (LG Corporation), Nokia Oyj, Schneider Electric SE, Siemens AG and Xerox Holdings Corporation
Customization Scope 10% Free Customization
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Global Smart Highway Market to Reach US$ 177.8 Billion by 2032, Impelled by the Increasing Need for Sustainable Highways
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