According to the latest report by IMARC Group, titled "Smart Highway Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global smart highways market reached a value of US$ 34.8 Billion in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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$ 93.3 Billion by 2027, exhibiting a CAGR of 18.16% during 2022-2027.
- 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.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
30 N Gould St, Ste R
Sheridan, WY (Wyoming) 82801 USA
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800