WASHINGTON, Aug. 16, 2023 (GLOBE NEWSWIRE) -- As per Vantage Market Research, the Global Smart Highways Market has steadily grown over the years due to the significance of intelligent transportation systems and technical breakthroughs. Effective transportation solutions are especially needed in developed nations like the United States and developing nations, with greater emphasis on enhancing transportation safety and efficiency while saving money. This emphasis has raised interest in smart motorways as a cutting-edge and practical approach to enhance safety, lessen congestion, and improve traffic flow. Smart Highways gather data on traffic conditions using various technologies, including sensors, cameras, and radar, and then utilize that data to alter traffic signals and other infrastructure in real-time.
According to Vantage Market Research, the global Smart Highway Market is estimated to be valued at USD 84.6 Billion by 2030 and is expected to exhibit a CAGR of 18.9% from 2023 to 2030. The Smart Highway market grew to USD 25.2 Billion in 2022.
The Smart Highway market greatly benefits the transportation industry, especially during heavy traffic and accidents like the COVID-19 epidemic. Because of Smart Highways’s advancement of intelligent transportation systems (ITS) might go on a new path. Researchers can examine creative and useful ideas using information on traffic conditions gathered by sensors and other technology. Since the market for Smart Highways has grown, efficiency, traffic flow, and the overall state of transportation have all improved, particularly in lowering congestion and accidents.
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Key Highlights
- By Technology, the Intelligent Traffic Management Systems segment will increase the Market from 2023 to 2030.
- By Display, the Variable Message Signs segment dominated the largest market share globally from 2023 to 2030.
- By Service, the Managed Service holds the largest share across the globe in the forecast period 2023 to 2030.
- By Deployment, the On-Cloud segment will dominate the market during the forecast period.
- In 2022, North America dominated the market with the highest revenue share of 42.6%.
- The Asia Pacific area will grow at a high CAGR from 2023-2030.
The Smart Highway industry provides various solutions to satisfy transportation stakeholders' changing demands and needs. Different Smart Highway approaches and procedures are available to fulfill diverse traffic management objectives and driver needs. To create solutions tailored to the unique requirements of various highways, scientists, engineers, and others can select from several sensors, cameras, and other technology. Due to ongoing innovation and research, the market is always launching new goods and technologies to fulfill the changing needs of the transportation industry. This competitive environment promotes innovation and allows transportation agencies various options to tailor their Smart Highway systems to their unique needs and traffic management objectives.
Top Companies in The Global Smart Highway Market
- Alcatel-Lucent Enterprise (France)
- Nokia Corp. (Finland)
- Cisco Systems Inc. (U.S.)
- IBM Corp. (U.S.)
- Indra Sistemas SA (Spain)
- Infineon Technologies AG (Germany)
- Huawei Technologies Co. Ltd. (China)
- Kapsch AG (Austria)
- LG CNS Co. Ltd. (South Korea)
- Schneider Electric SE (France)
- Siemens AG (Germany)
- Xerox Corp. (U.S.)
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Factors affecting the growth of the Smart Highway Market Industry
Several factors can affect the growth of the Smart Highway industry. Some of these factors include:
- Technological Advancements: The creation and adoption of cutting-edge technologies contribute significantly to the market expansion for Smart Highway. Intelligent transportation systems can be built thanks to advancements in sensor technology, data analytics, artificial intelligence, and communication networks. These innovations boost transportation network efficiency, increase traffic management effectiveness, and boost driving safety, stimulating market expansion.
- Growing Urbanization and Population: A significant element driving the development of the global market for smart roads is the rapid urbanization and population increase. The need for effective and environmentally friendly transport options grows as metropolitan areas get denser. Smart Highway offers a solution to reduce traffic congestion, improve connectivity, and enhance the urban travel experience.
- Government Initiatives and Policies: The growth of smart cities and the improvement of transportation infrastructure are the main factors driving the market for Smart Highway. As part of their initiatives to solve traffic congestion, lower carbon emissions, and boost overall transportation efficiency, numerous governments worldwide are actively investing in intelligent transportation systems. A favourable environment for adopting and implementing Smart Highway is created by supportive policies, funding programs, and regulatory frameworks, which fuels market expansion.
- Growing Concern for Road Safety: The adoption of Smart Highway is driven by road safety concerns. Intelligent transport systems make real-time monitoring of road conditions possible, enabling prompt reactions to dangers, emergencies, and accidents. Intelligent highways include advanced sensors, automated traffic control systems, and real-time information to minimize accidents.
Top Trends in Global Smart Highway Market
The rising adoption of cutting-edge technologies like the Internet of Things (IoT), Artificial Intelligence (AI), and data analytics to improve traffic management and raise road safety are among the top trends in the global Smart Highway industry. Another well-known trend is incorporating intelligent lighting systems and energy-saving technologies to lessen environmental effects and promote sustainability. As for enhancing traffic flow and overall transportation efficiency, developing linked and autonomous vehicle infrastructure, such as smart lanes and vehicle-to-infrastructure communication, showed promise. The COVID-19 pandemic has also increased interest in touchless technologies and contactless tolling systems to assure safer and more hygienic transactions. Another key trend influencing the Smart Highway market is the growing focus on developing robust, adaptable, and future-proof highway infrastructure to meet the problems caused by climate change, urbanization, and rising traffic volumes. I advise examining more recent sources and market data for the most recent and current trends.
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Recent Development of the Global Smart Highway Market
- October 2021: T.net, a startup under EIT Digital's portfolio, unveiled Smart Road 4.0, an innovative system capable of significantly improving mobility and road safety in a smart road, an area in which connected vehicles send and receive information via a network of intelligent sensors.
- February 2021: India inaugurated its INR 427-crore Smart Road project, where roads spanning 37 km fall under the Area-Based Development (ABD) area of the Thiruvananthapuram Corporation upgraded to smart roads by making all overhead utilities underground.
- January 2021: Central Logic, an orchestration and healthcare access company, acquired Acuity Link, a transportation communications and logistics management software provider. Acuity Link's technology will power Central Logic's new intelligent transport capability.
Market Drivers
Several key factors drive the Smart Highway market. The urgent need to increase traffic safety and lower the alarmingly high collisions and fatalities is one of the main motivators. With cutting-edge technologies like intelligent traffic management systems, variable message signs, and real-time traffic monitoring, Smart Highways may take proactive steps to improve road safety and reduce risks. A further factor driving the development of Smart Highways is the rising demand for sustainable and efficient transportation options in increasingly urbanizing regions. These cutting-edge road networks contribute to more economical and environmentally friendly transportation systems by addressing traffic congestion, cutting emissions, and optimizing traffic flow.
Market Restraints
The market for Smart Highways has much potential, but it also has several obstacles that could prevent it from reaching its full potential. The expensive initial implementation costs related to implementing Smart Highway technologies and infrastructure are one of the main obstacles. In particular, for nations or regions with limited financial resources, the upfront expenditure needed for integrating advanced systems, such as intelligent traffic management, smart lighting, and vehicle-to-infrastructure communication, can be significant. Additionally, the legal frameworks and traditional traffic infrastructure already in place may act as obstacles to the seamless integration of Smart Highway solutions, necessitating extensive retrofitting and coordination among numerous parties. Furthermore, worries about cybersecurity and data privacy are important issues that could prevent the broad use of smart roadways.
Market Opportunities
There are many chances for development and innovation in the market for Smart Highways. The need for Smart Highways is expected to grow as governments and urban planners give sustainable and effective transportation options higher priority. The continual development of technology, particularly in the fields of IoT, AI, and data analytics, creates new opportunities for improving the capabilities of Smart Highways. Integration with cutting-edge technologies, such as connected and autonomous vehicles, provides chances for seamless coordination and communication, improving traffic management and easing congestion. Additionally, as smart cities develop, smart roads will be essential in developing integrated and interconnected transportation networks that meet the demands of a population that is heavily reliant on technology.
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on Smart Highway Market Forecast Report (2023-2030).
Report Segmentation of the Global Smart Highway Market
Technology Analysis
The most significant growth is anticipated for intelligent traffic management systems during the forecast period. These cutting-edge solutions make effective use of cutting-edge technology like artificial intelligence (AI), the Internet of Things (IoT), and data analytics to control and optimize traffic flow, improve security, and reduce gridlock on highways. These systems are poised to revolutionize the transportation sector and pave the way for a smarter and more sustainable future on the roads thanks to their capacity to monitor real-time road conditions, intelligently regulate traffic signals, and provide valuable insights for traffic planning and management.
Display Analysis
Variable Message Signs (VMS) will rule the market during the forecast period. These adaptable signs allow for dynamic and personalized messaging, enabling the real-time distribution of pertinent information to drivers and pedestrians. The capacity of VMS to display vital information like traffic conditions, weather alerts, and PSAs makes them invaluable for improving traffic management and promoting road safety.
Service Analysis
The Managed Service category will grow faster for the Smart Highway market. Businesses and governments are increasingly seeking specialized knowledge to effectively manage, operate, and maintain these complex infrastructures as the complexity and sophistication of Smart Highway systems rise. The seamless operation and optimization of Smart Highway technologies are made possible by managed service providers' comprehensive solutions, which include system monitoring, maintenance, upgrades, and technical support. This frees clients to concentrate on their core business operations. This trend toward managed services highlights the rising understanding of the significance of dependable and expert-driven assistance to fully realize the promise of Smart Highways and guarantee their long-term success in boosting transportation efficiency and safety.
Deployment Analysis
Cloud deployment is anticipated to rise significantly and quickly over the forecast period. Numerous benefits, including scalability, flexibility, cost-effectiveness, and accessibility from any location with an internet connection, come with using cloud-based solutions in the market for Smart Highways. Cloud-based solutions provide real-time monitoring, analysis, and management of Smart Highway systems by enabling seamless integration of data and applications. Organizations are likely to use these solutions to streamline operations, improve data-driven decision-making, and maximize overall efficiency as they become more aware of the advantages of cloud adoption. The increase in cloud deployment represents a paradigm change toward Smart Highway infrastructures that are more adaptive and agile in order to meet the changing demands of contemporary transportation networks.
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Market Segmentation
By Technology
- Intelligent Transportation Management System
- Intelligent Traffic Management Systems
- Communication System
- Monitoring System
By Display
- Variable Message Signs
- Digital Signage
- Others
By Deployment
- On-Cloud
- On-Premises
By Service
- Managed Service
- Maintenance and Operation Service
- Consultancy Service
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 25.2 Billion |
| Revenue Forecast by 2030 | USD 84.6 Billion |
| CAGR | 18.9% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Alcatel-Lucent Enterprise, Nokia Corp., Cisco Systems Inc., IBM Corp., Indra Sistemas SA, Infineon Technologies AG, Huawei Technologies Co. Ltd., Kapsch AG, LG CNS Co. Ltd., Schneider Electric SE, Siemens AG, Xerox Corp. |
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Regional Analysis
The North American region dominated the market for Smart Highways worldwide. The area's market supremacy was aided by its robust technological infrastructure, significant expenditures in cutting-edge transportation solutions, and high demand for Smart Highway technologies. North America's dominance in the Smart Highway industry was boosted by its concentration on cutting-edge traffic management systems, variable message signs, and intelligent infrastructure to improve traffic flow and road safety.
The market for Smart Highways was predicted to grow quickly in the Asia Pacific area. The region's huge and expanding population, quick urbanization, rising automobile ownership, and expanding economies were all factors in this estimate. Governments in several Asia-Pacific nations were actively investing in smart transportation infrastructure to solve traffic congestion, improve road safety, and increase overall transportation efficiency. The region was gaining progress in using cutting-edge technologies like IoT, AI, and smart traffic management systems, which helped fuel the expansion of the market for Smart Highways. However, it is advisable to consult more recent sources and industry research for the most up-to-date information on the present situation of the Smart Highway market in the Asia Pacific region.
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