Smart highway Market Size Worth USD 116.46 Billion in 2032 | Emergen Research

Vancouver, Jan. 08, 2024 (GLOBE NEWSWIRE) -- The global smart highway market size was USD 20.90 Billion in 2022 and is expected to register a rapid revenue CAGR of 18.7% during the forecast period. Increasing expenditures on infrastructure development and rising demand for reliable and efficient transportation are key factors driving market revenue growth.

Smart highway speed restrictions, guided by sensors and speed cameras, adapt to actual conditions on the route, which automatically respond to changes in traffic, such as queues and accidents, aiming to improve traffic flow. These restrictions not only enhance safety through speed control and warning systems, but also facilitate real-time data exchange across the network. This exchange supports easier and faster mobility, parking, efficient commuting, and interpersonal communication.

An increasing need for eco-friendly transportation is another key factor driving revenue growth of the market. Smart highways that encourage energy efficiency and lessen environmental effects are in high demand as sustainability becomes a primary focus for both customers and governments.

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A high price for installation of smart road infrastructure is a key factor, which could restrain market revenue growth. Some smart infrastructure projects, such as smart houses and highways, can enhance efficiency and minimize environmental impact through specially designed controllers, sensors, and smart equipment. While certain smart home and construction projects may be manageable by individuals, many others necessitate specialized labor for both setup and maintenance.

Segment Insights

Display Insights:

On the basis of display, the global smart highway market is segmented into Variable Message Signboards (VMS), digital signage, and others. The Variable Message Signboards (VMS) segment accounted for largest market share in the global smart highway market in 2022 attributed to rising adoption of VMS due to improved road safety and decreased driver distraction on smart highways.

Technology Insights:

On the basis of technology, the global smart highway market is segmented into intelligent transportation management system, ITMS, communication system, monitoring system, and others. The intelligent traffic management system segment is expected to account for significantly large market share in the global smart highway market during the forecast period due to rising adoption of intelligent traffic management systems for road safety. This system is further divided into components such as the electronic toll collection system, Global Navigation Satellite System (GNSS), Global Positioning System (GPS), and real-time traffic management. The Intelligent Traffic Management System (ITMS) stands as a cutting-edge solution designed to provide innovative services related to various transportation modes and traffic control.

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Regional Insights:

North America accounted for largest market share in the global smart highway market in 2022 due to increasing investments made in sustainable transportation programs and infrastructure. For instance, on 16 December, the U.S. announced USD 1 trillion Infrastructure Investment and Jobs Act, one of the biggest and most comprehensive infrastructure packages in decades. This legislation would enable hundreds of essential projects in every state and constitute a significant down payment on the country's investment needs. The plan sets aside USD 100 billion for the renovation of old and crumbling roads, bridges, and highways.

Europe is expected to register the fastest market growth rate in the global smart highway market during the forecast period due to rising adoption of sophisticated technology and infrastructure solutions. For instance, on 14 September 2022, Indra announced the collaboration with Cintra, a prominent global mobility solutions provider, to develop a groundbreaking traffic information platform. Together, the companies are developing an innovative traffic information platform aimed at providing real-time, highly accurate information to enhance driver safety significantly.

Scope of Research

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Major Companies and Competitive Landscape

The global smart highway market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective smart highway solutions in the market. Some major players included in the global smart highway market report are:

• Swarco AG
• LG CNS Corporation
• Schneider Electric SE
• AT&T Intellectual Property
• Xerox Corporation
• Siemens AG
• SAP SE
• Indra Sistemas S.A.
• Panasonic Corporation
• Honeywell International Inc.
• Masstrans Technologiies Pvt. Ltd.
• Kapsch AG
• Infineon Technologies AG
• ALE International, ALE USA Inc
• Kapsch TrafficCom AG
• Huawei Technologies Co., Ltd.
• Cisco Systems Inc.
• IBM Corporation
• General Electric Company
• ABB Ltd.

Strategic Development

• On 8 December 2021, the Department of Highways (DOH) partnered with BGSR Joint Venture, a group comprising prominent Thai companies BTS, Gulf, STEC, and Ratch, to form a Public-Private Partnership (PPP) to transform Thailand's M6 and M81 highways through the implementation of ETC solutions. The aim of this collaboration is to facilitate the development of intelligent contactless highways. The BGSR Joint Venture intends to implement the efficient ETC system of FETC in Thailand by investing USD 3.09 billion in these two projects.
• On 26 August 2020, Huawei introduced Open-Road Tolling (ORT) technology with the aim of simplifying the removal of expressway toll gates at provincial boundaries. This innovative approach has led to a substantial reduction in traffic congestion, lower transportation costs, and enhanced road travel convenience. ORT represents a significant advancement in transportation, increasing the progression of smart highways and digital transformation. Huawei uses AI, big data, cloud computing, and Internet of Things (IoT) to provide double assurance for the management and control of toll evasion and losses

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Segments Covered in Report

For the purpose of this report, Emergen Research has segmented the global smart highway market on the basis of display, technology, service, deployment, component, and region:

• Display Outlook (Revenue, USD Billion; 2019-2032)
  • Variable Message Signs
  • Digital Signage
  • Others
• Technology Outlook (Revenue, USD Billion; 2019-2032)
  • Intelligent Transportation Management System
    • • Lane Departure Warning System (LDW)
      • Automatic Number Plate Recognition (ANPR)
      • Incident Detection System
      • Radio Frequency Identification (RFID)
  • Intelligent Traffic Management System
    • • Electronic Toll Collection System
      • Global Navigation Satellite System (GNSS)/Global Positioning System (GPS)
      • Real-Time Traffic Management
  • Communication System
    • • Radio Network
      • Emergency Network
      • Data Network
  • Monitoring System
    • • Traffic Measurement
      • Weather Management
      • Video Surveillance
  • Others
• Service Outlook (Revenue, USD Billion; 2019-2032)
  • Managed Service
  • Consultancy Service
  • Maintenance and Operation Service
• Deployment Outlook (Revenue, USD Billion; 2019-2032)
  • Cloud-Based
  • On-Premises
• Component Outlook (Revenue, USD Billion; 2019-2032)
  • Hardware
  • Software
  • Service
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    • • U.S.
      • Canada
      • Mexico
  • Europe
    • • Germany
      • France
      • UK
      • Italy
      • Spain
      • Benelux
      • Rest of Europe
  • Asia Pacific
    • • China
      • India
      • Japan
      • South Korea
      • Rest of APAC
  • Latin America
    • • Brazil
      • Rest of LATAM
  • Middle East & Africa
    • • Saudi Arabia
      • UAE
      • South Africa
      • Turkey
      • Rest of Middle East & Africa

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