According to the latest report by IMARC Group, titled “Smart Highway Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the report also includes competitor and regional analysis, and contemporary advancements in the global market. The global smart highway market size reached US$ 34.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 93.3 Billion by 2027, exhibiting a growth rate (CAGR) of 18.16% during 2022-2027.
Market Outlook:
Smart highways represent a roadway infrastructure that is integrated with communication and network technologies to make driving safe and improve connectivity. It uses acoustic and speed sensors, closed-circuit television (CCTV) cameras, and digital signage as standard solutions that are powered by the Internet of Things (IoT). These systems mitigate traffic congestion and ensure connectivity between multiple autonomous vehicles. Apart from this, smart highways include parking systems, electronic toll collection (ETC), and intelligent traffic management systems that evaluate real-time data to reduce driving time and road accidents and minimize pollution levels.
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Market Trends:
The global smart highway market growth can be attributed to the growing instances of road accidents and the increasing need for intelligent transportation technologies to offer improved traffic safety and data-driven control. Furthermore, rising greenhouse gas (GHG) emissions and escalating environmental concerns have prompted governments to use the smart highway to reduce carbon footprints by monitoring real-time air quality. Moreover, the growing population, traffic congestion, international trade, and the emerging trends of traveling for educational, business, leisure, and recreational purposes are supplementing product demand. Furthermore, the advent of smart transportation management systems (STMS) and the integration of advanced electronic toll collection with lane departure warnings, automatic number plate recognition, and electronic vehicle (EV) charging systems are propelling the market growth. Besides this, the ongoing development of smart cities, significant enhancements in existing infrastructures, and strategic collaborations amongst key players to launch advanced smart highway solutions are supporting the market growth.
Competitive Landscape with Key Players:
The competitive landscape of the smart highway market has been studied in the report with the detailed profiles of the key players operating in the market.
- 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
- Xerox Holdings Corporation
Key Market Segmentation:
Breakup by Component:
- Hardware
- Software
- Service
Breakup by Deployment Model:
- On-premises
- Cloud-based
Breakup by Technology:
- Intelligent Transportation Management System
- Intelligent Traffic Management System
- Communication System
- Monitoring System
- Others
Geographical Analysis:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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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.
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