Market Size of Smart Highway Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 55.80 Billion |
Market Size (2029) | USD 137.98 Billion |
CAGR (2024 - 2029) | 19.85 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Smart Highway Market Analysis
The Smart Highway Market size is estimated at USD 55.80 billion in 2024, and is expected to reach USD 137.98 billion by 2029, growing at a CAGR of 19.85% during the forecast period (2024-2029).
The growing investment in smart cities, along with the benefits associated with smart technologies, such as improved traffic safety and data-driven traffic control to reduce infrastructure damage, drives the growth of the smart highway market.
- With rapid urbanization, an increase in greenhouse gas (GHG) emissions contributes to an expanding carbon footprint and forcing the adoption of clean and sustainable technology for intelligent transportation. For instance, according to the United States Environmental Protection Agency, greenhouse gas (GHG) emissions from transportation account for about 28% of the total greenhouse gas emissions in the United States.
- Smart transport management systems use digital sensors that can acquire and record data during landslides, poor weather conditions, and traffic congestion. They can also display forecasts and alerts on LED screens on state and national highways.
- The market is driven by many factors, such as reducing the number of accidents occurring on highways, providing safe and efficient transportation systems, and reducing the transportation time on highways connecting the major cities of a country. All of these can be done by implementing smart technologies, which efficiently monitor traffic and help properly functioning highways while providing real-time information to the authorities.
- The lack of infrastructural support in developing countries can significantly restrain the smart highway market. Implementing smart highways necessitates substantial investment in technology, sensors, communication networks, and a skilled workforce. Developing countries often face budget constraints, and governments may prioritize other essential sectors over advanced transportation infrastructure.
Smart Highway Industry Segmentation
Smart highways include sensors, smart computing technologies, and smart monitoring systems, all connected to a single monitoring unit. Therefore, solutions such as traffic management, communication, and transport management are gaining traction. In order to reduce the increasing traffic, traffic technology vendors are introducing advanced changes, and highways are one of the attractive segments.
The smart highway market is segmented by product technology (smart transport management, smart traffic management, communication, monitoring systems, and services) and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa). The report offers the market size and forecasts in value (USD) for all the above segments.
By Product Technology | |
Smart Traffic Management Systems | |
Smart Transport Management Systems | |
Monitoring Systems | |
Services |
By Geography*** | |
North America | |
Europe | |
Asia | |
Latin America | |
Middle East and Africa |
Smart Highway Market Size Summary
The smart highway market is poised for significant growth, driven by the increasing investment in smart cities and the adoption of advanced technologies that enhance traffic safety and efficiency. Smart transport management systems, including digital sensors and real-time monitoring tools, are integral to this market, enabling improved traffic control and reduced infrastructure damage. These technologies not only help in minimizing accidents and transportation time but also play a crucial role in managing environmental impacts by promoting sustainable transportation solutions. However, the market's expansion is challenged by infrastructural limitations in developing countries, where budget constraints may hinder the implementation of such advanced systems.
North America stands out as a leader in the smart highway market, with substantial advancements in intelligent transportation systems and smart infrastructure. The region's robust technological framework and high smartphone penetration have facilitated the adoption of various smart highway technologies, such as electronic toll collection systems and real-time traffic information systems. The market is characterized by a high degree of fragmentation, with major players like Alcatel-Lucent Enterprise, Cisco Systems Inc., and IBM Corporation actively engaging in partnerships and acquisitions to enhance their offerings. Recent strategic collaborations and government initiatives, such as the SMART grants program, further underscore the region's commitment to advancing smart highway technologies and infrastructure.
Smart Highway Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Threat of New Entrants
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1.2.2 Bargaining Power of Buyers
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1.2.3 Bargaining Power of Suppliers
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1.2.4 Threat of Substitutes
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1.2.5 Intensity of Competitive Rivalry
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1.3 Industry Stakeholder Analysis
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1.4 Assessment of the Impact of COVID-19 on the Industry
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2. MARKET SEGMENTATION
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2.1 By Product Technology
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2.1.1 Smart Traffic Management Systems
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2.1.2 Smart Transport Management Systems
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2.1.3 Monitoring Systems
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2.1.4 Services
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2.2 By Geography***
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2.2.1 North America
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2.2.2 Europe
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2.2.3 Asia
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2.2.4 Latin America
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2.2.5 Middle East and Africa
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Smart Highway Market Size FAQs
How big is the Smart Highway Market?
The Smart Highway Market size is expected to reach USD 55.80 billion in 2024 and grow at a CAGR of 19.85% to reach USD 137.98 billion by 2029.
What is the current Smart Highway Market size?
In 2024, the Smart Highway Market size is expected to reach USD 55.80 billion.