Smart Highways Market is projected to grow from USD 29.43 Billion in 2024 to USD 97.76 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.19% during the forecast period (2024 - 2032). Additionally, the market size for Smart Highways was valued at USD 24.8 billion in 2023.
The effective implementation of Smart Highways Market setups relies heavily on various parts of innovation, for example, information communication, cloud, portability, and sensors, which jointly shape the IoT design, which are the key market drivers contributing to market growth and expansion.
Figure 1: Smart Highways Market Size, 2024-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The rising effective implementation of Smart Highways drives Market CAGR for smart highways. Smart highways have been integrated with numerous improvements to make daily traffic flow reasonable and simple. The Smart Highways Market is driven by the increased attraction for movement and consciousness about the time being burned through. The increased need for more dependable, safe, and competent transportation, as well as the expansion of the interstate motorway industry, are playing a vital role in determining the fate of the Smart Highways industry. The Smart Highways study is rapidly expanding. It is essentially because it is free of a clog, it is trustworthy, and there is a growing demand among end clients for enhanced travel understanding. Smart Highways generally imply incorporating various technologies into the road to generate solar energy, increase the activity of autonomous cars, or light and power. One of the primary variables fueling the growth of the Smart Highways sector is the growing interest in better and more cost-effective streets and motorways.
Additionally, Semi-self-sufficient and independent cars are rapidly evolving, with significant mechanical advancements. Smart Highways Opportunities for Markets are programmed cars that drive automatically with no or little human oversight. The trend of developing autonomous cars may be seen throughout the transportation industry. Although widespread acceptance of self-driving vehicles will take time, a few transport executives are expected to become acquainted with semi-autonomous vehicles later. Specific organizations are sending semi-autonomous vehicle innovations in automobiles, providing adaptability and on-demand benefits. The dispatch of autonomous cars is crucial for the growth of the Smart Highways sector since these cars do not require drivers & would result in cost savings for portability specialized co-ops.
The increase in COVID-19 cases has dealt a huge blow to the transport industry. The transport industry has suffered significantly due to most governments enforcing segregation practices. The United States is in the early stages of the epidemic, but a decline in traveler numbers has already been observed. Metro ridership in New York is much lower. A wide variety of costs as toll variety have been banned in countries such as China and the United States. China is also implementing a no-stop, no-check, complimentary method for cars transporting disaster supplies and basic faculty. This would lessen the weight on coordinating organizations now under severe strain. Such actions will also ensure the seamless and convenient delivery of essential goods. Some actions include converting parking spaces into café food grab zones, deferring travel expenses, and switching vehicle pathways for pedestrians and bikes.
For instance, as per US Census, the US government spending on road and street improvements is expected to exceed USD 1.4 billion in 2021. Thus, it is anticipated that demand for Smart Highways will increase throughout the projected timeframe due to the rising effective implementation of Smart Highways. Thus, driving the Smart Highways market revenue.
The Smart Highways market segmentation, based on technology, includes Intelligent Transportation Management Systems, Intelligent Traffic Management Systems. The intelligent transportation management segment dominated the market, accounting for 65% of market revenue (USD 13.6 billion) in 2022. Intelligent Transportation Management and capacity tracking and administration systems, as well as the integration of traffic control centers, control of access, and route guiding systems, all offer a variety of advantages.
Figure 1: Smart Highways Market, by Technology, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Smart Highways market segmentation, based on Deployments, includes on-Premises, Cloud-based. The on-premises category Informatics category generated the highest market revenue of about 51% (USD 10.7 billion) in 2022. It enhanced services, emergency response and improved road layout and surface conditions.
By region, the research provides market Insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Smart Highways market area will dominate this market during the projected timeframe; it has been observed that the United States would have a wider offer in the competitive highways market. The location has reliable availability and can provide more precise data, which aids in dealing with traffic difficulties. The structure of the United States area is another significant element that symbolizes the district's larger share of the entire industry, which will boost the market growth in North America.
Furthermore, the major nations studied in the market report are US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Smart Highways Market Share by Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe region’s Smart Highways market accounts for the second-highest market share as government helps highway innovation merchants and supplier organizations grow innovative enhancements and products through initiatives. Further, the German Smart Highways market holds the largest market share, and the UK Smart Highways market is expected to grow and expand significantly in the European region during the projected timeframe.
The Asia-Pacific Smart Highways Marketis expected to grow quickly during the projected timeframe. This is expected to see significant growth in the sharp highways market shortly. Moreover, China’s Smart Highways market dominates the market share, and the Indian Smart Highways market is expected to expand and grow steadily in the Asia-Pacific region during the projected timeframe.
Leading market players invested heavily in research and Development (R&D) to scale up their manufacturing units and develop technologically advanced solutions, which will help the Smart Highways market grow worldwide. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their footprint, with significant market developments including new product portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. The Smart Highways industry must offer cost-effective and sustainable options to survive in a highly fragmented and dynamic market climate.
Manufacturing locally to minimize operational expenses and offer aftermarket services to customers is one of the critical business strategies organizations use in the Smart Highways industry to benefit customers and capture untapped market share and revenue. The Smart Highways industry has recently offered significant advantages to the IoT and M2M communication industry. Moreover, more industry participants are utilizing and adopting cutting-edge technology has grown substantially. Major players in the Smart Highways market, including LG CNS Corporation (South Korea), Alcatel-Lucent S.A. (France), Siemens AG (Germany), Kapsch AG (Austria), and Cisco Systems (U.S.) Indra Sistemas S.A. IBM Corporation (U.S.) Schneider Electric SE (France), Huawei Technologies Co. Ltd. (China) TrafficCom (Austria) Xerox Corporation (U.S.) are attempting to expand market share and demand by investing in R&D operations to produce sustainable and affordable solutions.
Cisco Systems, Inc. is an IT and communications firm that designs, manufactures, and sells Internet Protocol-based networking devices and services. The company operates in three regional segments: North America, EMEA, and Asia-Pacific. Switches, NMI & Modules, Routers, Optical Communication, Network Points, Next-Generation Firewalls, Sophisticated Malware Protection, VPN Clients, and Web Security are among its product categories. Sandra Lerner and Leonard Bosack formed the firm on December 10, 1984, headquartered in San Jose, California. Cisco and Iteris collaborated in January 2019 to deliver connected streets using IoT technologies. For this collaboration, the two organizations sent a cutting-edge IoT setup with the municipality of Las Vegas, Nevada, which would join data that requires care collected by the Iteris Vantage. Following the video location phase with the Cisco Kinetic coding response to investigate multimodal data from automobiles, bicycles, and people on foot over to enhance traffic flow and reduce blockage.
IBM (International Business Machines) is a computer, technology, and IT consulting firm headquartered in the United States. It is the world's largest technology business and the second most valuable worldwide brand. It produces and sells software and computer components, web hosting, and consulting services in fields including mainframe systems and nanotechnology. IBM collaborated with Sund, including Baelt, which owns and operates the world's largest foundation, to create an AI-Powered IoT to help clients manage and monitor bridges, passageways, highways, and rail lines In April 2019. IBM Maximo for Civil Infra broadens the IBM Maximo portfolio by providing deep industry and project-specific functions to assist organizations in managing, monitoring, and controlling their foundation resources.
April 2019: IBM collaborated with Sund, including Baelt, which owns and operates the world's largest foundation, to create an AI-Powered IoT solution to help clients manage and monitor bridges, passageways, highways, and rail lines In April 2019. IBM Maximo for Civil Infra broadens the IBM Maximo portfolio by providing deep industry and project-specific functions to assist organizations in managing, monitoring, and controlling their foundation resources.
January 2019: Cisco and Iteris collaborated in January 2019 to deliver connected streets using IoT technologies. For this collaboration, the two organizations sent a cutting-edge IoT setup with the municipality of Las Vegas, Nevada, which would join data requires care collected by the Iteris Vantage Following the video location phase with the Cisco Kinetic coding response to for investigating multimodal data from automobiles, bicycles, and people on foot over some, high-value use cases to enhance traffic flow and reduce blockage.
Intelligent Transportation Management System
Intelligent Traffic Management System
On-Premises
Cloud-based
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 24.8 Billion |
| Market Size 2024 | USD 29.43 Billion |
| Market Size 2032 | USD 97.76 Billion |
| Compound Annual Growth Rate (CAGR) | 16.19% (2024-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, Deployment, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key players profiled | Â LG CNS Corporation (South Korea) Alcatel-Lucent S.A. (France) Siemens AG (Germany) Kapsch AG (Austria) Cisco Systems (U.S.) Indra Sistemas S.A. IBM Corporation (U.S.) Schneider Electric SE (France) Huawei Technologies Co. Ltd. (China) TrafficCom (Austria) Xerox Corporation (U.S.) |
| Key Market Opportunities | Vehicles that are semi-self-sufficient or self-sufficient are rapidly evolving, with significant mechanical advancements. |
| Key Market Dynamics | The effective implementation of Smart Highways Market setups relies heavily on various parts of innovation, for example, information communication, cloud, portability, and sensors, which jointly shape the IoT design. |
Smart Highways Market Highlights:
Frequently Asked Questions (FAQ) :
The Smart Highways market size was valued at USD 24.8 Billion in 2023.
The worldwide market is projected to grow and expand at a growth rate or CAGR of 16.19% during the forecast period 2024-2032
North America held the largest share of the Smart Highways market.
The key participants in the market are LG CNS Corporation (South Korea), Alcatel-Lucent S.A. (France), Siemens AG (Germany), Kapsch AG (Austria), and Cisco Systems (U.S.) Indra Sistemas S.A. IBM Corporation (U.S.) Schneider Electric SE (France) Huawei Technologies Co. Ltd. (China) TrafficCom (Austria) Xerox Corporation (U.S.
The Intelligent Transportation Management System dominated the market in 2022.
On-Premises has the largest share in the market.
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Research Analyst Level II With a technical background in information technology & semiconductors, shubham has 4.5+ years of experience in market research and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the ict/semiconductor domain. shubham holds a bachelor’s in information and technology and a master of business administration (mba). shubham has executed over 150 research projects for our clients under the brand name market research future in the last 2 years. his core skill is building the research respondent relation for gathering the primary information from industry and market estimation for niche markets. he is having expertise in conducting secondary & primary research, market estimations, market projections, competitive analysis, analysing current market trends and market dynamics, deep-dive analysis on market scenarios, consumer behaviour, technological impact analysis, consulting, analytics, etc. he has worked on fortune 500 companies' syndicate and consulting projects along with several government projects. he has worked on the projects of top tech brands such as ibm, google, microsoft, aws, meta, oracle, cisco systems, samsung, accenture, vmware, schneider electric, dell, hp, ericsson, and so many others. he has worked on metaverse, web 3.0, zero-trust security, cyber-security, blockchain, quantum computing, robotics, 5g technology, high-performance computing, data centers, ai, automation, it equipment, sensors, semiconductors, consumer electronics and so many tech domain projects.
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