Smart Highways Market Report
What is the market size of smart highway industry?
The global smart highway market size reached US$ 41.9 Billion in 2022 . Looking forward, IMARC Group expects the market to reach US$ 107.9 Billion by 2028 , exhibiting a growth rate (CAGR) of 17.4% during 2023-2028 .
What is a smart highway?
Smart highways represent the infrastructural roads integrated with advanced technologies for sustainable flow of traffic and improved management. The routes are incorporated with big data, artificial intelligence (AI), and the internet of things (IoT)-enabled solar panels, closed-circuit television (CCTV) cameras, speed and acoustic sensors, and digital signages. These technologies are embedded to generate energy, communicate with autonomous and connected vehicles, improve visibility, and monitor road conditions. They also collect and examine traffic and automobile data in real-time to reduce congestion on the streets and optimize payment gateways, e-tolling, and parking experience.
As a result, smart highways find widespread applications in enhancing traffic and passenger safety, reducing travel time, and minimizing pollution levels in the environment.
What is the trend in the smart highway industry?
The escalating need for reliable and sustainable roadways and conveyance systems across the globe is among the primary factors driving the smart highway market. Besides this, the elevating utilization of smart transportation management systems (STMS) to record data regarding landslides, weather conditions, and traffic congestion and display forecasts and alerts on light-emitting diode (LED) screens is further augmenting the smart highway market growth .
Moreover, the launch of several policies by the government bodies to improve road safety and prevent accidents and mixups is also catalyzing the global market. Apart from this, various technological advances, such as the integration of lane departure warnings, automatic number plate recognition, and electronic vehicle charging systems on highways, are acting as significant growth-inducing factors.
Furthermore, the development of intelligent cities and the increasing improvements in the existing infrastructure are expected to bolster the smart highway market in the coming years.
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Smart Highway Key Companies:
- cisco systems inc.
- Honeywell International Inc.
- Huawei Technologies Co Ltd.
- Indra Sistemas SA
- Infineon Technologies AG
- International Business Machines Corporation
- Kapsch Aktiengesellschaft
- LG CNS (LG Corporation)
- Nokia Oyj
- Schneider Electric SE
- Siemens AG
- Xerox Holdings Corporation