Smart Highway Market Growth, Segment, Trends and Forecast 2027

IMARC Group, a leading market research company, has recently released a report titled “Smart Highway Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027.” The study provides a detailed analysis of the industry, including the global smart highway market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How big is the smart highway 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.

What is smart highway?

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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What are the growth prospects and trends in the smart highway industry?

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.

Smart Highway Market 2022-2027 Competitive Analysis and Segmentation

Who are the key players operating in the industry?

The report covers the major market players including: 

• 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

Competitive Analysis and Segmentation:

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

Breakup by Region:

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

Explore Full Report Description At: https://www.imarcgroup.com/smart-highway-market

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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