Global Smart Highway Market Outlook, 2029

The Global Smart Highway market is anticipated to exceed USD 165 Billion by 2029, driven by advancements in transportation technology.

The Smart Highway Market has emerged at the intersection of transportation infrastructure and advanced technology, evolving rapidly to address modern challenges and enhance the efficiency and safety of road networks. Historically, the concept of smart highways began with innovations in traffic management and safety systems in response to increasing urbanization and congestion. Governments worldwide have implemented stringent regulations and standards to ensure the integration of smart technologies, such as intelligent transportation systems (ITS), into highway infrastructures to improve traffic flow, reduce accidents, and lower environmental impact. Special aspects of smart highways include the use of sensors, cameras, and real-time data analytics to monitor road conditions, manage traffic patterns, and provide dynamic signage and alerts to drivers. Factors driving the market's growth include the rising demand for smart mobility solutions, investments in smart city initiatives, and technological advancements in connected vehicle technologies and autonomous driving capabilities. As the global focus on sustainable urban development and digital transformation intensifies, smart highways continue to play a crucial role in shaping the future of transportation infrastructure worldwide. According to the research report, “Global Smart Highway Market Outlook, 2029” published by Bonafide Research, the market is anticipated to cross USD 165 Billion by 2029.By 2020, there will likely be twice as many people and cars on the road as there is space for highways. Therefore, the worry for all countries is the absence of accessible, secure, pollution-free, and congestion-free transportation. Industries are developing new technologies to address these issues in the now and the future. The proliferation of smart city initiatives across various regions is one of the key drivers of the transportation sector. In order to support smart city initiatives, transportation businesses are offering services and solutions for intelligent highways. Additionally, through investments, the government helps highway technology suppliers and vendors assist the development of new products and technologies. Less strict laws are also being redefined to make them easier for businesses to implement. Road infrastructure management, upkeep, and new construction are within the purview of highway authorities and state departments of transportation. Connecting different sub-segments of the highway infrastructure with a reliable communications network becomes extremely challenging while running the infrastructure. As a result, companies are stepping up to implement cutting-edge Intelligent Transport Systems (ITS), which will help to reduce traffic and enhance security and safety. The market drivers, opportunities, and constraints are thoroughly examined in the research report on the smart highway industry.

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Market DriversEnhanced Advantages Provided by Smart Highways: Visibility, energy generation, communication with linked and autonomous vehicles, and road condition monitoring are all made possible by the integrated technology. They also collect and analyze traffic and vehicle data in real-time with the goal of reducing traffic on the streets and enhancing e-tolling, payment gateways, and parking experiences. Smart highways contribute to decreased travel times, less environmental pollution, and increased traffic and passenger safety. As a result, during the course of the projected period, the numerous advantages provided by the technology will increase demand for smart highways generally and accelerate market expansion. •Vehicle Growth in Emerging Economies: The global number of automobiles sold each year is rising among the growing nations. The lack of suitable transportation infrastructure in many countries is the primary cause of the rise in automobile sales. Urbanization and globalization have also led to an increase in people's disposable income. This increase in the number of cars leads to heavy traffic, particularly in cities. The need for smart highways and roads—which track traffic congestion on all routes and route traffic based on the requirement for a faster and more efficient travelhas increased as a result. The number of cars on the road and the increase in traffic injuries are two factors driving market growth. An increase in international trade among developing countries is another factor driving the growth of the smart highway market. Moreover, during the projected period, the market's overall expansion will be accelerated by variables including the significant upgrades to the current infrastructure. Furthermore, the market for smart highways is expected to rise at a faster rate due to the growing development of smart cities. The increased knowledge of the advantages of smart highways, such as the reduction of traffic jams, will also have a favourable effect on the market's development rate during the course of the projected year. Market Challenges

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Manmayi Raval

Manmayi Raval

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Expensive:The high initial and ongoing costs will further impede the expansion of the market. Moreover, significant expenditures are needed for smart roadways. Thus, while the projected period, it is anticipated that the various cost-related obstacles will further hinder market expansion. •Insufficient Technical Knowledge:The market's growth rate will also be hampered by a lack of technological know-how and competent labor, especially in developing and undeveloped economies. Thus, it is expected that a major obstacle facing the smart highway market during the projected period will be the deficiency of technical capabilities. Market OpportunitiesSmart Transportation Management System (STMS) Deployment:It is anticipated that the industry would benefit greatly from the widespread implementation of smart transportation management systems (STMS), which will accelerate the expansion of the smart highway market. The STMS uses digital sensors to gather information about landslides, weather, and traffic congestion. It can also display forecasts and alerts on light-emitting diode (LED) panels placed along the roads. Consequently, during the course of the forecast period, the market growth rate will be significantly accelerated by the use of transportation management systems (STMS). •Information and Communication System Implementation: Furthermore, putting information and communication technologies into place presents a plethora of chances for market expansion. The rapid adoption of information and communication systems is speeding up the deployment of intelligent transportation systems in smart highways. These systems integrate various technologies and services, like automated tolling solutions, monitoring systems, and transport management systems, to optimize mobility and roadway management. The transportation industry will become safer, more environmentally friendly, and more efficient as a result.

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Based on the report, the Component segment segmented into Hardware, Software & Service. Hardware segment is leading in the Smart Highway Market due to the increasing implementation of advanced sensors, cameras, and communication devices required for real-time traffic management and monitoring. Additionally, the expansion of infrastructure projects incorporating smart technologies drives demand for robust and reliable hardware solutions. In the Smart Highway Market, the hardware sub-segment is experiencing robust growth due to the essential role that advanced physical infrastructure plays in enabling intelligent transportation systems. Hardware components such as sensors, cameras, smart traffic lights, and variable message signs form the backbone of smart highways, facilitating real-time data collection, traffic monitoring, and dynamic response mechanisms. These sophisticated devices are crucial for managing traffic flow, enhancing road safety, and reducing congestion, thereby improving overall travel efficiency. The surge in demand for hardware is driven by increasing investments in smart city initiatives and infrastructure modernization projects worldwide. Governments and municipalities recognize the need for robust, reliable hardware to support the integration of IoT (Internet of Things) and AI (Artificial Intelligence) technologies that transform traditional highways into smart, connected ecosystems. Additionally, advancements in sensor technology and the proliferation of 5G networks are enhancing the capabilities and performance of hardware components, making them more effective and essential in the implementation of smart highway projects. Based on the report, the Deployment- mode segment is segmented into On- premise & cloud. On- premise segment is growing in the Smart Highway Market due to the need for real-time data processing and control at the site, ensuring immediate responsiveness and enhanced security. This deployment mode offers robust, localized infrastructure that supports critical highway management operations and integration with existing systems. The on-premise deployment mode sub-segment in the Smart Highway Market is experiencing growth due to several critical factors. Smart Highways require robust and reliable infrastructure that can handle real-time data processing and communication. On-premise deployment allows for localized control and management of smart highway systems, ensuring data privacy, security, and low-latency communication crucial for maintaining traffic flow efficiency and safety. Moreover, on-premise solutions provide flexibility in customization and integration with existing infrastructure, enabling seamless coordination between various smart devices, sensors, and communication networks along the highway. This deployment mode also supports continuous monitoring and maintenance, optimizing operational efficiency and reducing downtime. As smart highway initiatives expand globally, the on-premise deployment mode remains pivotal in ensuring reliable and resilient smart infrastructure solutions tailored to the specific needs of each highway network. North America is leading the Smart Highway Market due to early adoption of advanced transportation technologies, while APAC is fastest growing due to rapid urbanization and infrastructure development initiatives. In 2022, North America overtook other regions as the leader in the worldwide Smart Highway Market. Numerous reasons contribute to the region's prominence. First off, North America is a good place to put smart highway systems into place because it has a developed transportation network and high levels of technology innovation. The region's governments are also making significant investments in modernizing the region's road network and implementing intelligent transportation systems, which is propelling the market for smart highways. North America's dominance in the market is a result of favourable government initiatives, the existence of major market participants, and research and development efforts. Asia Pacific is the region with the fastest rate of growth in the global smart highway market, and it is expanding at a quick pace. This is because a number of variables make this region an excellent place to grow. First of all, the area is rapidly becoming more urbanized due to its high population, which is creating traffic congestion and necessitating the use of effective transit options. Furthermore, significant financial resources are being allocated by the governments of nations such as China, India, Japan, and South Korea towards smart city projects, which encompass the creation of intelligent road networks. The Asia Pacific smart highway market is expanding as a result of these factors as well as the increased emphasis on sustainability and the implementation of smart technologies. •An innovative project to implement an improved traffic management platform designed for connected highways was started by Indra Sistemas S.A. By utilizing vital data from cars and cutting-edge sensors, this innovative system has the potential to completely transform the transportation industry. •Safety21, a well-known player in the sector of smart city and smart road solutions, purchased Kapsch Aktiengesellschaft. Safety21 hopes to improve its capacity to provide cutting-edge services and solutions catered to the requirements of smart roads and smart cities through this strategic purchase. By smoothly integrating Kapsch TrafficCom Italia's resources and expertise into Safety21's current portfolio, the company will be able to provide its clients with an even wider range of solutions. •The acquisition of Brightly was successfully completed by Siemens AG. The acquisition is a calculated response to the building industry's increasing need for cutting-edge digital solutions. Siemens hopes to offer comprehensive and state-of-the-art technologies that maximize building performance, energy efficiency, and occupant comfort using Brightly's creative software solutions. Considered in this report • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • Smart Highway Market Outlook with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Component • Hardware • Software • Service By Deployment Mode • On-Premise • Cloud By Technology • Intelligent Transportation Management System • Intelligent Management System • Communication System • Monitoring System • Others The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Smart Highway industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.

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Global Smart Highway Market Outlook, 2029

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