Global Smart Highway Market, By Product Technology (Smart Transport Management Systems, Smart Traffic Management Systems, Monitoring Systems, Services), By Components (Hardware & Software), Region - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2

Global Smart Highway Market, By Product Technology (Smart Transport Management Systems, Smart Traffic Management Systems, Monitoring Systems, Services), By Components (Hardware & Software), Region - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2027

Global Smart Highway Market

Global Smart Highway Market was valued at USD 41980 million in 2021 and which expected to react USD 81320 million by 2027, at a CAGR 6.94 %.

Smart road is defined as a different way in which technologies are incorporated into roads for improving the connection between two or more autonomous vehicles running on the same track & to monitor the read very closely. Various benefits of smart highways include including mass transit system, reducing accidents on the road, reducing driving time, and improving traveler safety.

Market Drivers

The increase in number of highway & other infrastructure projects is expected to boost growth of the global smart highway market over the forecast period. Facilitating the movement of goods & people with safety, sustainability, and cost-efficiently is a main goal of a highway.

Furthermore, growing requirement of efficient & safe transportation is also expected to accelerate growth of the global smart highway market over the forecast period. As the number of road accidents is growing worldwide, the demand for intelligent transportation management systems is increasing. Despite the low traffic during COVID-19 pandemic in 2020, according to the estimates of NHTSA road accidents caused around 38,680 deaths around the globe. Thus, need for safe as well as efficient transportation continues to grow globally.

Market Restraints

High capital investment for smart highway projects is one of the factors expected to hamper the growth of the global smart highway market over the forecast period. Also, lack of proper infrastructure is another restrain factor which expected to hinder the global smart highway market over the forecast period.

Market Segmentation

Global Smart Highway Market is segmented into product technology such as Smart Transport Management Systems, Smart Traffic Management Systems, Monitoring Systems, Services. Further, market is segmented into components such as Hardware and Software.

Regional Analysis

Global Smart Highway Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

North America among regions, is expected to dominate the global smart highway market throughout the forecast period. Due to the numerous companies focusing on production of intelligent road tools in countries such as the U.S., and Canada. As road safety is of high value in these countries, it opens up several growth opportunities for key players functioning in smart road industry in this region. Thus, the market is likely to witness strong growth in this region.

Key Players

Siemens AG, Cisco Systems Inc., Schneider Electric SE, IBM Corporation, Xerox Corporation, LG CNS Co. Ltd (LG Electronics Inc.), Indra Sistemas SA, Kapsch AG, Infineon Technologies AG, Huawei Technologies Co. Ltd, etc.

Market Taxonomy

By Product Technology

• Smart Transport Management Systems
• Smart Traffic Management Systems
• Monitoring Systems
• Services

• Hardware
• Software

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