Smart Highways Market Set To Reach USD 279.53 Billion By 2032 Driven By Increased Demand For Smart Infrastructure | Research By S&S Insider

Austin, Oct. 18, 2024 (GLOBE NEWSWIRE) -- market size & Growth Analysis:

As per the SNS Insider Report,“ The Smart Highways Market was valued at USD 57.10 Billion in 2023 and is expected to reach USD 279.53 Billion by 2032, growing at a CAGR of 19.33% over the forecast period 2024-2032. ”

Innovations in technology are rapidly changing the future of transportation infrastructure, resulting in swift evolution in the smart highways market. The market is seeing notable expansion because of the increasing demand for electric vehicles (EVs) and the heightened necessity for improved traffic systems. Various elements, including government measures to reduce carbon emissions, improve road safety, and manage increasing traffic volumes, are driving the progress of smart highways. Many governments are investing funds in smart infrastructure projects as part of their long-term urban development strategies. In 2021, the U.S. Department of Transportation allocated USD 60 million for smart infrastructure projects, while the Bipartisan Infrastructure Law includes significant funding for improving roadways. Cities such as Las Vegas and states like California and Florida are increasingly implementing intelligent transportation systems in order to improve traffic efficiency and safety. Utilization of intelligent sensors and immediate data handling is helping to reduce travel durations by 20% and decrease accidents by as much as 30%. The testing of autonomous vehicles is being integrated with smart highway systems, particularly on roads like I-10 in Texas. These technologies aid in safeguarding the environment by reducing vehicle emissions by up to 20%. It is anticipated that by 2030, smart highways will be widespread on major U.S. interstates, even though challenges like costly implementation and policy uniformity exist. Governments in the Asia Pacific region is actively funding smart highway projects to enhance transportation efficiency, safety, and sustainability.

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Dominant Market Players with their Product Listed in this Report are:

• Cisco Systems Inc. (Cisco Connected Roadways, Cisco Industrial Ethernet Switches)
• Huawei Technologies Co. Ltd. (Huawei Intelligent Traffic Management System, Huawei Smart Traffic Lights)
• Alcatel-Lucent S.A . (Alcatel-Lucent Omnivista, Alcatel-Lucent Smart Traffic Management)
• Kapsch TrafficCom AG (Kapsch Tolling Systems, Kapsch Traffic Management Systems)
• IBM (IBM Intelligent Transportation Systems, IBM Traffic Prediction Tools)
• Indra Sistemas S.A . (Indra Mova Solutions, Indra Smart Road Monitoring System)
• Schneider Electric (Schneider EcoStruxure for Transportation, Schneider Smart Traffic Solutions)
• Siemens (Siemens Sitraffic Concert, Siemens Sitraffic Guide)
• Xerox Corporation (Xerox Vehicle Passenger Detection, Xerox Mobility Analytics)
• LG CNS Corporation (LG CNS Smart Traffic Management, LG CNS Smart Tolling System)
• Fujitsu (Fujitsu SPATIOWL, Fujitsu Intelligent Transport Systems)
• Thales Group (Thales Smart Road Systems, Thales Highway Toll Collection Solutions)
• Continental AG (Continental Road Management Solutions, Continental Vehicle-to-Infrastructure Communication)
• Toshiba Corporation (Toshiba Traffic Management Solutions, Toshiba Mobility Analytics)
• Sensys Networks (Sensys SNAPS Traffic Sensors, Sensys Networks Adaptive Traffic Control)
• Econolite (Econolite Advanced Traffic Controllers, Econolite Centracs Mobility Platform)
• Flir Systems (FLIR Thermal Traffic Cameras, FLIR TrafiOne Smart City Sensor)
• SWARCO AG (SWARCO Traffic Signal Systems, SWARCO Dynamic Road Markings)
• Q-Free ASA (Q-Free Advanced Traffic Management, Q-Free Tolling Solutions)
• TransCore (TransCore RFID Toll Collection, TransCore Advanced Traffic Management Systems)

"Segment Analysis: Uncovering Critical Growth Areas in the Competitive Market Landscape"

By Displays: Digital signage was the leading segment in 2023 with a 50% market share. Digital signage operates with electronic displays that are opposite to various signs. Digital signage may turn into social media or interactive displays, giving way to different advertisements, promotions, or data. This market segment is driven by the increasing number of connected cars and smart cities that require real-time data implementation.

By Deployments: The Cloud segment leads the overall market position with a 55% market share. This is the leading deployment segment for several reasons the cloud is comfortable and affordable, and it is easy to use these data for all their purposes. Clouds are the best solutions because all data are centralized and analytical information is spread through all departments of traffic management and different safety systems.

By Technology

The intelligent transport management system (ITMS) led the market in 2023 with over 35% market share. ITMS incorporates a range of systems and technologies designed to monitor and manage transportation networks efficiently. It includes traffic signal control, incident detection, and adaptive traffic management systems, all aimed at optimizing traffic flow and reducing congestion.

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Key Market Segments:

By Displays

• Variable Message Signs
• Digital Signage
• Others

By Technology

• Intelligent Transport Management System

-Lane Departure Warning System (LDW)

-Automatic Number Plate Recognition (ANPR)

-Incident Detection System

-Radio Frequency Identification (RFID)

• Intelligent Traffic Management System

-Lane Departure Warning System (LDW)

-Automatic Number Plate Recognition (ANPR)

-Incident Detection System

• Communication System

-Radio Network

-Emergency Network

-Data Network

• Monitoring System

-Traffic Measurement

-Weather Management

-Video Surveillance

By Deployments

• On-Cloud
• On-Premises

"Regional Market Spotlight: Analyzing Performance and Prospects Across Key Regions"

In 2023, North America accounted for a 45% market share of the smart highways market, and it is expected to remain the leader. This is mainly due to the significant investment in infrastructure modernization and advanced technologies. Moreover, the presence of some of the largest technology companies and innovative startups, as well as numerous government programs, enhances the adoption of smart highway solutions. Furthermore, the region's focus on sustainability and improving road safety is likely to further strengthen its position. For example, many states have already started the development of incorporating renewable energy sources into highway systems and planning to install electric vehicle infrastructure.

APAC is expected to become the fastest-growing segment during 2024-2032. This is due to the region's rapid urbanization, population growth, and increasing demand for intelligent transportation solutions. Moreover, some of the initiatives in countries like Singapore focus on the implementation of integrated transport systems that use real-time data to manage congestion and improve traffic flow overall.

Recent Developments

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Future Trends

The smart highways market is ready for various game-changing trends, such as the incorporation of self-driving cars into intelligent highway systems. With the progression of self-driving technology, highways will more frequently integrate vehicle-to-infrastructure (V2I) communication, improving safety and efficiency. Moreover, employing big data analytics will lead to enhanced traffic forecasts and control, ensuring improved travel durations. Sustainability will be essential as well, emphasizing the use of environmentally friendly materials and technologies to lessen the carbon footprint of highway infrastructure. In conclusion, the emergence of 5G technology is anticipated to transform the connectivity of intelligent highway systems, enabling smooth communication between vehicles and infrastructure to enhance real-time traffic control.

T able o f Contents - Key Points Analysis

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

5.1 Smart Highways Traffic Flow Metrics

5.2 Smart Highways Safety Metrics

5.3 Smart Highways Regulatory and Policy Metrics, by Region

5.4 Environmental Impact Metrics

6. Competitive Landscape

7. Smart Highways Market Segmentation, by Displays

8. Smart Highways Market Segmentation, by Technology

9. Smart Highways Market Segmentation, by Deployments

10. Regional Analysis

11. Company Profiles

12. Use Cases and Best Practices

13. Conclusion

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