Dublin, Feb. 21, 2024 (GLOBE NEWSWIRE) -- The "Smart Highway - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Smart Highway Market to Reach $140.5 Billion by 2030
The global market for Smart Highway estimated at US$40.6 Billion in the year 2022, is projected to reach a revised size of US$140.5 Billion by 2030, growing at a CAGR of 16.8% over the analysis period 2022-2030. Hardware, one of the segments analyzed in the report, is projected to record a 15.3% CAGR and reach US$76.5 Billion by the end of the analysis period. Growth in the Software segment is estimated at 19.5% CAGR for the next 8-year period.
The report delves into the global economic landscape, providing an update on current conditions and their implications for the smart highways market. It examines the competitive scenario, highlighting the market presence of 110 players worldwide in 2023, categorized by strength and activity levels.
Smart highways are positioned as integral to the broader smart city movement and advancements in smart transit. The report explores the technologies powering smart roads, identifying exciting opportunities and potential roadblocks in their development and adoption.
A comprehensive analysis of the global market prospects and outlook for smart highways is provided, including technology and component breakdowns, regional insights, and recent market activity. Select innovations and influencer market insights offer additional perspectives on the evolving landscape of smart road transportation.
The U.S. Market is Estimated at $17.1 Billion, While China is Forecast to Grow at 19.6% CAGR
The Smart Highway market in the U.S. is estimated at US$17.1 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$10.7 Billion by the year 2030 trailing a CAGR of 19.6% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 13.9% and 15.1% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 16.1% CAGR.
MARKET TRENDS & DRIVERS
- Smart Highways Emerge as Path-Breaking Solution for Urban Mobility Issues
- Smart Roads are New Land of Opportunities for Road Building Industry
- The Future of Smart Highway and Road Technologies
- Growing Investments in Road Infrastructure Development
- Continuous Development of World's Highways to Expand Market Opportunities for ITS & ETS Markets
- Road User Charging: Sustainable Way to Fund Road Infrastructure Development
- Growing Investments in Construction of Roads and Highways Augurs Well for Smart Highway Market
- Artificial Intelligence Makes Big Inroads into Smart Highways
- Promising Role for AI in Traffic Management on Smart Highways
- ETC Systems Assist in Effective Traffic Management
- Road User Charging/Tolling Emerges as a Dual Edged Sword for Revenue Generation & Congestion Management
- Rising Economic Cost of Excess Travel/Transit Delays Strengthens the Business Case for Tolling to Manage Vehicular Congestion
- Automated Electronic Toll Collection Makes its Way into the ITS Domain
- Electronic Toll Collection Systems: Switching On the Play Button for Smart Tolling and Smarter Highways
- GIS and GPS/GNSS Technology, Vital for Successful Smart Highway Deployment
- Wireless Communication Technologies Crucial to Market Growth
- Smart Highway to Benefit from Growing Investments in ITS
- Growing Investments in Intelligent Transportation Systems (ITS) to Catalyze the Deployment of ETC Systems for Smart Infrastructure Funding & Intelligent Traffic Control
- Increasing Demand for Telematics and Tracking to Improve Driving Experience
- Focus on Smart Highway to Enhance V2X Deployments
- The Growing Need to Bridge Infrastructure Gap Which is the Highest for Roadways Promises Robust Opportunity for Smart Highways
- Smart Roads Embedded with Sensors Make Road Infrastructure Monitoring Easy & Cost Effective
- Importance of Wireless Communication in ITS Networks Augurs Well
- On-Road Safety Drives Business Case for V2X
- Growing Emphasis on Intelligent Transportation Systems Widens Addressable Market
- IoT & Cloud Computing Emerge as Linchpin Holding the Smart Highway Concept Together
- Cloud Computing, the Workhorse of Data Analysis for Smart Highway Services
- Smart Parking Emerges as a Solution to Traffic Woes
- Smart Highways to Benefit as Autonomous Vehicles Gain Spotlight
- Connected Vehicle Data Beneficial for the Development of Smart Highways
- Strong Adoption of ADAS Accelerates the Growth Path of Smart Highways
- Focus on Smart City and Smart Airport Projects to Fuel Growth in Smart Highway Market
- Digital Maps Unwind Amazing Future for Smart Cities and Smart Highways
- Rapid Urbanization Triggers Growth in the Smart Highway Market
FOCUS ON SELECT PLAYERS(Total 110 Featured)
- IBM Corporation
- Huawei Technologies Co., Ltd.
- Advantech Co., Ltd.
- Indra Sistemas SA
- Cubic Corporation
- International Road Dynamics, Inc.
- Iteris, Inc.
- Cellint Traffic Solutions
- Citilog
- IntelliVision
- GMV Innovating Solutions SL
- EFKON GmbH
- Cohda Wireless Pty Ltd.
- ALE International
- Electronics and Telecommunications Research Institute (ETRI)
For more information about this report visit https://www.researchandmarkets.com/r/uirqzt
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