Global Smart Highway Market Size, Share, Opportunities, And Trends By Technology (Smart Transport Management System, Smart Traffic Management System, Smart Communication System, Smart Monitoring System), By Display (Digital Signage, Variable Signage), By Deployment (On Premise, On Cloud), By Service (Consultancy, Operation and Maintenance, Managed), And By Geography - Forecasts From 2023 To 2028

The global smart highway market is expected to be valued at US$16.916 billion in 2018 and is projected to reach US$40.607 billion by 2023 exhibiting a CAGR of 19.14% during the forecast period. This market will witness high growth in the next five years owing to the rise in the demand for intelligent traffic management systems. Advancements in computer-related technologies have added to the improvement in the transport sector. The day-to-day rise in population and increasing number of fatal accidents have led to the construction of smart highways across the globe. Also growing traffic congestion which is a big issue and blocked roads resulting from heavy hailstorms, and landslides in hilly areas increase the possibility of accidents leading to high loss of lives and property. The integrated smart systems use digital sensors which can acquire and record data in a landslide, poor weather conditions, and traffic congestions and can display forecasts and alerts on LED screens across the highway. The construction of smart highways has paved the way for a more efficient and sustainable road transport system with a significant decrease in pollution. The key opportunities of the smart highway market are the deployment of advanced technologies, increasing government schemes for raising funds and decent law enforcement, and tremendous funding by different organizations in infrastructure expansion. Smart highways include pavements for photovoltaic cells which will reduce the consumption of power from conventional sources. The power produced by these solar cells will help in highway lighting, and power supply to public conveniences and toll booths.

On the basis of technology, the smart highway market is segmented into smart transport management systems, smart traffic management systems, smart communication systems, and smart monitoring systems. An increase in population and the need for constructing robust and intelligent transportation systems has led to the evolution of smart highways. Electronic toll collection along with lane departure warning and automatic number plate recognition is the latest technological advancements that have catalyzed the growth of smart highway networks across the globe.

On the basis of geography, the smart highway market is segmented as North America, Europe, the Middle East & Africa, Asia-Pacific, and South America. Development and adoption of smart construction techniques are highest in North America owing to the huge investments made in the sectors like electric and driverless vehicles. Europe will also emerge as a leading player in the global smart highway market due to immense investments made in this sector. Asia-Pacific will emerge as the largest market in recent years owing to the high investments being made and the increase in the adoption of smart highway techniques.

Competitive Landscape

The smart highway market is highly competitive due to the presence of well-diversified international, regional, and local players. However, some big international players dominate the market share owing to the enormous investments being made, and their brand image and market reach. With a high market growth rate and increase in demand, this sector is attracting more players to enter the market resulting in a more competitive smart highway market. The competitive landscape provides the strategy and investment details in order to boost their presence.

Some of the key players in the smart highway market included in the report are Kapsch TrafficCom AG, CISCO Inc, IBM Corporation, Schneider Electric, Siemens AG, Indra, Alcatel-Lucent Enterprise, and Huawei Technologies Co. Ltd, and Xerox Corporation.

Market Segmentation

The smart highway market has been segmented on the basis of technology, display, deployment, service, and geography.

• By Technology

• Smart Transport Management System
• Smart Traffic Management System
• Smart Communication System
• Smart Monitoring System

 

• By Display

• Digital Signage
• Variable Signage

 

• By Deployment

• On-Premise
• On Cloud

 

• By Service

• Consultancy Service
• Operation and Maintenance Service
• Managed Service

 

• By Geography

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific