The smart highway market is estimated to be valued at US$ 58.43 Bn in 2024 and is expected to reach US$ 152.03 Bn by 2031, growing at a compound annual growth rate (CAGR) of 14.6% from 2024 to 2031.

Report Description:

Smart highways are next generation highways that leverage advanced technologies like Internet of Things (IoT), Artificial Intelligence (AI), and connected vehicles to enhance road safety, traffic management, and infrastructure optimization. By integrating sensors, cameras, and wireless communication networks into roadways and vehicles, smart highways are able to actively monitor traffic flows, detect accidents, or breakdowns and optimize traffic signal timings in real-time to reduce congestion. For travelers, smart highways promise safer and more efficient journeys through features like adaptive cruise control, collision alerts, and automated lane changing assistance. For transportation agencies, they enable remote monitoring of road conditions, predictive maintenance of assets and data-driven planning of highway capacity expansions. As countries focus on upgrading aging infrastructure and reducing emissions, smart highways are emerging as a promising solution to modernize surface transportation networks globally.

Market Dynamics:

The growth of the smart highway market is driven by rising investments in developing intelligent transportation systems by governments worldwide. Rapid urbanization has led to increased vehicle ownership outpacing the expansion of road networks, boosting investments in smart technologies for traffic management and improved throughput. However, high initial costs of deploying smart infrastructure and lack of standardized communication protocols poses challenges to the market. Nevertheless, growing focus on reducing road accidents and promoting autonomous and connected vehicles present lucrative opportunities. Coordinated efforts by automakers, technology companies, and highway authorities to develop interconnected ecosystems will further propel the market growth in the coming years.

Key features of the study:

• This report provides an in-depth analysis of the global smart highway market, and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2024–2031), considering 2023 as the base year
• It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global smart highway market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study include Schneider Electric SE, Siemens AG, SAP SE, Indra Sistemas S.A., Panasonic Corporation, Honeywell International Inc., Masstrans Technologiies Pvt. Ltd., Kapsch AG, Infineon Technologies AG, ALE International, ALE USA Inc, Kapsch TrafficCom AG, Huawei Technologies Co., Ltd., Cisco Systems Inc., IBM Corporation, General Electric Company, and ABB Ltd.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• The global smart highway market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global smart highway market.

Detailed Segmentation-

• 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
• By Regional
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa

Key Players

• Schneider Electric SE
• Siemens AG
• SAP SE
• Indra Sistemas S.A.
• Panasonic Corporation
• Honeywell International Inc.
• Masstrans Technologiies Pvt. Ltd.
• Kapsch AG
• Infineon Technologies AG
• ALE International, ALE USA Inc
• Kapsch TrafficCom AG
• Huawei Technologies Co., Ltd.
• Cisco Systems Inc.
• IBM Corporation
• General Electric Company
• ABB Ltd.