Smart Highway Industry

The global smart highways market size was estimated at USD 57.45 billion in 2023 and is projected to grow at a CAGR of 19.3% from 2024 to 2030. This growth is driven by technological advancements, including IoT integration for improved traffic monitoring and management, government initiatives to modernize transportation infrastructure, and solutions to combat urbanization-induced traffic congestion. Environmental concerns are also promoting smart highways, which feature energy-efficient lighting, EV charging stations, and smart grids. Enhanced safety features, such as automated incident detection and real-time alerts, further drive the adoption of smart highway technologies.

The growth of the smart highways market is significantly influenced by economic growth and infrastructure development, mainly in emerging economies, where investments in smart highways are essential for enhancing connectivity and supporting economic activities. Public-private partnerships (PPPs) are playing a vital role in accelerating the implementation of smart highway projects, leveraging private sector expertise and funding for quicker project completion and innovation. The global push towards developing smart cities is creating a demand for integrated transportation systems, with smart highways being vital components that offer efficient and sustainable mobility solutions. Additionally, advanced data analytics and AI are enhancing smart highway capabilities, enabling predictive maintenance, optimized traffic flows, and personalized user experiences.

The rise of autonomous vehicles (AVs) is further driving the need for smart highway infrastructure, which supports AV operations through advanced communication networks and real-time data exchange. Consumer demand for improved travel experiences, including safer, more efficient, and more convenient journeys, is being met by smart highways with dynamic toll pricing, real-time traffic updates, and smart parking solutions. Global competitiveness is another factor, as countries invest in smart highway technologies to attract businesses, tourism, and investments by offering modern transportation infrastructure. Moreover, smart highways enhance disaster management and resilience with technologies that provide real-time monitoring and automated response systems to ensure quicker recovery and minimize disruptions during emergencies.

Gather more insights about the market drivers, restrains and growth of the Global Smart Highway market

Smart Highway Market Segments Highlights:

• The intelligent traffic management system (ITMS) segment led the market and accounted for over 45.0% of the global revenue in 2023. ITMS solutions are crucial for enhancing traffic flow, reducing congestion, and improving road efficiency through real-time data management. They also significantly boost road safety with automated incident detection and emergency response coordination, reducing vehicle emissions and promoting environmental sustainability.
• The digital signage segment led the smart highways market in 2023 due to its essential role in providing real-time traffic information, including updates on road conditions and incidents. Its versatility and adaptability for various applications, such as variable message signs, advertising, and public announcements, enhance road safety and traffic management. Technological advancements in display technology and integration with intelligent traffic management systems have increased the effectiveness and adoption of digital signage. Additionally, opportunities for advertising revenue and the growing demand for smart infrastructure further drive the deployment of digital signage, which improves user experience by offering engaging and interactive content.
• The cloud segment accounted for the largest market revenue share in 2023, due to its ability to provide scalable and flexible infrastructure, which efficiently manages large volumes of traffic data and real-time information for smart highway systems. Cloud solutions offer cost efficiency by reducing the need for significant upfront investments and utilizing pay-as-you-go models. They also enable centralized data integration and management, real-time processing and analytics, and enhanced collaboration among stakeholders.
• North America represented a significant market share of over 43.0% in 2023, driven by its advanced infrastructure, substantial investment in technology, and proactive government initiatives. The region's well-developed transportation network and technological leadership provide a strong foundation for integrating smart highway solutions, supported by significant funding and collaboration between the public and private sectors.

Smart Highway Market Report Segmentation

• Technology Outlook (Revenue, USD Million, 2017 - 2030)
  • 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
    • Electronic Toll Collection System
    • Global Navigation Satellite System (GNSS)/Global Positioning System (GPS)
    • Real-Time Traffic Management
  • Communication System
    • Radio Network
    • Emergency Network
    • Data Network
  • Monitoring System
    • Traffic Measurement
    • Weather Management
    • Video Surveillance
  • Displays Outlook (Revenue, USD Million, 2017 - 2030)
    • Variable Message Signs
    • Digital Signage
    • Others
  • Deployment Outlook (Revenue, USD Million, 2017 - 2030)
    • Cloud
    • On-premises
  • Regional Outlook (Revenue, USD Million, 2017 - 2030)
    • North America
      • US
      • Canada
      • Mexico
    • Europe
      • UK
      • Germany
      • France
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia
      • South Korea
    • Latin America
      • Brazil
    • MEA
      • UAE
      • South Africa
      • KSA

Key Smart Highway Company Insights

• ALE International
• Cisco Systems, Inc.
• Huawei Technologies Co., Ltd.
• IBM Corporation
• Indra
• Infineon Technologies AG
• Kapsch TrafficCom AG
• LG CNS
• Schneider Electric
• Siemens

Order a free sample PDF of the Smart Highway Market Intelligence Study, published by Grand View Research.