Smart Highway Market Size (2024 - 2029)

Smart Highway Market Analysis

The Smart Highway Market size is estimated at USD 55.80 billion in 2024, and is expected to reach USD 137.98 billion by 2029, growing at a CAGR of 19.85% during the forecast period (2024-2029).

The growing investment in smart cities, along with the benefits associated with smart technologies, such as improved traffic safety and data-driven traffic control to reduce infrastructure damage, drives the growth of the smart highway market.

• With rapid urbanization, an increase in greenhouse gas (GHG) emissions contributes to an expanding carbon footprint and forcing the adoption of clean and sustainable technology for intelligent transportation. For instance, according to the United States Environmental Protection Agency, greenhouse gas (GHG) emissions from transportation account for about 28% of the total greenhouse gas emissions in the United States.
• Smart transport management systems use digital sensors that can acquire and record data during landslides, poor weather conditions, and traffic congestion. They can also display forecasts and alerts on LED screens on state and national highways.
• The market is driven by many factors, such as reducing the number of accidents occurring on highways, providing safe and efficient transportation systems, and reducing the transportation time on highways connecting the major cities of a country. All of these can be done by implementing smart technologies, which efficiently monitor traffic and help properly functioning highways while providing real-time information to the authorities.
• The lack of infrastructural support in developing countries can significantly restrain the smart highway market. Implementing smart highways necessitates substantial investment in technology, sensors, communication networks, and a skilled workforce. Developing countries often face budget constraints, and governments may prioritize other essential sectors over advanced transportation infrastructure.

Smart Highway Industry Segmentation

Smart highways include sensors, smart computing technologies, and smart monitoring systems, all connected to a single monitoring unit. Therefore, solutions such as traffic management, communication, and transport management are gaining traction. In order to reduce the increasing traffic, traffic technology vendors are introducing advanced changes, and highways are one of the attractive segments.

The smart highway market is segmented by product technology (smart transport management, smart traffic management, communication, monitoring systems, and services) and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa). The report offers the market size and forecasts in value (USD) for all the above segments.