Smart Highway Market to 2028 | Industry Growth Analysis Report

Smart Highway Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology (Smart Transport Management System, Smart Traffic Management System, Communication System, Monitoring System, and Others) and Component (Hardware and Software)

Publication Month: Nov 2021 | Report Code: TIPRE00005250 | No. of Pages: No. of Pages164 | Category: Automotive and Transportation | Status: Published

The smart highway market is expected to grow from US$ 24,885.5 million in 2021 to US$ 81,335.6 million by 2028; it is estimated to grow at a CAGR of 18.4% from 2021 to 2028.

Various developing and developed economies across the world have initiated multiple programs in designing and implementing smart cities. For instance, China has over 300 smart city projects in the pipeline with prominent involvement by crucial industries and government offices. Similarly, India allocates trillions in its budget every year to facilitate the building of over 100 smart cities. According to the Chinese national smart cities working group, smart cities bring a new concept and model, which facilitate planning, construction, management, and smart services of cities, with the help of IoT, cloud computing, Big Data, space-geographical information integration, and other modern technologies. The use of advanced transportation technologies, thus, becomes a dominant precursor in the successful implementation of smart cities. The purpose of implementing transportation, digitally enabled with info-communication technologies, is to solve the current problems of traffic jams, accidents, pollution, fuel cost, fuel scarcity, and high insurance costs. Smart transportation infrastructure, along with smart highways, includes smart roads, smart streetlights, smart or autonomous vehicles, and smart traffic signs. The emergence of various transportation technologies has led to the introduction of vehicle-to-vehicle communications, vehicular ad hoc networks, electrified roads, harvesting of energy from roads, smart road intersection, self-weighing roads, intelligent transportation systems, cooperative emergency rescue, methods to capture driving behavior, smart-street light, and wireless digital traffic signs.

 

Strategic Insights

Report CoverageDetails
Market Size Value inUS$ 24,885.5 million in 2021
Market Size Value byUS$ 81,335.6 million by 2028
Growth rateCAGR of 18.4% from 2021 to 2028
Forecast Period2021-2028
Base Year2021
No. of Pages164
No. of Tables61
No. of Charts & Figures72
Historical data availableYes
Segments coveredTechnology, and Component
Regional scopeNorth America; Europe; Asia Pacific; Latin America; MEA
Country scopeUS, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
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Impact of COVID-19 Pandemic on Smart Highway Market

The onset of the COVID-19 crisis in 2020 led to a grinding halt in infrastructure and construction activities worldwide. All the major regions considered for this market analysis suffered a significant downturn in workloads during the first half of 2020. The lowering economic growth and delayed highway projects had negative impact on the smart highway market in 2020. However, in 2021, the pandemic highlighted the importance for intelligent mobility and roadways solutions, especially in Europe, the US, and China. The UNDA project on “Transport and Trade Connectivity in the Age of Pandemics: Contactless, Seamless and Collaborative UN Solutions” supports the plan of significant economies to adopt information and communication technologies (ICTs) and intelligent transport systems. Major global smart highway market players have been implementing intelligent transport systems and traffic management solutions in various countries to create a supporting ecosystem complementing the development of future-ready connected, contactless, and safer mobility. For instance, around the onset of the pandemic at the end of 2019, Siemens Mobility launched the new Plus+ traffic control solution, which were installed under COVID-secure conditions in cities across the UK.

Lucrative Regions for Smart Highway Providers

Lucrative Regions for Smart Highway Providers

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Smart Highway Market Insights

Augmenting Demands for Sustainable Highways to Reduce Traffic Issues Boost Smart Highway Market Growth

A sustainable highway enables societal development and economic growth, and reduces negative impacts on the environment. According to the Federal Highway Administration (FHWA), sustainable highways are an integral part of sustainable development that should be assessed throughout their lifecycle, from design through construction, operations, and maintenance. In addition to addressing environmental and natural resource needs, a sustainable highway caters to the demand for accessibility of transportation services, and safe and comfortable walking, cycling, and transit routes. Highway authorities in the US are addressing sustainability through intelligent transportation systems (ITS), recycling, planning, and environmental relations, along with an adherence to the National Environmental Policy Act (NEPA) requirements. There is an increasing demand for making roads interactive, using light, energy, and information reflecting traffic conditions. In 2015, the Indian government launched the Green Highways (Plantation, Transplantation, and Beautification & Maintenance) Policy, intending to promote the greening of highway corridors with the community, farmers, private sector, NGOs, and government institutions. The project also incorporates a robust monitoring mechanism using satellite systems. The Green Highway Policy is an initiative to make the country pollution-free and curtail the number of road accidents in it. Advancements in the eco-friendly national highway corridors with the collaboration of the private sectors and government institutions are anticipated to pave the way towards sustainable development.

Component Based Market Insights

Traffic management teams, civil engineers, and highway maintenance crews face many challenges to maintaining traffic flow and improving safety. Therefore, they are using a coordinated array of hardware, software, and cloud solutions to address these issues. Vendors are providing software platforms with core functionalities—including traffic management, tunnel management, management of equipment, video surveillance, video incident detection, SCADA integration, reporting engine, and alarm management empowered with fully automated scenario management for fast and reliable system response to incidents. Growing demands for consultancy service, maintenance and operation service, and managed service is further anticipated to bolster the growth of the smart highway market.

Smart Highway Market, by Component – 2020 and 2028 (%)

Smart Highway Market, by Component – 2020 and 2028 (%)

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Note: The outer circle represents market size for 2028, and the inner circle represents market size for 2020.

Players operating in the smart highway market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

  • In 2021, the City of Vienna and Kapsch TrafficCom collaboratively launched the Traffic Management 2.0 for ensuring climate-friendly mobility in the future. This initiative can help UK achieve its net zero target by 2050, and it will help Kapsch in expanding its geographic presence.
  • In 2020, Nokia entered a strategic partnership with China Mobile/CMCC Guangxi to deliver a landslide monitoring and early warning systems for highways operations management company, BGIGC Group (Guangxi Beibu Gulf Investment Group Co. Ltd). This project uses the Nokia IMPACT IoT platform designed to offer a secure, simplified platform comprising device management, data collection and analysis, rule engine, alarm management, and statistical report and analytics capabilities.

The global Smart Highway Market has been segmented as follows:

Smart Highway Market – by Technology

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

Smart Highway Market – by Component

  • Hardware
  • Software

Smart Highway Market – by Geography

  • North America


    • US
    • Canada
    • Mexico
  • Europe

    • Germany
    • France
    • Italy
    • UK
    • Russia
    • Rest of Europe
  • Asia Pacific (APAC)

    • Australia
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Middle East and Africa (MEA)

    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of MEA
  • South America (SAM)

    • Brazil
    • Argentina
    • Rest of SAM

Company Profiles

  • Cisco Systems, Inc
  • Huawei Technologies Co., Ltd
  • Kapsch TrafficCom AG
  • Nokia Corporation
  • Siemens AG
  • Telegra
  • Conduent, Inc.
  • Toshiba Corporation
  • Nippon Koei Co., Ltd.
  • IBI Group

Frequently Asked Questions

Augmenting Demands for Sustainable Highways to Reduce Traffic Issues Rising Integration of Traffic Control Centers and Route Guidance Systems
Various technologies, such as ad-hoc mesh Wi-Fi and Cellular Vehicle-to-Everything (C-V2X), keep the drivers informed of the changes in traffic lights and communicate with other vehicles to avoid collisions. Innovations in digital technologies are anticipated to provide lucrative growth opportunities for the smart highway market players during the forecast period. Governments across the globe are significantly investing in connected vehicles technologies to boost the smart highway market growth.
Based on component, the global smart highway market is segmented into software and hardware. Traffic management teams, civil engineers and highway maintenance crews face many challenges to maintain traffic flow and improve safety. The hardware segment led the smart highway market with a largest market share.
Asia Pacific (APAC) is the fastest-growing region in the global smart highway market. The high rate of smart highway R&D in several emerging Asian economies is attributed to the rising interest of government authorities, public and private organizations, and other vital stakeholders. For instance, in February 2021, Indian PM Narendra Modi inaugurated the Integrated Command and Control Centre and Smart Roads Project in Thiruvananthapuram with a total investment cost of US$58.5 million.
Key companies operating in the smart highway industry include Cisco Systems, Inc; Huawei Technologies Co., Ltd; Kapsch TrafficCom AG; Nokia Corporation; Siemens AG; Telegra; Conduent, Inc.; Toshiba Corporation; Nippon Koei Co., Ltd.; and IBI Group Several other players are also operating in the global market, contributing significant revenue shares every year.
North America dominated The smart highway market in 2020 with a share of more than 30%; it would continue to dominate the market during the forecast period of 2021- 2028.

The List of companies - Smart Highway Market

  1. Cisco
  2. Conduent, Inc.
  3. Huawei Technologies Co., Ltd.
  4. IBI Group
  5. Kapsch TrafficCom AG
  6. Nippon Koei Co., Ltd.
  7. Nokia 
  8. Siemens
  9. Telegra
  10. Toshiba Infrastructure Systems & Solutions Corporation
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the smart highway market
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the smart highway market thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth Global market trends and outlook coupled with the factors driving the market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
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