PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515445
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515445
Smart Roads Market size was valued at USD 50,298.5 Million in 2023, expanding at a CAGR of 10.60% from 2024 to 2032.
In accordance with governmental objectives, smart highways make travel safer, more efficient, and environmentally beneficial by utilizing Internet of Things devices. In smart roads, technological infrastructures like big data and artificial intelligence are integrated with physical infrastructures like solar panels and sensors. Smart road technology, which is integrated into roads, may detect road conditions, generate energy, improve visibility, and interact with connected and autonomous vehicles. These roads are equipped with smart features including Wi-Fi antennae that provide broadband services to cars, homes, and businesses, as well as sensors that monitor and report changes in road conditions. On the smart roads, charging for electric vehicles is also possible.
Smart Roads Market- Market Dynamics
Novel Approaches to Intelligent Methods to Propel Market Growth
The identification of cars, pedestrians, and bicycles on smart roads can be facilitated by Al-powered traffic monitoring systems, promoting safe riding practices. Smart devices installed in smart highways can also swiftly alert first responders in the event of an accident or criminal activity. Furthermore, by using advancements like inductive charging, smart highways enable the adoption of safe, autonomous, self-driving electric vehicles. Real-time weather patterns can be read by smart roads equipped with sensors, which can then recommend the best course of action for oncoming cars. Under severe conditions, these cars may be rerouted to prevent problems like skidding off slick roads.
Smart Roads Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 10.60% over the forecast period (2024-2032)
Based on type segmentation, the transportation and communication system category was predicted to show maximum market share in the year 2023
Based on application segmentation, the highway category was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Smart Roads Market is segmented on the basis of Type, Application, and Region.
The market is divided into two categories based on type: Transportation and Communication System, Traffic Management System, and Others. The transportation and communication system category dominates the market. Technologies aimed at enhancing mobility and connection within transportation networks are included in the broad category of transportation and communication systems. One example of this is intelligent transportation systems (ITS), which combine many forms of communication to allow data to be exchanged in real time between infrastructure, control centers, and cars. Smart roads can increase overall transportation efficiency and convenience by utilizing Intelligent Transportation Systems (ITS) to improve traffic flow, road safety, and the provision of current information to travelers about the conditions of the road, traffic accidents, and other routes. Traffic management systems are a crucial element of intelligent transportation systems, emphasizing the tracking and regulation of traffic patterns to reduce gridlock and improve security.
The market is divided into the following categories based on application: Urban Traffic, Highway, and Others. The highway category dominates the market and is likely to maintain its dominance during the forecast period. Numerous factors contribute to the category's growth, including a decline in traffic accidents, the provision of safe and effective transit systems, and a reduction in travel times on the highways that link a nation's main cities. All of these can be accomplished by putting smart technologies into practice, which effectively monitor traffic, assist in maintaining properly operating highways, and give authorities access to real-time information.
Smart Roads Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Over the course of the forecast period, North America is anticipated to hold the greatest share of the global market for smart roads. The region's strong infrastructure and technology breakthroughs, which have created a strong basis for the deployment of smart road systems, are the primary causes of this dominance. North America's pro-innovation and well-established transportation networks have allowed for the quick adoption and integration of smart road technologies. The growing need for transportation and the necessity of repairing and maintaining damaged roads are two major factors propelling the market expansion in North America. Consequently, there has been a steady increase in the region's need for smart road solutions.
In addition, the smart roads market is anticipated to expand at the fastest rate in the world during the projected period in Asia Pacific. The swift urbanization and population expansion in the area have resulted in a heightened need for effective transportation infrastructure. Smart roads are a desirable option for the region's growing cities because they provide better traffic management, less traffic, and increased safety measures. They are outfitted with cutting-edge technologies. Additionally, governments around the Asia-Pacific area are making significant investments in the construction of infrastructure, particularly smart road programs. With these efforts, we hope to address issues like traffic congestion and environmental concerns that come with urbanization. Governments may improve overall transportation efficiency, minimize emissions, and maximize traffic flow by putting smart road technologies into practice.
Leading market participants such as Indra Sistemas (Spain), IBM (U.S.), Swarco Holding (Austria), and Alcatel Lucent (France), among others, are working together with other businesses in an attempt to keep one step ahead of the competition. To increase the variety of products they offer, many businesses are also investing in the introduction of new products. Another important tactic used by players to diversify their product lines is mergers and acquisitions.
April 2022: A public-private partnership to implement smart pavement technology at five intersections was accepted by the Kansas city of Lexana for a 10-year trial program. The P3 project represents a significant advancement in the implementation of this technology, which includes fiber optic connectivity embedded in precast concrete road sections and digital technology for the collection of traffic data via Wi-Fi, in-road sensors, 5G, and other means, including antennas in the expansion ports, edge services, cloud access, and wireless electricity vehicle charging.
June 2021: In order to join the Digital Twin Consortium, Cityzenith developed the SmartWorldOS software platform. This software creates virtual representations of cities, infrastructure, and buildings in order to optimize carbon emissions and reduce negative environmental effects.
GLOBAL SMART ROADS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Indra Sistemas (Spain)
IBM (U.S.)
Swarco Holding (Austria)
Alcatel Lucent (France)
Kapsch (Austria)
LG CNS (South Korea)
Siemens (Germany)
Cisco Systems (U.S.)
Schneider Electric (France)
Xerox (U.S.)
Huawei (China)
Others