The smart roads market is expanding significantly, projected to grow from $13.03 billion in 2023 to $16.35 billion in 2024 at a CAGR of 25.5%. Growth factors include road safety focus, efforts to reduce accidents, demand for smart highways, effective transportation needs, and increasing population.
The smart roads market is anticipated to grow rapidly, reaching $40.80 billion by 2028 at a CAGR of 25.7%. The growth is driven by increased corporate travel, highway accident rates, investment in transportation infrastructure, demand for road user safety, and adoption of connected and autonomous vehicles. Trends include IoT integration, autonomous vehicle infrastructure development, sustainable materials use, sensor technology for road safety, and big data analytics for traffic prediction.
Major Driver In The Smart Roads Market
The rising number of highway accidents is projected to boost the smart road market. Highway accidents are unintentional incidents involving vehicles, often caused by weather, traffic, or road conditions. Smart roads enhance safety and reduce accidents through real-time monitoring and automated incident detection. In May 2023, the Bureau of Infrastructure and Transport Research Economics reported that road crash deaths rose to 1,194 in 2022, a 5.8% increase from 2021. Therefore, the increase in highway accidents is propelling the smart road market.
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Smart Roads Market Competitive Landscape
Huawei Technologies Co. Ltd., Hitachi Ltd., Siemens AG, Intel Corporation, Panasonic Holdings Corporation, International Business Machines Corporation, Cisco Systems Inc., Nokia Corporation, Thales Group, Infineon Technologies AG, WSP Global Inc., Indra Sistemas SA, Cubic Corporation, Alcatel-Lucent Enterprise, SWARCO INDUSTRIES Inc., TransCor, Sierra Wireless Inc., Genetec Inc., Iteris Inc., Econolite Group Inc., Intelligent Security Systems, Kapsch TrafficCom AG
Key Smart Roads Market Trend
In the smart roads market, companies are focusing on turnkey solutions to improve traffic management and road safety. A turnkey solution provides a fully operational product or service, requiring minimal effort for the client. In July 2024, Intelligent Security Systems (ISS), a US-based video intelligence company, launched Intellisection, a turnkey solution for automated intersection monitoring. This solution detects, counts, and classifies road users, including vehicles and pedestrians, and enhances safety through near-miss analysis, red-light violation monitoring, and crash detection. It provides real-time alerts and can handle complex intersections.
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Global Smart Roads Market Segmentation
The smart roads market covered in this report is segmented –
1) By Type: Transportation And Communication System, Traffic Management System, Other Types
2) By Component: Hardware, Software, Service
3) By Deployment Mode: On-Premise, Cloud
4) By Technology: Intelligent Transportation Management System, Intelligent Management System, Communication System, Monitoring System, Other Technologies
5) By Application: Urban Traffic Management, Highway Traffic Management, Parking Management, Other Applications
By Geography:The regions covered in the smart roads market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the smart roads market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Smart Roads Global Market Report 2024 furnishes information about the global smart roads market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
