What Is The Overview Of The Global Smart Roads Market?
Smart roads refer to highways or streets equipped with advanced technologies, sensors, and communication systems to enhance transportation efficiency, safety, and sustainability. These technologies allow roads to communicate with vehicles, traffic management systems, and infrastructure, enabling real-time traffic flow monitoring, road conditions, and vehicle behavior. Smart roads aim to reduce accidents, optimize traffic flow, and support connected and autonomous vehicle technologies.
Smart Roads Global Market Report 2024 provides data on the global smart roads market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The smart roads market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Expected Annual Growth Rates And Market Size Estimates For The Global Smart Roads Sector?
The smart roads market has experienced significant growth and is projected to expand from $13.03 billion in 2023 to $16.35 billion in 2024, reflecting a CAGR of 25.5%. This growth is driven by increased emphasis on road safety, reducing traffic injuries, rising demand for smart motorways, the need for efficient transportation, and urban population growth. Over the next few years, the market is expected to surge to $40.80 billion by 2028 at a CAGR of 25.7%. Key drivers include corporate travel growth, an uptick in highway accidents, more investments in infrastructure, the demand for enhanced road safety, and the adoption of connected and autonomous vehicles. Trends to watch include IoT integration, infrastructure development for autonomous vehicles, eco-friendly materials, advanced sensor technologies for safety, and big data analytics for traffic prediction.
Which Factors Are Boosting Growth In The Smart Roads Market?
The rising number of highway accidents is likely to spur growth in the smart road market. Factors such as adverse weather, high traffic volume, and poor road conditions contribute to accidents. Smart roads enhance safety through real-time monitoring, automated incident detection, and improved traffic management. The Bureau of Infrastructure and Transport Research Economics reported in May 2023 that road crash deaths in Australia rose by 5.8% in 2022, underscoring the importance of smart road technologies in reducing accidents.
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What Key Areas Define The Segmentation Of The Global Smart Roads Market?
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
How Are Emerging Trends Reshaping The Dynamics Of The Smart Roads Market?
Firms in the smart roads market are launching turnkey solutions for traffic management and road safety optimization. These comprehensive products are ready-to-use and require minimal customization. In July 2024, Intelligent Security Systems (ISS) introduced Intellisection, an automated intersection monitoring solution. The system excels in detecting, counting, and classifying road users while providing real-time alerts for incidents, enhancing safety and efficiency at complex intersections.
Which Region Has The Fastest Expansion In The Smart Roads Market?
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 regions covered in the smart roads market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
