According to a market report by Lucintel, the future of the global smart highway market looks promising with opportunities in the intelligent transportation management system, intelligent traffic management system, communication system, and monitoring system markets. The global smart highway market is expected to reach an estimated $154.20 billion by 2030 with a CAGR of 19.0% from 2024 to 2030. The major drivers for this market are growing requirement for better and sustainable highways, rising number of vehicles on the road, and increase in traffic-related injuries.

In this market, hardware, software and service are the major segments of smart highway market by component.

Lucintel forecast that hardwareis expected to witness highest growth over the forecast period due to growing utilization of modern traffic equipments to enables intelligent traffic management, adaptive signs, and incident detection, which reduces traffic and enhances the driving experience.

Within this market, intelligent transportation management system is expected to witness highest growth over the forecast perioddue to its ability to reduce traffic, travel times, and improve road safety.

North America is expected to witness highest growth over the forecast period due to supportive investment in the construction and road infrastructure, increasing need for intelligent transportation solutions for improved mobility and transportation safety, and rising number of smart infrastructure projects in the region.

Cisco Systems, Honeywell International, Huawei Technologies, Indra Sistemas, Infineon Technologies, International Business Machines, Kapsch Aktiengesellschaft, LG, Nokia, and Schneider Electric are the major suppliers in the smart highway market.

This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at helpdesk@lucintel.com