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.
Insufficient availability of road space, and the lack of road sense and discipline are the key factors leading to traffic congestions. Thus, highway authorities are focusing on implementing advanced traffic management solutions to overcome traffic problems in cities. Intelligent transportation systems, vehicle infrastructure, structural health monitoring, solar road panels, and wireless vehicle charging are crucial components of a smart highway. The integration of traffic control centers, access control, and route guidance systems offers a range of benefits within a smart transportation management system. Furthermore, assimilating AI and Big Data with physical infrastructures, such as sensors and solar panels, has bolstered the demand for smart roads across the world. Edge computing enables low latency that powers the smart road infrastructure, including adaptive traffic lights and integrated roadways. Traffic lights can automatically adjust their timing based on sensor data, enhancing the flow of traffic and changing signals to effectively manage highway traffic.. The AAEON Atlas, supported by Intel Vision Products, is an edge computing node that consolidates data from smart lighting, environmental monitoring, and video sensors to shape future smart cities.
The rising deployment of smart streetlights, smart traffic lights, smart parking, and/or e-tolling stations has augmented the processing capabilities that are needed to monitor traffic congestion. While smart roads may still be in their infancy in North America, significant initiatives are currently being introduced in the region to accelerate the use of data analytics. The US government is set to incorporate smart road technology along Highway 285 in Colorado. Road surface covered with factory-made concrete slabs will feature Wi-Fi connectivity; they’ll be embedded with fiber optic cables acting as pressure sensors that can monitor road’s wear-and-tear to alert motorists on traffic conditions.
Key Findings of Study:
The global smart highway market is segmented into five major regions—North America, Europe, APAC, the MEA, and SAM. Based on technology, the market is sub segmented into smart transport management system, smart traffic management system, communication system, monitoring system, and others. In 2020, the smart transport management system segment accounted for the largest market share. Based on component, the smart highway market is segmented into software and hardware. In 2020, the hardware segment accounted for a larger share of the market.