Smart Highways Is Estimated To Witness High Growth Owing To Growing Investments In Advanced Transportation Infrastructure
The Smart Highway Market is estimated to be valued at US$ 52.5 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
A smart highway refers to an advanced transportation infrastructure that utilizes smart technologies such as big data, artificial intelligence, internet of things and wireless sensor networks to improve transportation efficiency and safety. Smart highways provide features such as electronic toll collection, incident detection, variable speed limit signs and dynamic traffic management. These features help in minimizing traffic congestion, reducing travel time and enhancing driving experience.
Market Dynamics:
Growing investments in advanced transportation infrastructure by governments across the globe is a major factor driving growth of the smart highway market. For instance, in 2021, the U.S. government passed a $1 trillion infrastructure bill investing heavily towards upgrading roads, bridges and highways with smart technologies. Additionally, increasing emphasis on reducing traffic jams and enhancing traffic flow is also fueling adoption of smart highway solutions. However, high installation and maintenance costs associated with advanced smart transportation infrastructure poses a challenge to market growth.
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