Smart Highway Market is Driven by Growing Focus on Reducing Traffic Congestion
The smart highway market is witnessing significant growth due to the growing need for smart transportation systems to reduce traffic congestion. Smart highways utilize intelligent transportation systems and software solutions to provide drivers with real-time traffic and road condition information. Traffic management solutions enable highways departments to detect incidents and redirect traffic. Vehicle-to-infrastructure communication allows for autonomous and connected vehicles to interact with digital infrastructure for optimized transportation.
The smart highway market is estimated to be valued at US$ 58.43 Bn in 2024 and is expected to reach US$ 152.03 Bn by 2031, growing at a compound annual growth rate (CAGR) of 14.6% from 2024 to 2031.
Key Takeaways
Key players operating in the smart highway market are Appian Corporation, Betty Blocks, Creatio, LANSA, Mendix Technology BV, Microsoft Corporation, Oracle Corporation, OutSystems Inc., Pegasystems Inc., Quickbase, Salesforce, Inc., ServiceNow Inc., Zoho Corporation Pvt. Ltd., and AgilePoint Inc. These players are focusing on developing advanced smart highway technologies and solutions to capitalize on the growing demand for smart transportation infrastructure.
The Smart Highway Market Growth is increasing globally due to the need for road optimization and efficient traffic management. Smart transportation systems help reduce commute time, fuel costs, and carbon emissions. As per estimates, smart highways can potentially save up to 20% of travel time and fuel consumption. Various governments are undertaking initiatives to develop intelligent interconnected roads and implement smart city plans.
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