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Global Smart Highway Market Research Report:

The latest report by IMARC, titled “ Smart Highway Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 20222027

” " the global smart highways market reached a value of US$ 34.8 Billion in 2021. Smart highways are routes that use cutting-edge technologies for better traffic management and flow. These are equipped with solar panels, closed-circuit television (CCTV) cameras, speed and acoustic sensors, and digital signage that are powered by big data, artificial intelligence (AI), and the Internet of Things (IoT). These technologies are incorporated into roads to improve the connection between two or more autonomous vehicles running on the same track and monitor the road more closely. Several benefits of smart highways include improving mass transit systems, minimizing driving time, reducing road accidents, and enhancing traveler safety and the desire for travel.

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Global Smart Highway Market Trends :

The global market is primarily driven by an increasing number of road accidents. In line with this, the rising international trade among emerging countries is paving the way for smart highways. Furthermore, rapid technological advancements in the transportation sector and the emergence of smart vehicles are offering lucrative growth opportunities in the market. Apart from this, the growing demand for sustainable highways to reduce traffic issues is positively influencing the market. Moreover, multiple market vendors are focusing on providing software platforms with core functionalities, including traffic management, tunnel management, management of equipment, video surveillance, video incident detection, SCADA integration, reporting engine, and alarm management, empowered with fully automated scenario management for fast and reliable system response to incidents. Additionally, the rapid development of smart cities and the escalating awareness associated with the benefits of smart highways are providing a boost to the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 93.3 Billion by 2027, exhibiting a CAGR of 18.16% during 2022-2027.