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Rising urban population and high demographic rates, rapid motorization, increasing number of road fatalities/accidents, and government initiatives for enhancing road safety. are some of the factors driving the road safety market
The road safety market is projected to grow from USD 3.0 billion in 2019 to USD 4.7 billion by 2024, at a CAGR of 9.3% from 2019 to 2024. Rising urban population and high demographic rates, rapid motorization, increasing number of road fatalities/accidents, and government initiatives for enhancing road safety are projected to drive the growth of the market across the globe. However, lack of standardization and uniformity in road safety solutions is expected to restrict the growth of the market across the globe.
Based on component, the services segment is expected to grow with the highest CAGR during the forecast period.
The services segment is expected to ghrow with the highest CAGR during the forecast period. As there is an increase in the adoption of road safety solutions, the associated services are also expected to be adopted rapidly. Road safety services are majorly deployed to enhance the existing infrastructure and also integrate the latest road safety solutions with the existing one. The road safety services that have been taken into consideration for the report include professional services and managed services. The professional services segment has been further divided into consulting and training, support and maintenance, and system integration and deployment. Due to the complexities in the existing infrastructures, the demand for consulting services is expected to increase, which, in turn, is likely to boost the overall growth of the road safety services segment.
Based on solutions sub-segment, the enforcement solution segment is expected to lead the road safety market in 2019.
Compliance through enforcement has conventionally been the responsibility of the local police; however, the sheer scale of road usage increases the need to detect the vast majority of offenses using modern electronic technologies that are more efficient than the previous methods of road traffic enforcement. Enforcement solutions, comprising hardware (sensors, cameras, displays, and radars) and software, are vital for road safety. Road safety enforcement solutions help the police and related authorities to enforce traffic law and perform traffic surveillance to improve road safety and increase public safety. Deploying enforcement solutions would encourage safer driving habits, thereby reducing the number of fatal accidents/incidents.
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The Asia Pacific (APAC) road safety market is projected to grow at the highest CAGR during the forecast period
APAC is emerging as the world’s most powerful region, which houses several smart cities. The governments in this region are highly concerned about the increased security spending to keep pace with the evergrowing threat landscape. APAC comprises emerging economies, such as China, India, Australia, Hong Kong, and Japan. It is witnessing a surge in the number of smart-city projects, which in turn, is creating a demand for public and road safety security technologies, such as surveillance technology, speed enforcement, red light enforcement, and incident-detection system. The increasing number of megacities and the growing population in the developed and developing countries of APAC have increased the need for road safety. The road safety market in APAC has a high growth potential. The demand for road safety solutions and services in APAC is expected to be driven by the region’s strong economic growth, the rise in population, and rapid urbanization.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the road safety market.
- By Company Type: Tier 1 – 62%, Tier 2 – 23%, and Tier 3 – 15%
- By Designation: C-level – 38%, Directors – 30%, and Others – 32%
- By Region: North America – 40%, Europe – 15%, Asia Pacific – 35%, MEA – 5%, and Latin America– 5%
Major vendors of road safety solutions and services include Jenoptik (Germany), Kapsch TrafficCom (Austria), Sensys Gatso Group (Sweden), Redflex Holdings (Australia), Verra Mobility (US), IDEMIA (France), FLIR Systems (US), Motorola Solutions (US), SWARCO (Austria), Information Engineering Group (Canada), Cubic Corporation (US), Siemens (Germany), Conduent, (US), VITRONIC (Germany), Kria (Italy), Laser Technology (US), Optotraffic (US), Syntell (South Africa), Traffic Management Technologies (Pty) Ltd. (South Africa), AABMATICA (India), Clearview Intelligence (UK), Dahua Technology (China), Truvelo (UK), and Trifoil (Sultanate of Oman). The study included an in-depth competitive analysis of these key players with their company profiles, recent developments, and key growth strategies adopted by them.
- The market study covers the road safety market across different segments. It aims at estimating the market size and the growth potential of this market across different segments based on by components (solutions and services), and region.
- The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
- The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall road safety market and its segments.
- This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and to plan suitable go-to-market strategies.
- The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.