The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global road safety market size is expected to reach USD 5.1 billion by 2025, exhibiting a CAGR of 10.5%, according to a study conducted by Grand View Research, Inc. Increasing number of road accidents across the world has resulted in an urgent need for precautionary measures and solutions, positively impacting market growth. Additionally, increased government spending on road infrastructure development to enhance mobility environment is expected to upkeep the demand for traffic monitoring solutions and services.
Implementation of traffic safety enforcement solutions, and corresponding services such as installation, system integration, support and maintenance, and monitoring and training, has grown in recent years owing to increase in crime rate and occurrence of natural disasters. These solutions can be deployed in existing or newer infrastructure. Another factor driving the market is increasing adoption of consulting services offered by safety solution providers in order to simplify the complexities of existing infrastructure. For instance, Jenoptik offers support and maintenance services along with an online platform in order to offer 24/7 support.
The Europe market held a substantial share in 2018 owing to numerous government initiatives aimed at the development of safer streets. The European Union has adopted Vision Zero and Safe System approach to eliminate road accidents and fatalities. Although the Asia Pacific market held a modest revenue share in 2018, it is expected to exhibit the fastest growth over the forecast years owing to increasing spending on road infrastructure and soaring number of commuters.
Further Key findings from the study suggest:
- The market has been gaining traction owing to soaring number of commuters across numerous cities, which has resulted in increased traffic and congestion
- The Automatic Number/License Plate Recognition (ANPR/ALPR) segment is anticipated to record healthy growth over the forecast period owing to increasing adoption of this solution to improve security and safety
- The professional services segment is anticipated to register a substantial CAGR of more than 10.0% from 2019 to 2025. Services such as consulting, installation, maintenance and repair are imperative for all traffic monitoring solutions
- Need to improve existing road infrastructure for enhanced safety and implementation of smart city initiatives by several governments in the region are primary factors driving the Asia Pacific market.