Road Safety Market Growing at a CAGR of 9.3% | VITRONIC, Truvelo, Syntell, Optotraffic, Laser Technology

Road Safety Market Growing at a CAGR of 9.3% | VITRONIC, Truvelo, Syntell, Optotraffic, Laser Technology
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).
Road Safety Market by Solution (Red Light, Speed, Bus Lane, Section Enforecement, ALPR/ANPR, & Incident Detection & Response), Service (Consulting & Training, System Integration & Deployment, Support & Maintenance), Region – Global Forecast to 2024

MarketsandMarkets expects the global road safety market size to grow from USD 3.0 billion in 2019 to USD 4.7 billion by 2024, at a CAGR of 9.3% during the forecast period. Road safety refers to the orderly development and management of roads for the provision of safer vehicles, and provides a comprehensive response to accidents. Road safety denotes protection of citizens by preventing accidents and other dangers on roadways. It ensures the safety of travelers, such as pedestrians, cyclists, motorists, and passengers traveling through built-up urban streets, non-built-up rural roads, and major highways.

Over the years, the scope of road safety has widened with the rising urban population and high demographic rates, rapid motorization, increasing number of road fatalities/accidents, and the increased government initiatives for enhancing road safety. Developing economies are looking forward in cooperating with private sector partners with world-class experience in road-safety solution implementation. This is one of the growing opportunities in the road safety market. Collaboration with government agencies or regional corporations that have their workforce and flexible methods of accessing market information, has the potential to form new joint ventures or strategic alliances. A new business model of sustainable public–private partnership is desirable in which both international and national organizations partner with governments.

The solutions segment of the component is leading the road safety market in 2019. The road safety solutions include enforcement solution; incident detection and response; ALPR/ANPR, and others (railroad crossing safety, school bus stop-arm enforcement, and back-office systems). These solutions enable government agencies to protect pedestrians and vehicle drivers from all types of road accidents. With the rapid increase in the number of vehicles on the road, these solutions are gaining traction across the globe.

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The speed enforcement solution of the enforcement solution segment is expected to grow with the highest CAGR during the forecast period. Speed enforcement system plays a significant role in checking whether road vehicles comply with the recommended speed limit on roads and highways. Speed enforcement includes the use of cameras, parabolic radars using radio waves, and other technologies, including LiDAR, and number plate recognition. The speed enforcement solution helps to acquire a specific target when attempting to determine the speed of vehicle in a congested and crowded roadway. Hence, LiDAR is a widely used tool in speed enforcement solutions.

North America is estimated to account for the major share of the road safety market in 2019. It is the most advanced region in terms of technological adoption and infrastructure development. The US residents own on an average of 800 cars per 1,000 residents, whereas Canada has around 650 cars per 1,000 residents. To manage and monitor heavy road traffic, the US has deployed some of the most advanced technologies. Various government and law enforcement agencies in the US and Canada are taking initiatives to strengthen the security infrastructure and reduce road fatalities. For instance, some of the major US cities are planning to implement “Vision Zero” strategies, with a focus on developing urban mobility systems, wherein any road traffic death is considered unacceptable.

In various developed economies, road safety developments have proceeded with the open-data movement. “Smart city” development and the open-data movement endeavor to make data accessible to commercial vendors whenever possible and have resulted in an open-modernization platform on which new road safety services can be implemented and commercialized. Public agencies gather traffic data from various infrastructural sources, such as telematics and GPS, and sell, lease, or release them freely into the public domain for private vendors to create road safety service applications. There are 2 important benefits of using open data, namely, the ability to utilize road safety services using Open Application Programming Interfaces (Open API) and improved level of interconnectivity within different road safety solutions.

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