PUNE, India, June 1, 2018 /PRNewswire/ --
According to a new market research report"Road Safety Market by Solution (Red Light, Speed, Bus Lane & Section Enforcement, ALPR/ANPR, Incident Detection & Response), Service (Consulting & Training, Support & Maintenance, and Managed), and Region - Global Forecast to 2023", published by MarketsandMarkets, the global market size is estimated to be USD 2.76 Billion in 2018 and is expected to reach USD 4.41 Billion by 2023, growing at a Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period.
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Browse 56 market data Tables and 46 Figures spread through 135 Pages and in-depth TOC on "Road Safety Market"
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Major factors driving the Road Safety Market include rapid urbanization, rising number of vehicles and increasing mobility, increase in road accident/fatality rate, and increasing number of initiatives for enhancing road safety.
The enforcement solution is estimated to account for the largest market share in 2018
The enforcement solution segment is estimated to account for the largest market share in 2018. Enforcement solutions include red light enforcement, speed enforcement, bus lane enforcement, and section enforcement. Enforcement solutions, comprising hardware (sensors, camera, displays, and radars) and software, are vital for maintaining and enforcing road safety. Road safety enforcement solutions help governments and regulating authorities enforce traffic law and perform traffic surveillance to improve the road safety and enhance the public safety. Red light enforcement is one of the most important safety control systems in the traffic management. This system is easy and cost-efficient compared to other safety devices. Also, with the advent of smart cities and safety initiatives, governments across the world are installing red light enforcement systems. Hence, this segment is expected to dominate the road safety solutions market.
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Professional services segment is expected to be a larger segment in terms of market size in the road safety services market during the forecast period.
Professional services include planning services, system designing, and deployment, consulting with the enterprise to suggest the right solution/service, and upgrading the enterprises' current infrastructure to become compatible for deploying the latest road safety solutions. Companies that offer professional services consist of consultants, management experts, and dedicated project management teams who specialize in designing and delivering critical decision support software, tools, services, and expertise. Support and maintenance services help organizations in ensuring the completion of day-to-day operations without any interference. The support and maintenance services also maintain the hardware and software of an enterprise to avoid breakdown and minimize losses that result from the growing complexities. All these factors are fueling the adoption of professional services and hence this segment is expected to be the largest one in the Road Safety Market.
North America is expected to hold the largest market size during the forecast period
North America is expected to account for the largest market size during the forecast period. The region is one of the early users of the road safety technology. The technological adoption in this region is high. Moreover, this region comprises a dense startup ecosystem, and all the leading road safety solution providers are from this region. Technologies, such as red-light enforcement, Automatic License Plate Recognition (ALPR)/ Automatic Number Plate Recognition (ANPR), and incident detection and response are in high demand in this region. It creates a favorable environment for the growth of Road Safety Market. The US is expected to be a major contributor to the Road Safety Market in North America. The increasing number of vehicles in the country is causing heavy traffic congestions, resulting in many road traffic rule violations, and a rise in the number of road accidents.
Major vendors covered in the Road Safety Market include Jenoptik (Germany), Kapsch Trafficcom (Austria), Sensys Gatso Group (Sweden), Redflex Holdings (Australia), American Traffic Solutions (US), Idemia (France), Flir Systems (US), Motorola (US), Swarco (Austria), Information Engineers Group (Canada), Cubic Corporation (US), Siemens (Germany), Thales (France), Conduent (US), Vitronic (Germany), Trifoil (Germany), Kria (Italy), Laser Technology (US), Optotraffic (US), Syntell (South Africa), Traffic Management Technologies (South Africa), Aabmatica Technologies (India), Clearview Intelligence (UK), Dahua Technology (China), and Truvelo (UK).
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