SAN FRANCISCO, Jan. 29, 2020 /PRNewswire/ -- 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.
Key suggestions from the report:
- 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.
Read 100 page research report with ToC on "Road Safety Market Size, Share & Trends Analysis Report By Solution (Red Light & Speed Enforcement, ANPR/ALPR), By Service (Professional, Managed), By Region, And Segment Forecasts, 2019 - 2025' at: https://www.grandviewresearch.com/industry-analysis/road-safety-market
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.
Grand View Research has segmented the global road safety market based on solution, service, and region:
- Road Safety Solution Type Outlook (Revenue, USD Million, 2015 - 2025)
- Red Light & Speed Enforcement
- Incident Detection & Response
- ANPR/ALPR
- Others
- Road Safety Service Outlook (Revenue, USD Million, 2015 - 2025)
- Professional Services
- Managed Services
- Road Safety Regional Outlook (Revenue, USD Million, 2015 - 2025)
- North America
- U.S.
- Canada
- Europe
- France
- Germany
- U.K.
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Mexico
- Middle East and Africa
Find more research reports on Automotive & Transportation Industry, by Grand View Research:
- Advanced Driver Assistance Systems Market - The global Advanced Driver Assistance Systems (ADAS) market size was estimated at USD 14.15 billion in 2016.
- Road Marking Machine Market - The global Road Marking Machine market size was valued at USD 6.05 billion in 2018 and is estimated to register a CAGR of 9.3% by 2025.
- Heavy Duty Road Filtration Aftermarket Industry - The global heavy duty road filtration aftermarket size was estimated at USD 2.19 billion in 2015 and is expected to grow at a CAGR of 6.8 % from 2016 to 2024.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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