Chicago, July 01, 2022 (GLOBE NEWSWIRE) -- According to a new market research report “Road Safety Market by Solution (Red Light, Speed, Bus Lane, Section Enforcement, and ALPR/ANPR), Service (Consulting and Training, System Integration and Deployment, and Support and Maintenance) and Region - Global Forecast to 2026" the global Road Safety Market size is expected to grow USD 3.7 billion in 2021 to USD 5.8 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 9.6% during the forecast period. Rapid urbanization and increasing number of vehicles, road facilities and government initiatives to prevent road accidents
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Road safety refers to the measures that can be taken to reduce the risk of accidents and fatalities for road users (cyclists, motorists, pedestrians, vehicle passengers, and public transport passengers) in the network of built-up urban streets, non-built-up rural roads, and major highways. Traditionally, road safety enforcement is police and government authorities’ responsibility. However, the rising urban population, high demographic rates, rapid motorization, increasing number of road fatalities/accidents, and government initiatives for enhancing road safety have driven the demand for technology-driven, automated, and highly secured road infrastructure. Increased accidents, fatalities, and anti-social behavior compel the government to spend on road safety solutions, which come with high-tech integrated systems and associated services.
Scope of the Road Safety Market Report:
Market size available for years
Base year considered
Forecast Period 2021-2026 CAGR
Market Value in 2021
USD 3.7 billion
Forecast Value in 2026
USD 5.8 billion
By Component, And By Region
North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
JENOPTIK (Germany), Kapsch TrafficCom (Austria), Sensys Gatso Group (Sweden), IDEMIA (France), Teledyne FLIR (US), Motorola Solutions (US), Verra Mobility (US), SWARCO (Austria), Siemens (Germany), Cubic Corporation (US), Conduent (US), VITRONIC (Germany), Dahua Technology (China), Laser Technology (US), Traffic Management Technology (South Africa), Truvelo (UK), Kria (Italy), Syntell (South Africa), Clearview Intelligence (UK), Simicon (Russia), FRED Engineering (Italy), Kodiak Robotics (US), Humanising Autonomy (UK), Vebit AI (US), Connected Wise LLC (US), Saferoad (Germany), LiveRoad Analytics (US).
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The scope of this report covers the study which provides an analysis of the global Road Safety Market based on contemporary market trends and developments and its potential growth from 2016 to 2026. The global Road Safety Market is categorized based on component and region. The market size is estimated based on the approximation of the market shares of major vendors in the Road Safety Market. The market size is constructed from 2021 to 2026, considering 2020 as the base year.By region, Asia Pacific to grow at the highest CAGR during the forecast period
APAC is expected to grow at the highest CAGR during the forecast period. The APAC region is expected to have the fastest growth rate in the Road Safety Market during the forecast period due to its growing adoption of technologies. The Asia Pacific is home to many developing economies, and many countries in this region are adopting new technologies to comply with procedures for increasing the efficiency of financial systems. The key countries include Australia, Japan, Singapore, India, China, and New Zealand. The region is expected to witness the fast-paced adoption of road safety software. The Asia Pacific is estimated to be the fastest-growing Road Safety Market owing to the rise in the adoption of new technologies, high investments for digital transformation, the rapid expansion of domestic enterprises, extensive development of infrastructures, and increasing GDP of various countries. Rapidly growing economies, such as China, Japan, Singapore, and India, are implementing road safety solutions across multiple business processes to provide effective solutions.
Key and innovative vendors in the Road Safety Market are JENOPTIK (Germany), Kapsch TrafficCom (Austria), Sensys Gatso Group (Sweden), IDEMIA (France), Teledyne FLIR (US), Motorola Solutions (US), Verra Mobility (US), SWARCO (Austria), Siemens (Germany), Cubic Corporation (US), Conduent (US), VITRONIC (Germany), Dahua Technology (China), Laser Technology (US), Traffic Management Technology (South Africa), Truvelo (UK), Kria (Italy), Syntell (South Africa), Clearview Intelligence (UK), Simicon (Russia), FRED Engineering (Italy), Kodiak Robotics (US), Humanising Autonomy (UK), Vebit AI (US), Connected Wise LLC (US), Saferoad (Germany), LiveRoad Analytics (US).
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