Road safety management involves the techniques and precautions taken to prevent the death or serious injury of highway users. Standard road users include motorists, bicyclists, pedestrians, motorists, horseback riders, and motorcyclists of on-road public transportation (mainly trucks and trams).
The market for road safety has profited from the proliferation of autonomous cars, which is one of the key factors driving its expansion. The need for linked automobiles and intelligent transportation systems (ITS) has increased as a result of these autonomous vehicles. Rapid urbanization along with growing urban population, which call for better management of transportation and traffic safety, foster the market expansion. As a result, there is a growing need for road safety due to government initiatives and expenditures to improve road security management. However, the significant danger of cyberattacks and identity theft linked to road safety technology is another factor that is expected to impede the market's growth.
The outbreak of COVID-19 has significantly hampered the growth of the road safety market, owing to lack of skilled workforce availability and delay or cancelation of projects owing to partial or complete lockdown globally. Considering the inputs of various industry experts globally, the third wave of COIVID-19 pandemic is significantly affecting the growth of road safety market across the U.S. and the UK. However, increase in demand for sophisticated solutions globally is expected to driving the growth of the road safety market during the forecast period.
The global road safety market is segmented into offering, type, and region. The market is divided into solutions and services based on the kind of offering. Service is further separated into system integration & deployment, support & maintenance, and consulting & training. The system integration and deployment segment was the highest revenue contributor to the market, with $526.1 million in 2021, and is estimated to reach $1,364.5 million by 2031, with a CAGR of 10.2%.
Region wise, the road safety market trends are analyzed across North America (the U.S. and Canada), Europe (Germany, Italy, France, Spain, UK, Russia, and the rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of the Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America, specifically the U.S., remains a significant participant in the global road safety industry. Major organizations and government institutions in the country are intensely putting resources into the providing sophisticated road safety solutions and services.
TOP IMPACTING FACTORS
The market for road safety is impacted by proliferation of autonomous cars, the need for linked automobiles & intelligent transportation systems, and rapid urbanization along with growing urban population. Furthermore, the significant danger of cyberattacks and identity theft linked to road safety technology affect the market's growth. The need for road safety is expanding as a result of increased government initiatives and investments to improve road security measures influence the market growth. However, each of these factors is anticipated to have a definite impact on the growth of the global road safety market during the forecast period.
The overall road safety market analysis is determined to understand the profitable trends to gain a stronger foothold.
The report presents information related to key drivers, restraints, and opportunity
The current road safety market forecast is quantitatively analyzed from 2021 to 2031 to benchmark the financial competency.
The Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the smart display.
The report includes the market share of key vendors and road safety market trends.
The market for road safety has profited from the proliferation of autonomous cars, which is one of the key factors driving its expansion. The need for linked automobiles and intelligent transportation systems (ITS) has increased as a result of these autonomous vehicles. Rapid urbanization along with growing urban population, which call for better management of transportation and traffic safety, foster the market expansion. As a result, there is a growing need for road safety due to government initiatives and expenditures to improve road security management. However, the significant danger of cyberattacks and identity theft linked to road safety technology is another factor that is expected to impede the market's growth.
The outbreak of COVID-19 has significantly hampered the growth of the road safety market, owing to lack of skilled workforce availability and delay or cancelation of projects owing to partial or complete lockdown globally. Considering the inputs of various industry experts globally, the third wave of COIVID-19 pandemic is significantly affecting the growth of road safety market across the U.S. and the UK. However, increase in demand for sophisticated solutions globally is expected to driving the growth of the road safety market during the forecast period.
The global road safety market is segmented into offering, type, and region. The market is divided into solutions and services based on the kind of offering. Service is further separated into system integration & deployment, support & maintenance, and consulting & training. The system integration and deployment segment was the highest revenue contributor to the market, with $526.1 million in 2021, and is estimated to reach $1,364.5 million by 2031, with a CAGR of 10.2%.
Region wise, the road safety market trends are analyzed across North America (the U.S. and Canada), Europe (Germany, Italy, France, Spain, UK, Russia, and the rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of the Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America, specifically the U.S., remains a significant participant in the global road safety industry. Major organizations and government institutions in the country are intensely putting resources into the providing sophisticated road safety solutions and services.
TOP IMPACTING FACTORS
The market for road safety is impacted by proliferation of autonomous cars, the need for linked automobiles & intelligent transportation systems, and rapid urbanization along with growing urban population. Furthermore, the significant danger of cyberattacks and identity theft linked to road safety technology affect the market's growth. The need for road safety is expanding as a result of increased government initiatives and investments to improve road security measures influence the market growth. However, each of these factors is anticipated to have a definite impact on the growth of the global road safety market during the forecast period.
COMPETITION ANALYSIS
Competitive analysis and profiles of the major Road Safety market players, such as Cubic Corporation, Dahua Technology, Flir Systems, Inc., IDEMIA, Jenoptik, Kapsch TraficCom, Redflex Holdings, Sensys Gatso Group AB, Siemens AG, and VITRONIC are provided in this report.KEY BENEFITS FOR STAKEHOLDERS
This study comprises analytical depiction of the road safety market size along with the current trends and future estimations to depict the imminent investment pockets.The overall road safety market analysis is determined to understand the profitable trends to gain a stronger foothold.
The report presents information related to key drivers, restraints, and opportunity
The current road safety market forecast is quantitatively analyzed from 2021 to 2031 to benchmark the financial competency.
The Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the smart display.
The report includes the market share of key vendors and road safety market trends.
Key Market Segments
By Offering
- Solution
- Services
- Services Type
- System Integration and Deployment
- Support and Maintenance
- Consulting and Training
By Type
- ENFORCEMENT SOLUTION
- ENFORCEMENT SOLUTION TYPE
- Red Light Enforcement
- Speed Enforcement
- Section Enforcement
- Bus Lane Enforcement
- ALPR or ANPR
- INCIDENT DETECTION AND RESPONSE
- RAILROAD CROSSING SAFETY
- SCHOOL BUS STOP -ARM ENFORCEMENT
- BACK OFFICE SYSTEMS
By Region
- North America
- U.S.
- Canada
- Europe
- Spain
- Germany
- Italy
- France
- UK
- Russia
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Verra Mobility
- Kapsch TraficCom
- Jenoptik
- Sensys Gatso Group AB
- Redflex Holdings
- Saferoad Group
- Dahua Technology
- Conduent
- Silicon Labs
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: ROAD SAFETY MARKET, BY OFFERING
CHAPTER 5: ROAD SAFETY MARKET, BY TYPE
CHAPTER 6: ROAD SAFETY MARKET, BY REGION
CHAPTER 7: COMPANY LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Road Safety Market by Offerings (Solutions and Services), Type (Enforcement Solution, ALPR/ANPR, Incident Detection And Response, Railroad Crossing Safety, School Bus Stop -Arm Enforcement and Back Office System): Global Opportunity Analysis and Industry Forecast, 2021-2031,” the global road safety market size was $4,658.4 million in 2021, and is projected to reach $14,787.7 million by 2031, registering a CAGR of 12.5% from 2022 to 2031.Road safety industry is the result of deliberate and methodical efforts on the part of many sectors of society, including both government and non-government organisations, after these sectors have acknowledged it as a significant and valuable public good and have developed policies and programmes to support and maintain it. Everybody should be extremely concerned about the alarmingly high and constant number of traffic fatalities. The number of accidents is rising in tandem with the sharp growth in the number of vehicles, particularly the recent influx of mini buses, sharing autos, omni buses, and minidors.
The rising death toll on roads in low- and middle-income nations, particularly in emerging economies, has played a significant role in the increase in traffic fatalities worldwide. The probability of experiencing a road traffic injury is influenced by a number of societal factors in many middle-income nations, including drinking and driving, excessive speed, traffic flow, and urban and infrastructure development. The rate of progress has been gradual even though the nations of the Region have been adopting and putting into practice several initiatives to lower traffic injuries. Therefore, these several factors have led to growing road safety industry.
According to road safety market analysis, the speed enforcement segment was the highest revenue contributor to the market, with $401.2 million in 2021, and is estimated to reach $1,232.9 million by 2031, with a CAGR of 12.1%. The section enforcement segment is estimated to reach $1,151.8 million by 2031, at a significant CAGR of 13.3% during the forecast period.
The outbreak of the COVID-19 has significantly impacted the growth of the road safety market. Rise in demand for enforcement solution across various sectors has significantly propelled the demand for road safety market during the pandemic. However, the emergence of third wave of COVID-19 across U.S. and UK is anticipated to affect the growth of road safety market in 2022. Moreover, the incident detection and response globally started to deploy road safety solution, and thus is expected to drive the growth of the road safety market analysis post pandemic.
Key Findings of the Study
- The solution segment was the highest revenue contributor to the road safety market share, with $3,461.7 million in 2021, and is estimated to reach $11,815.0 million by 2031, with a CAGR of 13.3%.
- The services segment of road safety market forecast is estimated to reach $2,972.7 million by 2031, at a significant CAGR of 9.8% during the forecast period.
- The system integration and deployment segment was the highest revenue contributor to the market, with $526.1 million in 2021, and is estimated to reach $1,364.5 million by 2031, with a CAGR of 10.2%.
- The ALPR/ANPR segment is estimated to reach $3,804.8 million by 2031, at a significant CAGR of 13.2% during the forecast period.
- The speed enforcement segment was the highest revenue contributor to the market, with $401.2 million in 2021, and is estimated to reach $1,232.9 million by 2031, with a CAGR of 12.1%.
- North America was the highest revenue contributor, accounting for $1,649.1 million in 2021, and is estimated to reach $5,560.2 million by 2031, with a CAGR of 13.2%.
- The key players profiled in the report include Cubic Corporation, Dahua Technology, Flir Systems, Inc., IDEMIA, Jenoptik, Kapsch TraficCom, Redflex Holdings, Sensys Gatso Group AB, Siemens AG and VITRONIC. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the road safety market.
Companies Mentioned
- Verra Mobility
- Kapsch Traficcom
- Jenoptik
- Sensys Gatso Group Ab
- Redflex Holdings
- Saferoad Group
- Dahua Technology
- Conduent
- Silicon Labs
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 223 |
| Published | August 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 516.6 million |
| Forecasted Market Value ( USD | $ 1364.5 million |
| Regions Covered | Global |
| No. of Companies Mentioned | 9 |
