DUBLIN--(BUSINESS WIRE)--The "Road Safety Market by Solution (Red Light, Speed, Bus Lane, Section Enforcement, ALPR/ANPR, & Incident Detection & Response), Service, Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The road safety market is projected to grow from USD 3.0 billion in 2019 to USD 4.7 billion by 2024, at a CAGR of 9.3% from 2019 to 2024.
Rising urban population and high demographic rates, rapid motorization, increasing number of road fatalities/accidents, and government initiatives for enhancing road safety. are some of the factors driving the road safety market
Rising urban population and high demographic rates, rapid motorization, increasing number of road fatalities/accidents, and government initiatives for enhancing road safety are projected to drive the growth of the market across the globe. However, lack of standardization and uniformity in road safety solutions is expected to restrict the growth of the market across the globe.
Based on the component, the services segment is expected to grow with the highest CAGR during the forecast period
The services segment is expected to grow with the highest CAGR during the forecast period. As there is an increase in the adoption of road safety solutions, the associated services are also expected to be adopted rapidly. Road safety services are majorly deployed to enhance the existing infrastructure and also integrate the latest road safety solutions with the existing one.
The road safety services that have been taken into consideration for the report include professional services and managed services. The professional services segment has been further divided into consulting and training, support and maintenance, and system integration and deployment. Due to the complexities in the existing infrastructures, the demand for consulting services is expected to increase, which, in turn, is likely to boost the overall growth of the road safety services segment.
Based on solutions sub-segment, the enforcement solution segment is expected to lead the road safety market in 2019
Compliance through enforcement has conventionally been the responsibility of the local police; however, the sheer scale of road usage increases the need to detect the vast majority of offenses using modern electronic technologies that are more efficient than the previous methods of road traffic enforcement. Enforcement solutions, comprising hardware (sensors, cameras, displays, and radars) and software, are vital for road safety.
Road safety enforcement solutions help the police and related authorities to enforce traffic law and perform traffic surveillance to improve road safety and increase public safety. Deploying enforcement solutions would encourage safer driving habits, thereby reducing the number of fatal accidents/incidents.
The Asia Pacific (APAC) road safety market is projected to grow at the highest CAGR during the forecast period
APAC is emerging as the world's most powerful region, which houses several smart cities. The governments in this region are highly concerned about the increased security spending to keep pace with the evergrowing threat landscape. APAC comprises emerging economies, such as China, India, Australia, Hong Kong, and Japan. It is witnessing a surge in the number of smart-city projects, which in turn, is creating a demand for public and road safety security technologies, such as surveillance technology, speed enforcement, red light enforcement, and incident-detection system.
The increasing number of megacities and the growing population in the developed and developing countries of APAC have increased the need for road safety. The road safety market in APAC has high growth potential. The demand for road safety solutions and services in APAC is expected to be driven by the region's strong economic growth, the rise in population, and rapid urbanization.
- Rising Urban Population and High Demographic Rates
- Rapid Motorization
- Increasing Number of Road Fatalities/Accidents
- Government Initiatives for Enhancing Road Safety
- Lack of Standardized and Uniform Technologies
- Designing and Developing Connected Vehicles Compatible With Its
- Public-Private Partnership Ecosystem
- Open Data Movement
- Growing Concerns About the Protection and Privacy of Personal Information
- National Road Strategies Across Regions
- Case Study 1: Maryland State Highway Administration (Sha) Johnson Matthey Uses Automated Speed Enforcement Using Laser Scanning Detection to Avoid Crashes in Freeway Work Zones
- Case Study 2: Dahua Secures Mongolia City With Intelligent Traffic Solution
- Case Study 3: Jenoptik Lanecheck System Reduces Incidence of Drivers Abusing the Bus Lanes With Automatic Bus Lane Cameras
- Clearview Intelligence
- Cubic Corporation
- Dahua Technology
- FLIR Systems
- Information Engineering Group
- Kapsch Trafficcom
- Laser Technology
- Motorola Solutions
- Redflex Holdings
- Sensys Gatso Group
- Traffic Management Technologies
- Verra Mobility
For more information about this report visit https://www.researchandmarkets.com/r/ovfu76