Road Safety Market Predicted to Grow $5.8 Billion by 2026

This research report categorizes the Road Safety Market to forecast revenues and analyze trends by Component, And By Region.

Northbrook, IL 60062 — (SBWIRE) — 03/18/2022 — 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″ published by MarketsandMarkets™, the global Road Safety market size 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. The increasing number of road accidents and fatalities drives the need for the deployment of road safety solutions.

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Enforcement solution to grow at the highest CAGR during the forecast period

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. 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.

Professional services segment is expected to grow at a higher CAGR during the forecast period

The professional services segment has been segmented into three categories: consulting and training, support and maintenance, and system integration and deployment. Professional services include planning the services, designing the solutions to be deployed, consulting with the enterprise to suggest the right solution/service, and upgrading the enterprises’ current infrastructure to become compatible with deploying the latest road safety services. Companies offering 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.

Asia Pacific (APAC) region to record the highest growing region in the Road Safety market

Asia Pacific is rapidly establishing itself as the world’s most powerful area, home to a number of smart cities. Increased security spending to keep up with the ever-changing threat landscape is causing great concern among governments in this region. Asia Pacific comprises China, India, Australia, Hong Kong, and Japan, which are examples of developing economies in the region. The number of smart city projects is increasing, which drives the demand for public and road safety security technologies such as surveillance, speed enforcement, red light enforcement, and incident detection systems. The number of megacities is expanding, as per the population. The necessity for road safety has increased in established and emerging Asia Pacific countries. The demand for road safety solutions and services in countries such as China, Japan, Australia, and the rest of Asia Pacific is predicted to grow rapidly. Various Asia Pacific countries have begun to recognize that road safety measures can help reduce issues such as traffic congestion and road accidents. The road safety market in Asia Pacific has high growth potential. The demand for road safety solutions and services in Asia Pacific is expected to be driven by the region’s strong economic growth, the rise in population, and rapid urbanization.

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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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