Global Road Safety Market -By Solutions (Red light enforcement, Speed enforcement, Incident detection & communication system, Bus lane compliance, Automatic license plate recognition, & Others); By Services (Professional services, Managed services); By Technology(Radar & Sensor-based devices, Analytics, and Surveillance); By Regions (Americas, EMEA, and, APAC) Drivers, Opportunities, Restraints, Trends, and Forecast to 2024
Road Safety Market: Global Drivers, Restraints, Opportunities, Trends, and Forecast up t2024
Road safety can be defined as a measure taken tprevent incidents on the road that could elevate the danger for road users as well as critical infrastructure along the way. Thus, technologies that enhance road safety are crucial for government bodies, taking intconsideration the “cost-of-loss” resulting from the loss of life and/or infrastructural damages. Additionally, the time lost ttraffic congestions due tsuch incidents further aggravates the concerns for civil authorities and road users alike.
Strict rules & regulations have been implemented across various cities tensure smooth flow of traffic. Consequently, various technology vendors have been able tleverage their capabilities tenhance road safety by implementing technologies such as real-time traffic monitoring with sensors tdetect speed violations, in-vehicle driver assistance, and incident detection systems in case of emergency/road accidents.
The availability of innovative technologies, including driver assistance, V2V communication, incident detection and response, and automatic number plate recognition systems, has bolstered the overall road safety ingenuities across smart city initiatives shaping up globally; thus, resulting in a huge window of opportunity for the key players in the market.
According tInfoholic Research, the global road safety market revenue is expected treach $7.01 billion by 2024, growing at a CAGR of around 17.16% during the forecast period. The market is experiencing growth due tthe increasing mobility and rise in the number of vehicles on the road. In addition, the construction of safer roads, development of infrastructure for the safety of pedestrians & cyclists, and the adoption of safer riding measures will further reduce injuries and contribute tthe safety among the population.
Market Segmentation Analysis:
The report provides insights about major technology trends, supporting solutions & services, and application areas that govern road safety globally. The evaluation is backed with quantitative and qualitative analysis, historical data, and other supportable projections about the market size. The projections featured in the report have been derived using proven research methodologies and assumptions based on vendor assessments from annual reports, whitepapers, press releases, and investor presentations along with end-user analysis for case studies. Thus, the research report serves every side of the market and is segmented based on regional markets, types, applications, and end-users.
The Americas is expected tdominate the market, with US and Canada being the forefront adopters of technologies with better test facilities and rapid implementations backed with sufficient funding timplement infrastructural projects quickly compared tother regions. The EMEA region is next tthe Americas with the presence of a large number of equipment manufacturers and solution providers.
The countries covered in the report are Canada, Mexico, UK, France, US, Germany, India, China, and Japan. Among these, Japan, US, and China are expected tgrow at a high rate during the forecast period owing tan increase in the penetration rate of connected devices and growing adoption of cloud computing.
The report contains an in-depth analysis of the vendor profiles, which include financial health, business units, key business priorities, SWOT, strategies, and views; and competitive landscape. The key players operating in the road safety market include Motorola Solutions, American Traffic Solutions, Rad Data Communication, Jenoptik, Kapsch AG, SwarcAG, Redflex, Thales, Tyco, Alcatel-Lucent, and Siemens AG. The vendors have been identified based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D.
The report covers and analyzes the global road safety market. Various strategies such as joint ventures, partnerships, collaborations, and contracts have been considered. In addition, partnerships are expected tincrease as customers are in search of better solutions. It is likely that the number of mergers, acquisitions, and strategic partnerships will increase as well during the forecast period.
The report includes complete insights of the industry and aims tprovide an opportunity for the emerging and established players tunderstand the market trends, current scenario, initiatives taken by the government, and the latest technologies related tthe market. In addition, it helps the venture capitalists in understanding the companies better and take informed decisions.
The report provides an in-depth analysis of the global road safety market with an aim treduce time tmarket for products and services, reduce operational cost, improve accuracy, and operational performance. The report covers types, applications, and regions. Further, the report provides details about the major challenges impacting the market growth."
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