Road Safety Market Share, Size, Trends, Industry Analysis Report, By Solution (Enforcement Solution, Automatic License Plate Recognition/Automatic Number Plate Recognition, Incident Detection and Response, Others); By Services; By Region; Segment Forecast, 2022 - 2030
- Published Date:Jun-2022
- Pages: 101
- Format: PDF
- Report ID: PM2426
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Summary
The global road safety market was valued at USD 3.67 billion in 2021 and is expected to grow at a CAGR of 9.9% during the forecast period. The road safety market growth is primarily driven by the substantial increase in the number of accidents and fatalities across the globe. For instance, according to the study published in June 2021 by World Health Organization (WHO), around 1.3 million people die annually from traffic accidents, and these crashes contribute about 3% of their gross domestic product (GDP).
Know more about this report: Request for sample pages
Road security has become essential for passengers, vehicles, drivers, and pedestrians to stay safe while driving. This involves products and services to prevent as well as reduce the risk of accidents, control & curb wayward vehicle movement, maintain traffic discipline, and ensure the safe travel of commuters.
Moreover, the COVID-19 pandemic has impacted mobility patterns and the number of fatalities. The pandemic has generally reduced the absolute number of traffic collisions (RTCs). This is due to decreased mobility with empty lines and reduced crowding. In most countries, the traffic volumes had been lower due to lockdowns and curfews; however, a considerable increase in excessive speeding on quiet roads is observed.
Furthermore, the pandemic has disrupted the industrial supply chain and the supply of security equipment, hampering business continuity. On the other hand, Nexar, the Israeli AI-road security startup, raised USD 52 million in a Series C funding. Such developments are expected to boost the growth of the global road safety market in the post-pandemic.
Industry Dynamics
Growth Drivers
The need to ensure the security of vehicle operators, pedestrians, and passengers has led to the increased deployment of safety solutions. In the past few years, there has been significant growth in the number of accidents and fatalities, creating a market demand for security. In addition, the efforts by governments to strengthen security boost the growth of the global road safety market.
Moreover, the national and international government agencies are introducing new security initiatives, further boosting the growth of the global road safety market. For instance, in October 2021, the United Nations (UN) launched an initiative to advocate artificial intelligence (AI) to improve safety. On the other hand, innovative safety solutions are expected to create lucrative growth opportunities for the global market. For instance, in March 2022, the Victorian Department of Transport and Kapsch TrafficCom launched the ‘Intelligent Corridor’ at Nicholson Street, Carlton. This leading traffic management system reduces traffic jams and improves safety.
Know more about this report: Request for sample pages
Report Segmentation
The global road safety market is primarily segmented on the basis of solution, services, and region.
|
By Solution |
By Services |
By Region |
|
|
|
Know more about this report: Request for sample pages
Insight by Solutions
The enforcement solution segment is dominated the global market. The enforcement solutions help implement traffic rules for speed, section control, and bus lane compliance. In addition, ongoing collaborations among the key market players to meet the rising market demand for enforcement solutions in road safety boosts the growth of the global market. For instance, in July 2020, Siemens Mobility announced a partnership with the WJ Group to install automatic speed cameras to counter speeding vehicles in the UK.
Furthermore, the automatic license plate recognition/automatic number plate recognition solution segment is expected to witness a considerable growth rate during the forecast period. Automatic license plate recognition is a computer vision technology that reads license number plates on vehicles automatically and quickly. The need for automated solutions to accurately capture as well as to identify any number plate in the road safety market primarily drives growth in this segment. For instance, Rekor Systems, Inc. offers OpenALPR, a solution suite specialized in the license plate and vehicle recognition solutions.
Insight by Services
The professional services segment is expected to witness the highest CAGR during the forecast period. The professional services include system integration and deployment, consulting, training & support services. The rise in adoption of safety solutions fuels market demands for professional services such as designing the solutions to be deployed, consulting to suggest the right solution/service, and deployment services to upgrade current road/traffic infrastructure. For instance, Road Safety Matters is a professional safety consultancy company operating across the globe to meet safety needs.
Geographic Overview
Geographically, North America is the largest revenue contributor in the global market due to supportive government initiatives along with the large-scale investments in safety. For instance, in January 2022, the U.S. Department of Transportation, one of the executive departments of the U.S. federal government, announced a new comprehensive National Roadway Safety Strategy (NRSS). This is a roadmap to address the need for roadway fatalities.
Moreover, Europe is projected to witness a considerable growth rate during the forecast period. The upsurge in the number of vehicles in this region is projected to boost the market's growth. For instance, according to the EU Pocketbook 2020/2021 edition, new vehicle registration increased to around 15.5 Mn.
Competitive Insights
Some of the major market players operating the road safety market include Clearview Intelligence, Conduent, Connected Wise LLC, Cubic Corp, Dahua Technology, FRED Engineering, IDEMIA, JENOPTIK, Kapsch TrafficCom, Kodiak Robotics, Laser Technology, LiveRoad Analytics, Motorola Solutions, Sensys Gatso Group, Siemens, SWARCO, Traffic Management, Vebit AI, Verra Mobility, and VITRONIC.
Road Safety Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2021 |
USD 3.67 Billion |
|
Revenue forecast in 2030 |
USD 8.14 Billion |
|
CAGR |
9.9% from 2022 - 2030 |
|
Base year |
2021 |
|
Historical data |
2018 - 2020 |
|
Forecast period |
2022 - 2030 |
|
Quantitative units |
Revenue in USD billion and CAGR from 2022 to 2030 |
|
Segments covered |
By Solution, By Service, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
|
Key Companies |
Clearview Intelligence, Conduent, Connected Wise LLC, Cubic Corp, Dahua Technology, FRED Engineering, IDEMIA, JENOPTIK, Kapsch TrafficCom, Kodiak Robotics, Laser Technology, LiveRoad Analytics, Motorola Solutions, Sensys Gatso Group, Siemens, SWARCO, Traffic Management, Vebit AI, Verra Mobility, and VITRONIC. |
License and Pricing
Purchase Report Sections
- Regional analysis
- Segmentation analysis
- Industry outlook
- Competitive landscape
Connect with experts
Suggested Report
- EPDM Market Share, Size, Trends, Industry Analysis Report, 2021 - 2028
- Zeolite Market Share, Size, Trends, Industry Analysis Report, 2020 - 2027
- Field Device Management (FDM) Market Research Report, Size, Share & Forecast by 2019 - 2026
- Picture Archiving and Communication Systems (PACS) Market Research Report
- Satellite Propulsion System Market Research Report, Share and Forecast, 2018 – 2026
© 2022 Polaris Market Research and Consulting. All rights reserved
