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Road Safety Market Size, Trends & Analysis - Forecasts to 2026 By Type of Component (Solutions [Incident Detection & Response, Automatic License Plate Recognition, Enforcement Solution, and Other Solutions] And Services [Consulting & Training, System Integration & Deployment, and Support & Maintenance]), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America), End-User Landscape, Vendor Landscape, Company Market Share Analysis, and Competitor Analysis
Road Safety Market Insights
The road safety market will grow at a CAGR of 10.3% from 2020 to 2026. Road safety commodities are categorized into solutions and services. Some of the examples are traffic enforcing cameras and event response and exposure systems. Services like installation, sustenance, and restoration of the systems are offered to the end-user for better surveillance. Maintaining the safety of the strollers and commuters, as well as traffic discipline, come under the solutions segment. Rising urbanization, industrialization, progressing demand for vehicles over developing nations (usually in tier 2 & 3 cities), presence of government administrative measures for road safety concerns in regions like North America, Europe, and others, an increase in urban population, and growing transport commutation of people for the day to day activities act as factors propelling the road safety market.
Road Safety Market: By Type of Component
Based on the type of component, the market is bifurcated into solutions and services, wherein, the solutions sector is analyzed to grow the highest in terms of CAGR in the period. A few of the factors which help in boosting revenue in the solutions sector is growth in mobility and progress of motorization in various countries.
Based on the type of services, market segmentation can be done by system integration & deployment, consulting & training, and support & maintenance. The sector which is predicted to see a tremendous increase in CAGR is system integration & deployment. The growth of the segment can be associated with the increase in the popularity of outsourcing services to solution providers as well as convenience and easy operation.
Based on the type of solutions, the market can be classified as an enforcement solution, incident detection & response, automatic license plate recognition, and other solutions. Amongst the following subcategories, enforcement solutions are predicted to thrive and generate the largest percentage of CAGR in the forecast for the term 2020-2026. The increase of this segmentation of the market can be correlated with an increase in road accidents, oversight of the suburbanites as well as strollers regarding road safety, and traffic violations amongst the continents like APAC, North America, and Central & South America. Hence, the enforcement solution for road safety will ensure that the police and traffic-related authorities implement laws and improve traffic inspection to reduce road accidents and strengthen the safety of the public speedily and efficiently.
Road Safety Market: By Region
North America, Central & South America (CSA), Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA) are the segmentation based on the road safety market via the region. The highest growth in CAGR is observed to be in the region of APAC as it constitutes economically developing countries, such as China, India, Singapore, Russia, Japan, and many more. These countries are granting contracting resolves for data analytics towards the glitches in the market. The steady rise in the adaption of technologies like IoT has helped in the attributing of investments in the region for its growth in the market.
Road Safety Market Share and Competitor Analysis
Major players in this market are AABMATICA Technologies Pvt. Ltd., Jenoptik, Redflex Holdings Ltd., Kapsch TrafficCom, Sensys Gatso Group AB, Verra Mobility Corporation, IDEMIA, SWARCO, Information Engineering Group Inc., Cubic Corporation, FLIR Systems Inc., Motorola Solutions Inc., Siemens Limited, Conduent Inc., Laser Technology Inc., Optotraffic LLC, VITRONIC, Kria, Syntell (Pty) Ltd., and Traffic Management Technologies Services and Solutions (Pty) Ltd., and among others companies.
Please note: This is not an exhaustive list of companies profiled in the report.
In April 2019, Redflex Holdings Ltd. partnered with the Halo platform for the launch of Halo Edge, a smart solution for vehicle apprehension, acquisition, and monitoring acquiescence for performing clean air / low emissions zone's coverage by processing data and information from halo edge products.
In April 2019, Sensys Gatso USA, a subsidiary company of Sensys Gatso entered into a five-year partnership with the city of Albany for the managed services. Sensys has also collaborated with Albany in 2015 for an automated red-light camera enforcement program.
Check the Press Release on Road Safety Market Report
Road Safety Market: By Type of Component
Road Safety Market: By Region
The global Road Safety Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Road Safety Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
![Road Safety Market Size, Trends & Analysis - Forecasts to 2026 By Type of Component (Solutions [Incident Detection & Response, Automatic License Plate Recognition, Enforcement Solution, and Other Solutions] And Services [Consulting & Training, System Integration & Deployment, and Support & Maintenance]), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America), End-User Landscape, Vendor Landscape, Company Market Share Analysis, and Competitor Analysis](https://www.globalmarketestimates.com/images/cat/Electronics, Semiconductors and Information & Communication Technology.png)
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