Northrook, IL -- (SBWire) -- 04/08/2020 --According to a research report "Road Safety Market by Solution (Red Light, Speed, Bus Lane, Section Enforecement, ALPR/ANPR, & Incident Detection & Response), Service (Consulting & Training, System Integration & Deployment, Support & Maintenance), Region - Global Forecast to 2024", published by MarketsandMarkets, the road safety market size is expected to grow from USD 3.0 billion in 2019 to USD 4.7 billion by 2024, at a CAGR of 9.3% during the forecast period.
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 major drivers of this market.
Browse 51 market data Tables and 42 Figures spread through 147 Pages and in-depth TOC on "Road Safety Market - Global Forecast to 2024"
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By component, the solution segment is expected to lead the road safety market during the forecast period.
The road safety solutions include enforcement solution; incident detection and response; ALPR/ANPR, and others (railroad crossing safety, school bus stop-arm enforcement, and back-office systems). The enforcement solution segment has been further divided into red light enforcement, speed enforcement, bus lane enforcement, and section enforcement. These solutions enable government agencies to protect pedestrians and vehicle drivers from all types of road accidents. With the rapid increase in the number of vehicles on the road, these solutions are gaining traction across the globe.
By enforcement solution, the speed enforcement segment is expected to grow at the highest rate during the forecast period.
Speed enforcement system plays a significant role in checking whether road vehicles comply with the recommended speed limit on roads and highways. Speed enforcement includes the use of cameras, parabolic radars using radio waves, and other technologies, including LiDAR, and number plate recognition. LiDAR-based systems are more suitable for detecting speed violations in congested traffic conditions. This is because, the speed enforcement solution helps acquire a specific target (in this case, a vehicle) when attempting to determine the speed of that vehicle in a congested and crowded roadway. Hence, LiDAR is a widely used tool in speed enforcement solutions.
North America is expected to lead the road safety market during the forecast period.
Based on region, North America is expected to lead the road safety market during the forecast period. It is the most advanced region in terms of technological adoption and infrastructure development. The US residents own on an average of 800 cars per 1,000 residents, whereas Canada has around 650 cars per 1,000 residents. To manage and monitor heavy road traffic, the US has deployed some of the most advanced technologies. Various government and law enforcement agencies in the US and Canada are taking initiatives to strengthen the security infrastructure and reduce road fatalities. For instance, some of the major US cities are planning to implement "Vision Zero" strategies, with a focus on developing urban mobility systems, wherein any road traffic death is considered unacceptable.
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Major vendors covered in the road safety market include Jenoptik (Germany), Kapsch TrafficCom (Austria), Sensys Gatso Group (Sweden), Redflex Holdings (Australia), Verra Mobility (US), IDEMIA (France), FLIR Systems, (US), Motorola Solutions (US), SWARCO (Austria), Information Engineering Group (Canada), Cubic Corporation (US), Siemens (Germany), Conduent (US), VITRONIC (Germany), Kria (Italy), Laser Technology (US), Optotraffic, (US), Syntell (South Africa), Traffic Management Technologies (South Africa), AABMATICA (India), Clearview Intelligence (UK), Dahua Technology (China), Truvelo (UK), and Trifoil (Sultanate of Oman).
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Road Safety Market Projected to Grow $4.7 Billion by 2024
To determine and forecast the global road safety market by component (solutions and services). and region from 2019 to 2024, and analyze the various macroeconomic and microeconomic factors that affect market growth.