Road safety market categories the global market by solution as red light enforcement, speed enforcement, incident detection system, bus lane compliance, and automatic license plate recognition, by service as consulting & system integration and risk assessment & by geography.
Seattle, WA -- (SBWIRE) -- 03/27/2017 -- According to a new market research report "Road Safety Market by Solution (Red Light Enforcement, Speed Enforcement, Incident Detection System, Bus Lane Compliance, and Automatic License Plate Recognition), Service (Consulting & System Integration and Risk Assessment) - Global Forecast to 2021", published by MarketsandMarkets, the road safety market is estimated to grow from USD 2.60 Billion in 2016 to USD 4.06 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 9.3% during the forecast period.
The major forces driving the road safety market include increase in mobility and the associated demands on transportation systems, increase in urbanization, increase in road accidents/fatality rate, and growing government regulations for road safety.
Red light enforcement is expected to be the largest segment terms of market size in the road safety market
Red light enforcement is one of the most important safety control systems in the traffic management. This system is easy and cost-efficient compared to other safety devices. Also, with the advent of smart cities and safety initiatives, governments of different countries are installing red light enforcement systems. Hence, this segment is expected to dominate the road safety solutions market.
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Professional services segment is expected to be the largest segment in terms of market size in the road safety services market during the forecast period
Professional services include consulting and system integration; training, support, and maintenance; and risk assessment and analysis. Professional services are useful for enhancing business productivity, business efficiency, operational improvements, quality of service, and prudent financial management. All these factors are fueling the adoption of professional services and hence this segment is expected to be the largest segment in road safety services market.
North America is expected to be the biggest contributor, followed by Europe, to the road safety market
The North American region is projected to dominate the road safety market during the forecast period. The driving factors for this growth are large scale investments in road safety systems and solutions, government initiatives, and early adoption of technology. Europe is the second highest contributor to the road safety market owing to strict regulations and presence of a large number of original equipment manufacturers and solution providers.
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In addition, the road safety market remains competitive with the presence of a large number of vendors such as Jenoptik AG, Kapsch TrafficCom AG, Sensys Gatso Group AB., Redflex Holdings Limited, 3M, FLIR Systems, Inc., Motorola Solutions, Swarco AG, American Traffic Solutions, and Information Engineering Group, Inc. The report also encompasses different strategies, such as mergers & acquisitions, partnerships & collaborations, and new product developments, adopted by major players to increase their market share.
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