Depending upon the different solutions for road safety available, the global market can be classified into automatic license plate recognition, red light enforcement, incident detection system, speed enforcement, and bus lane compliance, among others.
Albany, NY -- (SBWIRE) -- 04/24/2017 -- Global Road Safety Market: Snapshot
The constant need for road safety and public security are prompting governments to impose stringent regulations. These regulations are, in turn, encouraging the growth of the global road safety market. The increasing number of passengers, congestion, and traffic on the road, particularly on bridges and highway, is promoting the deployment of road safety systems and solutions. Moreover, the flourishing growth of the transportation sector is positively impacting the growth of the market.
The rapid urbanization, especially in emerging countries, is paving way for new infrastructural development and improvement of existing roads, which is also working in favor of the global safety roads market. On the flip side, the insufficient government funding in developing and less developed countries is acting as a major impediment to the growth of the global road safety market. A large portion of the budget is allocated to road maintenance, which creates budget insufficiencies for the implementation of advanced road technologies. Furthermore, the lack of awareness regarding such systems is inhibiting their widespread adoption.
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However, upcoming transportation projects around the world along with the development of critical transportation infrastructure facilities are expected to bring tremendous growth opportunities with them. The majority of players in the global road safety market are paying extensive attention to the development of products that are high reliable and maximize safety on roads. In addition, they are adding systems and solutions to their portfolio that are embedded with varied technologies to improve the efficiency and cut down the overall cost. All these strategies followed by players are shaping the future of the global road safety market.
Global Road Safety Market: Overview
Numerous systems, devices, and technologies are leveraged to ensure safety on highways, bridges, tunnels, and urban roads. Together they constitute the global road safety market, which at present is characterized by the presence of many players both from the private and public sectors. As a result, the competitive landscape is fragmented.
Depending upon the different solutions for road safety available, the global market can be classified into automatic license plate recognition, red light enforcement, incident detection system, speed enforcement, and bus lane compliance, among others. Among them, the red light enforcement segment and the automatic license plate segment shows maximum promise.
Based on the type of service, the global road safety market can be segmented again into professional services and management services. Professional services is comprised of training, support, and maintenance, consulting and system integration, and risk assessment and analysis. Of these, the consulting and system integration services is forecasted to gain the most in the near future and also account for maximum market share.
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Global Road Safety Market: Trends and Opportunities
Majorly boosting growth in the global road safety market is the massive spending on roadways, including highways and bridges, tunnels and urban roads across the globe. Another crucial growth driver is the rising prevalence of road accidents on account of more vehicles plying on the roads. Speeding or rash driving with utter disregard for rules mostly result in accidents. Efforts to stem them has led to the swift uptake of road safety devices and systems such as the automatic license plate recognition solution. Automatic license plate recognition, for example, is easy to install and has functionalities such as video cameras, speed calculation, and alarms to monitor vehicles.
Red light enforcement is anticipated to contribute the most to the global market for road safety. This is because red light enforcement is easy to install and comparatively cheaper. Additionally, with the emergence of smart cities and increased safety measures adopted by governments, the red lights will see further demand.
The smart city initiatives by various governments has dramatically upped the need for advanced infrastructure development and new technologies such as incident response systems, driver assistance systems, vehicle lane enforcement systems, automatic number plate recognition systems.
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Global Road Safety Market: Regional Outlook
Geographically, the key segments of the global market for road safety are Asia Pacific, Europe, North America, and the Rest of the World. North America, among them, holds a leading position due to the early adoption of the latest cutting-edge technologies and the presence of a host of solution providers in the region. In the years ahead, however, Asia Pacific is slated overtake all other regions in terms of growth rate on account of the stellar economic growth and various government initiatives to bolster road safety in the region. Countries of Australia, India, China, and Philippines, for instance, have undertaken major initiatives to better strategic planning, agency capability, and evaluation of road safety projects. Alongside Asia Pacific, the Middle East and Africa is forecasted to offer good growth opportunities for players too in the near future.
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