Road Safety Market Size, Share & Trends Analysis Report By Solution (Red Light & Speed Enforcement, Incident Detection & Response, ALPR/ANPR, Others), By Service, By Region, And Segment Forecasts, 2023 - 2030

Road Safety Market Size, Share & Trends Analysis Report By Solution (Red Light & Speed Enforcement, Incident Detection & Response, ALPR/ANPR, Others), By Service, By Region, And Segment Forecasts, 2023 - 2030

Road Safety Market Growth & Trends

The global road safety market size is expected to reach USD 10.13 billion by 2030 and grow at a CAGR of 17.5% from 2023 to 2030, according to a recent report of Grand View Research, Inc.World health organization estimates say that over 1.3 million people die of road accidents every year. This statistic is enough to suggest that road safety is crucial for all. With countries focusing on lowering accidents, the deployment of road safety solutions, including surveillance or continuous vehicle monitoring systems, has gained prominence.

Over the years, alcohol and speeding have been the leading causes of fatalities related to road accidents, making road safety systems a mandate across most countries. Providing a safer environment for pedestrians and cyclists will also create a safe road environment for the population, creating avenues for future growth. To keep pace with market demand, vendors aim to develop technologically advanced products, have an extended life, and are less prone to vandalism. Intelligent displays, high-resolution cameras, and systems that can monitor in terrible weather conditions or low light are gaining traction favoring the demand for road safety products over the next few years. Several countries are engaged in conducting formal road safety assessments every year while developing strategies to achieve road safety. Such initiatives will play a vital role in creating demand for road safety solutions over the forecast period.

Companies are also investing heavily in developing advanced technologies that combine the use of artificial intelligence, cameras, and sensors to identify traffic issues. For instance, Transoft Solutions (ITS) Inc. provides solutions that help urban planners collect, monitor, and analyze traffic data. An in-depth analysis of the collected data is useful in understanding road user behavior and traffic flow. This data helps city planners make informed and better decisions about traffic infrastructure. The company’s BriskLUMINA solution is capable of leveraging the existing road camera infrastructure to conduct video analysis. This data is used to track near-misses and other instances that can result in a potential crash. Such technologically advanced solutions help in law enforcement and infrastructure planning that can completely lower the risk of road accidents.

Road Safety Market Report Highlights

• The red light & speed enforcement segment is anticipated to observe a CAGR of 18.5% during the forecast period. The market for this category is anticipated to develop because of the growing need for the preventability of road fatalities with a practical system approach and the installation of road safety equipment to manage traffic concerns and injuries
• The professional service segment is anticipated to observe a CAGR of 17.9% during the forecast period. Professional services emerged as a preferred choice among policymakers. The ability to offer end-to-end monitoring and maintenance services will help upkeep segment growth
• Asia Pacific region is expected to grow with the fastest CAGR of 19.6% from 2023 to 2030. Asia Pacific will witness a rapid uptake in the forthcoming years. Rapid urbanization has brought the region at risk of increased fatalities, positively impacting the demand for traffic management systems. However, a lack of clear guidelines and policies to control road fatalities could pose a challenge to the growth
• Key market players in the market have an extended operating history, a large customer base, and significant competitive strengths. In addition to the inorganic growth strategies, vendors emphasize improving after-sale service offerings to ensure periodic maintenance of installed products

Please note The report will be delivered in 3-8 business days upon order notification.