Road Safety Market by Solution (Red Light, Speed, Bus Lane, Section Enforcement, and ALPR/ANPR), Service (Consulting and Training, System Integration and Deployment, and Support and Maintenance) and Region - Global Forecast to 2026

Road Safety Market by Solution (Red Light, Speed, Bus Lane, Section Enforcement, and ALPR/ANPR), Service (Consulting and Training, System Integration and Deployment, and Support and Maintenance) and Region - Global Forecast to 2026

MarketsandMarkets forecasts the global Road Safety Market size is expected to grow USD 3.7 billion in 2021 to USD 5.8 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 9.6% during the forecast period. The increasing number of road accidents and fatalities drives the need for the deployment of road safety solutions.

“By Component, the services to record a larger market share during the forecast period”

The road safety market is segmented into solutions and services. Various parameters have been identified that contribute to the overall growth of the road safety market. Road safety solutions and services are being applied in many industry verticals across regions. Apart from the various parameters that contribute to the market growth, the other factors that are expected to drive the market growth include the expanding urbanization, an increasing number of vehicles and mobility, rise in government initiatives, and technological evolution within infrastructures.

“By Region, Asia Pacific to grow at the highest CAGR during the forecast period”

The Asia Pacific is home to many developing economies, and many countries in this region are adopting new technologies to comply with procedures for increasing the efficiency of financial systems. The key countries include Australia, Japan, Singapore, India, China, and New Zealand. The region is expected to witness the fast-paced adoption of road safety software. The Asia Pacific is estimated to be the fastest-growing Road safety market owing to the rise in the adoption of new technologies, high investments for digital transformation, the rapid expansion of domestic enterprises, extensive development of infrastructures, and increasing GDP of various countries. Rapidly growing economies, such as China, Japan, Singapore, and India, are implementing road safety solutions across multiple business processes to provide effective solutions. The breakup of the profiles of the primary participants is given below:
By Company: Tier 1 – 34%, Tier 2 – 43%, and Tier 3 – 23%
By Designation: C-Level Executives – 50%, Directors– 30%, Others*–20%
By Region: North America – 25%, Europe – 30%, APAC – 30%,Middle East and Africa – 10%,Latine America- 5%

This research study outlines the market potential, market dynamics, and major vendors operating in the road safety market. Key and innovative vendors in the road safety market include

JENOPTIK (Germany), Kapsch TrafficCom (Austria), Sensys Gatso Group (Sweden), IDEMIA (France), Teledyne FLIR (US), Motorola Solutions (US), Verra Mobility (US), SWARCO (Austria), Siemens (Germany), Cubic Corporation (US), Conduent (US), VITRONIC (Germany), Dahua Technology (China), Laser Technology (US), Traffic Management Technology (South Africa), Truvelo (UK), Kria (Italy), Syntell (South Africa), Clearview Intelligence (UK), Simicon (Russia), FRED Engineering (Italy), Kodiak Robotics (US), Humanising Autonomy (UK), Vebit AI (US), Connected Wise LLC (US), Saferoad (Germany), LiveRoad Analytics (US).

Research Coverage

Road safety market is segmented on component, and region. A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; services; key strategies; new service and product launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated with the road safety market.

Key benefits of buying the report

The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall road safety market and its segments. This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and to plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.