Road Safety Market Size - By Component (Solutions [Enforcement, Automatic License Plate Recognition (ALPR/ANPR), Incident Detection, Backoffice, Intelligent Transport System, Traffic Management System], Services), Application & Global Forecast, 2023 - 203

Road Safety Market Size - By Component (Solutions [Enforcement, Automatic License Plate Recognition (ALPR/ANPR), Incident Detection, Backoffice, Intelligent Transport System, Traffic Management System], Services), Application & Global Forecast, 2023 - 2032

The global road safety market is expected to witness a transformative surge at over 7% though 2032, fuelled by an urgent need for advanced solutions to mitigate accidents and enhance transportation safety.

According to the WHO report in 2023, statistics reveal that approximately 1.19 million lives are lost annually due to road traffic crashes. Adding to this alarming trend, road traffic injuries stand as the foremost cause of mortality among children and youth.

The integration of Artificial Intelligence (AI), Internet of Things (IoT), and advanced sensors in vehicles and road infrastructure contributes significantly to accident prevention and driver assistance. Moreover, the rise of connected and autonomous vehicles, coupled with the development of smart cities, underscores a paradigm shift towards proactive safety measures, shaping the industry dynamics.

The overall road safety market is classified based on component, application, and region.

The incident detection segment is poised to witness substantial gains during 2023-2032, owing to focus on prompt reporting and efficient response. Real-time incident detection systems equipped with AI and machine learning algorithms enable prompt identification of accidents, hazards, and traffic anomalies. These systems, often integrated with surveillance cameras and traffic management centres, empower authorities to respond swiftly, reducing emergency response times and averting potential crises.

The highway segment is poised to expand substantially through 2032 as highways become vital arteries of transportation, implementing cutting-edge safety measures is paramount. Advanced driver assistance systems, smart signage, and predictive analytics help in creating safer highway environments. The focus on high-speed roadways addresses the unique challenges posed by rapid traffic flow and diverse driving conditions.

Asia Pacific road safety market is poised to witness substantial gains by 2032 driven by the swift urbanization and infrastructure development. Governments and industry stakeholders in countries like China, India, and Japan are investing significantly in modernizing transportation infrastructure and implementing intelligent safety solutions. The rising road crash mortality rate, along with the emphasis on adopting innovations that redefine road safety standards will stimulate the regional industry outlook.