Global 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) By Region and Forecast Till 2027.

Global 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) By Region and Forecast Till 2027.

Global Road Safety Market

The global Road Safety Market size is expected to grow USD 3.7 billion in 2021 to USD 5.8 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 6.61% during the forecast period. The increasing number of road accidents and fatalities drives the need for the deployment of road safety solutions.

Market Drivers

Increasing Number of automobiles, the necessity for the deployment of road safety solutions is fuelled by the rising number of traffic accidents and fatalities because these solutions greatly reduce traffic fatalities. Solutions for enforcement aid in upholding the law on bus lane compliance, section control, and speed and red-light enforcement. The location, timing, cause, and other event-related details of fatalities and accidents could be determined with the aid of incident detection and response systems. It would shorten the amount of time needed for post-crash actions. By providing measures to minimize road fatalities, the overall advantages of road safety solutions and services are anticipated to lower the number of traffic fatalities.

Market Restraints

Lack of uniform and standardized technology For networked road safety systems to be easily implemented, standardization is a significant problem. The connected infrastructure and connected car technologies make up the road safety system. The cost and availability of connectivity are two issues that prevent the widespread use of connected technology in automobiles and road infrastructure.

Impact of COVID-19 on Road Safety Market

During the COVID-19 epidemic, there was a significant decrease in traffic deaths. However, with fewer lockout limitations in place, traffic volume increased in the second quarter of 2020. Road deaths increased during this time period, primarily as a result of drivers acting riskily by exceeding posted speed limits, disobeying seat belt laws, and driving while intoxicated. In order to reduce such occurrences, traffic management and safety authorities around the world started a programme that involved investing in innovative road safety measures. The market was anticipated to regain pre-COVID levels by the end of 2020 and to begin a gradual rebound in 2021, despite the pandemic hindering growth in 2020.

Market Segmentation

The global leather handbags market is segmented into Component Type which is further divided into Services and solutions. Enforcement measures, incident detection and response, ALPR/ANPR, and other measures are among the road safety options (railroad crossing safety, school bus stop-arm enforcement, and back-office systems). Red light enforcement, speed enforcement, bus lane enforcement, and section enforcement make up the remainder of the enforcement solution component. These solutions give governmental organizations the ability to safeguard drivers and pedestrians from all kinds of traffic mishaps. These solutions are gaining popularity all over the world because of the sharp growth in the number of vehicles on the road. Some of the major companies in the market for road safety include Verra Mobility, Kapsch TrafficCom, JENOPTIK, SWARCO, and Sensys Gatso Group. Three categories—consulting and training, support and maintenance, and system integration and deployment—make up the professional services segment. Planning the services, creating the solutions to be deployed, consulting with the company to suggest the best solution/service, and improving the company's current infrastructure to make it compatible with delivering the most recent road safety services are all examples of professional services. Consultants, management specialists, and devoted project management teams work for businesses that provide professional services. They are experts in creating and providing vital decision support tools, software, services, and knowledge.

Regional Analysis

The Asia Pacific region, which is home to several smart cities, is quickly becoming the most powerful region in the world. Governments in this region are very concerned about increased security spending to keep up with the constantly shifting danger scenario. China, India, Australia, Hong Kong, and Japan are just a few of the Asia Pacific region's rising economies. The demand for technologies that support public and transportation security, such as surveillance, speed enforcement, red light enforcement, and incident detection systems, is rising as the number of smart city projects rises. As the population grows, so does the number of megacities. In both developed and developing Asia Pacific nations, the importance of road safety has increased.

Key Players

Various key players are listed in this report such as JENOPTIK (Germany), Kapsch TrafficCom (Austria), Sensys Gatso Group (Sweden), IDEMIA (France), Teledyne FLIR (US), Motorola Solutions (US), Verra Mobility (US), SWARCO (Austria), Siemens (Germany).

Market Taxonomy

By Components

Solutions

Enforcement Solutions

o Redlight Enforcement

o Speed Enforcement

o Bus Lane Enforcement

o Section Enforcement

Automatic License Plate Recognition

Incident Detection and Response

Others

Services

Professional Services

o Consulting Training

o System Integration and Deployment

o Support and Maintenance

Managed Services

Key Question Addressed by the Report

What are the Key Opportunities in Global Road Safety Market?

What will be the growth rate from 2022 to 2027.

Which segment/region will have highest growth?

What are the factors that will impact/drive the Market?

What is the role of key players in the value chain?

What is the competitive Landscape in the industry?