Road Safety Market by Solution, Service And Region - Global Forecast to 2023

Road Safety Market by Solution, Service And Region - Global Forecast to 2023

  • June 2018 •
  • 136 pages •
  • Report ID: 3512042
The road safety market size is expected to grow at a CAGR of 9.8% during the forecast period.
The road safety market size is expected to grow from USD 2.76 billion in 2018 to USD 4.41 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period. Rapid urbanization, increasing number of vehicles across the globe, rising need for road safety owing to increasing number of road fatalities, and stringent government regulations to make safer road infrastructure are some of the major factors to drive the market. However, lack of standardized and uniform technology may restraint the market growth.

Incident detection and response solution segment is expected to grow at a higher rate during the forecast period
The incident detection and response solution segment is expected to grow at a higher rate during the forecast period.The incident detection and response solution enables the detection of obstacles, such as stopped vehicles, traffic slowdown, traffic congestion, wrong way vehicle entry, pedestrian movement on the road, loss of visibility in the roads, and debris on the road.

The systems also detect a stopped vehicle in congested traffic by distinguishing it from a vehicle that has temporarily stopped.The incident detection and response solution also automatically detects an incident and brings it to the attention of a manual operator in the control room or executes a pre-defined response to deal with the situation.

The growth of the segment is driven by increasing number of road fatalities, vehicles, and traffic congestion.

Services segment is expected to grow at a higher rate during the forecast period
The services segment is expected to grow at a higher rate during the forecast period.An increasing adoption rate of road safety solutions is expected to drive the demand for the associated services.

Road safety services are majorly deployed to enhance the existing infrastructure and also integrate the latest road safety solution with the existing one. Services include professional and managed services.

Asia Pacific (APAC) is expected to grow at the highest rate during the forecast period
As per the geographic analysis, the APAC region is expected to record the fastest growth rate in the road safety market, due to the region’s nature of rapidly adopting new technologies, making higher investments in digital transformation, and its aim at increasing the Gross Domestic Product (GDP).The road safety market in APAC is expected to witness rapid growth because of the demand for road safety solutions and services in major countries, such as China, Japan, and Australia.

Japan, China, and Australia, have recognized the importance of road safety solutions to curb issues, such as traffic congestion, road incidents, and traffic congestions.

The break-up profiles of the primary participants have been given below:
• By Company Type: Tier 1 (40%), Tier 2 (35%), and Tier 3 (25%)
• By Designation: C-Level (45%), Director Level (30%), and Manager Level (25%)
• By Region: North America (35%), APAC (30%), Europe (20%), and RoW (15%)

The key road safety market vendors profiled in the report are as follows:
1. Jenoptik (Germany)
2. Kapsch trafficcom (Austria)
3. Sensys Gatso Group (Sweden)
4. Redflex Holdings (Australia)
5. American Traffic Solutions (US)
6. IDEMIA (France)
7. Flir Systems (US)
8. Motorola (US)
9. Swarco (Austria)
10. Information Engineers Group (Canada)
11. cubic corporation (US)
12. Siemens (Germany)
13. Thales (France)
14. Conduent (US)
15. Vitronic (Germany)
16. Trifoil (Germany)
17. Kria (Italy)
18. Laser Technology, Inc. (US)
19. Optotraffic (US)
20. Syntell (South Africa)
21. Traffic Management Technologies (South Africa)
22. Aabmatica Technologies (India)
23. Clearview Intelligence (UK)
24. Dahua Technology (China)
25. Truvelo (UK)

Research Coverage
The global road safety market has been segmented by solutions, services, and region.A detailed analysis of the regions has been done to provide insights into the potential business opportunities across major regions.

In addition to this, the product portfolio, recent developments, and strategic analysis of vendors are some of the other MarketsandMarkets analysis included in the report.

Reasons to Buy the Report

The report would help the market leaders/new entrants in the road safety market in the following ways:
1. The report segments the road safety market comprehensively to provide the closest approximations of the revenue numbers for the overall market and its subsegments across regions.
2. The report helps the stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
3. The report helps the stakeholders understand the competitors and gain more insights to enhance their position in the market.
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