Road safety market worth US$3.63 billion by 2020

According to a new market research report, Road Safety Market by Solution (Red Light Enforcement, Speed Enforcement, Incident Detection Systems, Bus Lane Compliance, Automatic License Plate Recognition), by Service, by Region - Global Forecast to 2020, published by MarketsandMarkets, the size of the road safety market is estimated to grow from US$2.35 billion in 2015 to US$3.63 billion by 2020, at a compound annual growth rate (CAGR) of 9.1 per cent. With an increase in the number of road fatality rate, the
December 22, 2015 Read time: 2 mins

According to a new market research report, Road Safety Market by Solution (Red Light Enforcement, Speed Enforcement, Incident Detection Systems, Bus Lane Compliance, Automatic License Plate Recognition), by Service, by Region - Global Forecast to 2020, published by 6418 MarketsandMarkets, the size of the road safety market is estimated to grow from US$2.35 billion in 2015 to US$3.63 billion by 2020, at a compound annual growth rate (CAGR) of 9.1 per cent. With an increase in the number of road fatality rate, the need for road safety is growing rapidly across the globe.

According to the report, the increase in road accidents and fatalities is driving the need for deployment of road safety solutions and the market is expected to grow with special attention on improving road safety and public safety infrastructure. In addition, as government regulations and standards pertaining to road safety need to be implemented and enforced by countries globally, the market for road safety is expected to gain traction.

Red light enforcement solutions are expected to dominate the road safety market from 2015 to 2020 with the largest market share. Automatic license plate recognition solutions are expected to play a key role in changing the road safety landscape and will grow at the highest growth rate during the forecast period, as these solutions are increasingly being adopted in traffic enforcement, detection and prevention for road safety.

Consulting and system integration services are expected to contribute the largest market share in the road safety market and are also expected to grow at the highest rate from 2015 to 2020. The market is also projected to witness growth in the managed services as well as training, support and maintenance services, during the forecast period.

The report says that North America is expected to have the largest market share and would dominate the road safety market from 2015 to 2020, due to presence of a large number of road safety vendors. APAC offers potential growth opportunities for growth of the road safety market, as countries in APAC are investing heavily to increase the development of critical infrastructure comprising highways and bridges, urban roads and tunnels.

Major vendors in the road safety market include 129 Swarco group, 81 Kapsch Group, 79 Jenoptik, 112 Redflex, 17 American Traffic Solutions and others.

Enforcement Detection, Monitoring & Machine Vision

For more information on companies in this article

Related Content

  • Swarco’s smart and safety messages for Melbourne
    October 11, 2016
    For the first time at an ITS World Congress in Australia, Swarco is here presenting its capabilities in road safety and intelligent traffic management solutions. An obvious feature of the stand is the company’s brilliant energy-efficient LED-based variable message signs. Adaptive traffic control and smart mobility software platforms are also on display.
    Read More
  • Global ADAS revenues to reach $460 Billion by 2020
    August 23, 2012
    ABI Research is predicting that global advanced driver assistance systems (ADAS) revenues will surge from $22.7 billion in 2012 to $460.8 billion in 2017, with Asia-Pacific remaining the leading ADAS market throughout the forecast period. “Both commercial and regulatory drivers are expected to boost the ADAS market in the coming years,” says VP and practice director Dominique Bonte. “On the one hand, OEMs such as Ford have started rolling out ADAS features on medium to low-end cars in order to bolster their
    Read More
  • The benefits of combining enforcement and traffic management
    February 27, 2013
    Jason Barnes considers how combining enforcement equipment with other traffic management technologies might benefit our future – if only the will were really in place to do so. During the ITS World Congress in Vienna in October last year, Navtech Radar and Vysion­ics ITS announced a strategic partnership that would combine the expertise of Navtech in millimetre-wave wide-area surveillance technology with Vysionics’ machine vision-based automatic number plate recognition (ANPR) and average speed measurement
    Read More
  • Houston Police: increase in crashes when red-light safety cameras removed
    November 7, 2014
    A new report shows a 30 per cent increase in fatal traffic collisions and a 117 per cent increase in total traffic crashes at 51 intersections in Houston where red-light safety cameras once stood. New figures from the Houston Police Department released by the National Coalition for Safer Roads (NCSR) show total traffic collisions more than doubled from 4,147 in 2006-2010 when cameras were in use to 8,984 in 2010-2014, when cameras were not in operation. The city ended its red-light safety camera program
    Read More

Highlighted Content