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

Related Content

  • Intelligent transportation system market ‘worth $33.89 billion by 2020’
    July 17, 2015
    According to a new market research report by MarketsandMarkets, the intelligent transportation system market is expected to grow at a CAGR of 11.57 per cent between 2015 and 2020, and reach US$33.89 billion by 2020. The report, Intelligent Transportation System Market by Component (Interface Board, Sensor, Surveillance Camera and Others), System (ATMS, ATIS, ITS-Enable Transportation Pricing System, APTS, and CVO), Application, and Geography - Analysis & Forecast to 2015 – 2020, says that continuous inno
    Read More
  • Public transport ITS in Europe ‘a billion-dollar market’
    July 27, 2015
    According to a new research report from analysts Berg Insight, the market value for intelligent transport systems (ITS) deployed in public transport operations in Europe was US$1.1 billion in 2014. Growing at a compound annual growth rate of 7.2 percent, the market is expected to reach US$1.6 billion by 2019. Berg Insight says that the European market for ITS for public transport is in a growth phase which will continue throughout the forecasted period. In most countries, the fluctuating economic climat
    Read More
  • Global ANPR market 2010-2014
    May 21, 2012
    Research and Markets has announced the addition of the "Global Automatic Number Plate Recognition Market 2010-2014" report to its offering. TechNavio's analysts forecast that the global ANPR market is expected to grow at a CAGR of 30 per cent and will reach US$579.8 million in 2014.
    Read More
  • Global automotive cyber security market to be ‘worth US$31.8 million by 2021’
    July 12, 2016
    A new report from MarketsandMarkets projects the global automotive security market to grow at a CAGR of 13.3 per cent between 2016 and 2021, reaching a market size of US$31.8 million by 2021. According to the report, Automotive Cyber Security Market by Security Type, the major factors behind the growth of the global automotive cyber security market are the growing connected cars being introduced from OEMs and rising security concerns among end-users.
    Read More

Highlighted Content