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

  • Global smart railways system - increased adoption of analytics and big data
    March 30, 2015
    The Global Smart Railway System market is predicted to grow at a CAGR of 26.76 per cent over the period 2014-2019, according to Research and Markets’ latest report, Global Smart Railways System Market 2015-2019. The report has been prepared based on an in-depth market analysis with inputs from industry experts. It covers the APAC region, Europe, Latin America, the Middle East, and North America; it covers the Global Smart Railway System market landscape and its growth prospects in the coming years and inclu
    Read More
  • Qatar invests $70 billion to pave the way to world beating transportation
    July 26, 2013
    Eng. Zeina Nazer looks at what Qatar’s recently-announced investment in transport infrastructure will mean on the ground. Qatar is experiencing a rapid economic and industrial growth. This growth is characterised by a rapid population increase and by the urgent need towards the development of both infrastructure projects and major transport projects. In order to handle this rate of development within Qatar, Public Works Authority (Ashghal) is developing a fully-integrated multimodal transportation system in
    Read More
  • Electric vehicle infrastructure market set to grow
    June 10, 2016
    According to a new TechSci Research report, Global Electric Vehicle Infrastructure Market By Type, by Installed Location, by Region, Competition Forecast and Opportunities, 2011 - 2021, the global market for electric vehicle infrastructure is projected to grow at a CAGR of over 27 per cent during 2016-2021, on account of favourable government policies that promote adoption of electric vehicles and growing concerns over harmful effects of air pollution. Additionally, grid integration of electric vehicles
    Read More
  • Automotive AI market predicted to grow by nearly 40 per cent by 2025
    August 30, 2017
    According to the new market research report from MarketsandMarkets, the automotive artificial intelligence (AI) market is expected to be valued at USD 782.9 Million in 2017 and is expected to reach US$10,573.3 million by 2025, at a CAGR of 38.46 per cent between 2017 and 2025. The report indicates that emergence of autonomous vehicle and industry-wide standards such as the adaptive cruise control (ACC), blind spot alert and advanced driver assistance systems (ADAS) would trigger the growth of the automotive
    Read More

Highlighted Content