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

  • New ANPR solutions overcome variables
    May 18, 2018
    The sheer range of variables makes it difficult to find a single algorithm to ensure a 100% standard of ANPR. David Crawford investigates new processing technology. Automatic number plate recognition (ANPR), using optical character recognition and image-processing to identify vehicles, plays key roles in traffic monitoring and law enforcement, access and parking control, electronic toll collection, vehicle security and crime deterrence. Overall, system performance is well rated, with high levels of
    Read More
  • Investment by players in global IoT in intelligent transportation systems drives growth, finds TMR
    September 11, 2017
    Some of the major players in the global market for internet of things (IoT) in intelligent transportation systems are investing heavily in developing solutions, according to Transparency Market Research. As a result, it predicts that the market for IoT in intelligent transportation systems will rise at a 19.8 per cent CAGR during the period between 2017 and 2025. At this pace, the market is likely to attain a value of US$249.84 billion by the end of 2025 from US$41.57 billion in 2015.
    Read More
  • ITS growing in public transit: report
    October 5, 2022
    Berg Insight says market for ITS on buses and trams will be €2.8bn in Europe by 2026
    Read More
  • European public transport market expected to reach US$1.9 billion by 2016
    October 25, 2012
    According to a new research report from analysts Berg Insight, the European market for ITS systems for public transport is in a growth phase which will last for several years to come and by 2016 the market value for ITS systems deployed in public transport operations in Europe is expected to reach US1.9 billion by 2016. The report claims the fluctuating economic climate has in most countries had little effect on the market as the public investments which underpin a major part of the ITS initiatives have rem
    Read More

Highlighted Content