New report sheds light on the road safety market

MarketsandMarkets’ latest report, Road Safety Market by Types (Highways and Bridges Safety, Urban Roads Safety and Tunnels Safety) & Systems (Red Light Enforcement, Speed Limit Enforcement, Bus Lane Enforcement, Communication, Incident Detection) - Worldwide Market Forecast (2014-2019) claims that major driving factors responsible for the growth of the market are the constant need for road safety and public security, new infrastructural development, and traffic congestion and longer commuting. The significa
October 5, 2015 Read time: 3 mins
6418 MarketsandMarkets’ latest report, Road Safety Market by Types (Highways and Bridges Safety, Urban Roads Safety and Tunnels Safety) & Systems (Red Light Enforcement, Speed Limit Enforcement, Bus Lane Enforcement, Communication, Incident Detection) - Worldwide Market Forecast (2014-2019) claims that major driving factors responsible for the growth of the market are the constant need for road safety and public security, new infrastructural development, and traffic congestion and longer commuting. The significant rise in this market is due to development of critical transportation infrastructural facilities, new transportation-related projects across the globe.

Mrketsandmarkets expects the road safety market to grow from US$3.37 billion in 2014 to US$5.73 billion in 2019, at a compound annual growth rate (CAGR) of 11.2 per cent from 2014 to 2019. In terms of regions, North America is expected to be the biggest contributor in terms of revenue contribution while the growing markets such as Asia Pacific, Middle East and Africa and Latin America, are expected to experience increased market traction with high CAGRs, during the forecast period.

The report defines and segments the global highways and bridges, urban roads and tunnels safety market into various sub-segments with in-depth analysis and forecasting of revenues. The report also identifies drivers and restraints for this market with insights into latest trends, opportunities, and challenges.

The increasing threats, catastrophic accidents/fatalities, and natural/unnatural disasters have also been the influencing factors for the market growth.

Some of the systems which are gaining traction and investment from various vendors are red light enforcement system, speed limit enforcement system, bus lane enforcement system, communication system, access control system/vehicle detection system, incident detection system and other systems.

The key players for the market are 4054 Alcatel-Lucent, 189 Siemens, 81 Kapsch, Saab, 6778 Flir Systems, 6787 Huawei, 596 Thales and 5816 Tyco, who are reinforcing their business operations into the emerging markets and offer various systems embedded with various devices and technologies to reduce the overall cost and enhance the efficiency.

Also, these vendors have uniquely positioned themselves in the market with propagation of new product developments and lucrative partnerships and acquisitions.

MarketsandMarkets has broadly segmented the market by types: highways and bridges, urban roads and tunnels; by systems: red light enforcement system, speed limit enforcement system, bus lane enforcement system, communication system, access control system/vehicle detection system, incident detection system and other systems; by devices and technologies: surveillance and analytics, radar based, sensor based and others; by services: consulting and system integration, managed services, training, support and maintenance and risk assessment and analysis; by regions: North America (NA), Europe (EU), Latin America (LA), Asia-Pacific (APAC), and Middle East and Africa (MEA).
Detection, Monitoring & Machine Vision Enforcement

For more information on companies in this article

Related Content

  • China’s telecommunications giant Huawei seeking global partners
    October 24, 2012
    Chinese telecommunications giant Huawei is at World Congress marketing its complete range of ICT solutions for customers and partners operating in the global transportation sector. The company, which is now marketing its services worldwide, is focusing on providing ICT solutions for highway and city transportation networks – for example, on supplying a full range of communication equipment, servers, switches, security software and data transmission by both fibre optic cable and wireless networks. “Usually w
    Read More
  • EV charging will require increased investment in cyber security systems
    April 18, 2012
    The technology architecture associated with electric vehicle (EV) charging is continuing to evolve as utilities and other key players in the industry ecosystem identify business requirements and risks associated with adding significant new demands on the electrical grid. One of the most pressing challenges is related to securing financial transactions and end-to-end communications throughout the EV charging infrastructure, and a recent report from Pike Research indicates that these areas will be the focus o
    Read More
  • Rush to launch smartphone telematics applications
    May 16, 2012
    The number of global users of telematics smartphone applications will increase from 3.2 million in 2011 to 129 million in 2016, with North America as the dominant region, according to the latest ABI Research forecasts. Practice director Dominique Bonte comments: “The integration of smartphones and smartphone applications into vehicles represents nothing less than a renaissance of the interest in both consumer and commercial telematics markets. Car OEMs, automotive Tier Ones, telematics service providers and
    Read More
  • Cost saving multi-agency transportation and emergency management
    May 3, 2012
    Although the recession had dramatically reduced traffic volumes in the past few years, the economy was on the brink of a recovery that portended well for jobs but poorly for traffic congestion. Leaders of four government agencies in Houston, Texas, got together to discuss how to collectively cope with the expected increase in vehicles on the road. "They knew they couldn't pour enough concrete to solve the problem, and they also knew the old model of working in a vacuum as standalone entities would fail," sa
    Read More

Highlighted Content