Dublin, Aug. 06, 2019 (GLOBE NEWSWIRE) -- The "Road Safety Market by Solution (Red Light, Speed, Bus Lane, Section Enforcement, ALPR/ANPR, & Incident Detection & Response), Service, Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The road safety market is projected to grow from USD 3 billion in 2019 to USD 4.7 billion by 2024, at a CAGR of 9.3% from 2019 to 2024.
The market study covers the road safety market across different segments. It aims at estimating the market size and the growth potential of this market across different segments based on by components (solutions & services), and region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Rising urban population and high demographic rates, rapid motorization, increasing number of road fatalities/accidents, and government initiatives for enhancing road safety are some of the factors driving the road safety market
Rising urban population and high demographic rates, rapid motorization, increasing number of road fatalities/accidents, and government initiatives for enhancing road safety are projected to drive the growth of the market across the globe. However, lack of standardization and uniformity in road safety solutions is expected to restrict the growth of the market across the globe.
Based on the component, the services segment is expected to grow with the highest CAGR during the forecast period
The services segment is expected to grow with the highest CAGR during the forecast period. As there is an increase in the adoption of road safety solutions, the associated services are also expected to be adopted rapidly. Road safety services are majorly deployed to enhance the existing infrastructure and also integrate the latest road safety solutions with the existing one. The road safety services that have been taken into consideration for the report include professional services and managed services.
The professional services segment has been further divided into consulting and training, support and maintenance, and system integration and deployment. Due to the complexities in the existing infrastructures, the demand for consulting services is expected to increase, which, in turn, is likely to boost the overall growth of the road safety services segment.
Based on solutions sub-segment, the enforcement solution segment is expected to lead the road safety market in 2019
Compliance through enforcement has conventionally been the responsibility of the local police; however, the sheer scale of road usage increases the need to detect the vast majority of offences using modern electronic technologies that are more efficient than the previous methods of road traffic enforcement.
Enforcement solutions, comprising hardware (sensors, cameras, displays, and radars) and software, are vital for road safety. Road safety enforcement solutions help the police and related authorities to enforce traffic law and perform traffic surveillance to improve road safety and increase public safety. Deploying enforcement solutions would encourage safer driving habits, thereby reducing the number of fatal accidents/incidents.
The Asia Pacific (APAC) road safety market is projected to grow at the highest CAGR during the forecast period
APAC is emerging as the world's most powerful region, which houses several smart cities. The governments in this region are highly concerned about the increased security spending to keep pace with the ever-growing threat landscape. APAC comprises emerging economies, such as China, India, Australia, Hong Kong, and Japan. It is witnessing a surge in the number of smart-city projects, which in turn, is creating a demand for public and road safety security technologies, such as surveillance technology, speed enforcement, red light enforcement, and incident-detection system.
The increasing number of megacities and the growing population in the developed and developing countries of APAC have increased the need for road safety. The road safety market in APAC has high growth potential. The demand for road safety solutions and services in APAC is expected to be driven by the region's strong economic growth, the rise in population, and rapid urbanization.
Key Topics Covered
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Years Considered for the Study
1.5 Currency
1.6 Stakeholders
2 Research Methodology
2.1 Research Data
2.2 Market Breakup and Data Triangulation
2.3 Market Size Estimation
2.4 Market Forecast
2.5 Competitive Leadership Mapping Research Methodology
2.6 Assumptions for the Study
2.7 Limitations of the Study
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Market
4.2 Asia Pacific Road Safety Market, By Component and Country
4.3 Market Major Countries
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Urban Population and High Demographic Rates
5.2.1.2 Rapid Motorization
5.2.1.3 Increasing Number of Road Fatalities/Accidents
5.2.1.4 Government Initiatives for Enhancing Road Safety
5.2.2 Restraints
5.2.2.1 Lack of Standardized and Uniform Technologies
5.2.3 Opportunities
5.2.3.1 Designing and Developing Connected Vehicles Compatible With Its
5.2.3.2 Public-Private Partnership Ecosystem
5.2.3.3 Open Data Movement
5.2.4 Challenges
5.2.4.1 Growing Concerns About the Protection and Privacy of Personal Information
5.3 Industry Trends
5.3.1 National Road Strategies Across Regions
5.3.2 Case Studies
5.3.2.1 Case Study 1: Maryland State Highway Administration (SHA) Johnson Matthey Uses Automated Speed Enforcement Using Laser Scanning Detection to Avoid Crashes in Freeway Work Zones
5.3.2.2 Case Study 2: Dahua Secures Mongolia City With Intelligent Traffic Solution
5.3.2.3 Case Study 3: Jenoptik Lanecheck System Reduces Incidence of Drivers Abusing the Bus Lanes With Automatic Bus Lane Cameras
5.4 Demand Overview
6 Road Safety Market By Component
6.1 Introduction
6.2 Solutions
6.2.1 Enforcement Solution
6.2.1.1 Red Light Enforcement
6.2.1.1.1 Need to Detect Violations at Traffic Light-Controlled Intersections to Drive the Demand for Red Light Enforcement Solutions in All the Regions
6.2.1.2 Speed Enforcement
6.2.1.2.1 Lidar is One of the Widely Used Tools in Speed Enforcement Solutions for Road Safety Enhancement
6.2.1.3 Bus Lane Enforcement
6.2.1.3.1 Bus Lane Enforcement Systems With the Help of Cameras and Anpr Technology Help Detect and Identify Vehicles Travelling on Bus Lanes
6.2.1.4 Section Enforcement
6.2.1.4.1 Section Enforcement Forces Drivers to Keep Vehicles Within Speed Limits, Especially on Dangerous Roads Where Accidents Occur Frequently
6.2.2 Automatic License Plate Recognition/Automatic Number Plate Recognition
6.2.2.1 Anpr Helps Identify Vehicles By Their License Plate and Thereby Helps to Ensure Mobility and Traffic Safety
6.2.3 Incident Detection and Response
6.2.3.1 Incident Detection and Response Solution Automatically Detects an Occurrence and Brings It to the Attention of a Manual Operator in the Control Room
6.2.4 Others
6.3 Services
6.3.1 Professional Services
6.3.1.1 Consulting and Training
6.3.1.1.1 Consulting and Training Services Play a Crucial Role in the Market as Most Projects are Undertaken By State Governments
6.3.1.2 System Integration and Deployment
6.3.1.2.1 System Integration and Deployment Services Streamline Business Applications By Integrating Various Modules for Day-To-Day Operations
6.3.1.3 Support and Maintenance
6.3.1.3.1 Support and Maintenance Services Assist Organizations in Handling the Deployed Road Safety Solutions
6.3.2 Managed Services
6.3.2.1 Managed Services are Provided By Vendors Across the Entire Life Cycle of the Road Safety Market
7 Road Safety Market By Region
7.1 Introduction
7.2 North America
7.2.1 United States
7.2.1.1 Increasing Number of Vehicles in the Country Causing Heavy Traffic Congestions, Raising the Number of Road Traffic Rule Violations, and Leading to a Rise in Road Accidents
7.2.2 Canada
7.2.2.1 High Congestion in Urban Areas Affecting National Transport Networks in Canada
7.3 Europe
7.3.1 United Kingdom
7.3.1.1 Increased Adoption in the Field of Red Light Enforcement and Anpr Systems in the UK
7.3.2 Germany
7.3.2.1 Implementation of Road Safety Program 2011-2020 Driving the Growth of the German Road Safety Market
7.3.3 Rest of Europe
7.4 Asia Pacific
7.4.1 China
7.4.1.1 Rising Population Along With On-Road Vehicles Driving the Government to Implement Road Safety Solutions to Safeguard Citizens in China
7.4.2 Japan
7.4.2.1 Recurring Government Initiatives in Japan Enhancing the Road-Safety Measures in the Country
7.4.3 Singapore
7.4.3.1 Singapore Government Aims at Creating Road Safety Campaigns and Awareness Programs
7.4.4 Australia and New Zealand
7.4.4.1 Increased Adoption of Road Safety Solutions for a Safe, Secure, Efficient, Reliable, and Integrated National Transport System in Anz
7.4.5 Rest of Asia Pacific
7.5 Middle East and Africa
7.5.1 Kingdom of Saudi Arabia
7.5.1.1 Adoption of the Best Modern Materials and Equipment to Meet Road Safety and Security Conditions in Ksa
7.5.2 Qatar
7.5.2.1 Adoption of Road Safety Practices By the Regulating Bodies for Implementing Road Safety Initiatives in the Country
7.5.3 United Arab Emirates
7.5.3.1 Traffic Police, and Road and Transport Authorities Across the UAE Play a Major Role in Ensuring Safety and Traffic Regulations
7.5.4 South Africa
7.5.4.1 National Road Safety Strategy 2016-2030 to Drive the Deployment of Road Safety Solutions in South Africa
7.5.5 Rest of Middle East and Africa
7.6 Latin America
7.6.1 Brazil
7.6.1.1 Increased Initiatives By the Brazilian Government to Avoid Economic Losses and Reduce the Number of Road Fatalities
7.6.2 Mexico
7.6.2.1 Continuous Monitoring of the Road Infrastructure By the Government of Mexico Propelling Road Safety in the Country
7.6.3 Rest of Latin America
8 Competitive Landscape
8.1 Competitive Leadership Mapping
8.1.1 Visionary Leaders
8.1.2 Innovators
8.1.3 Dynamic Differentiators
8.1.4 Emerging Companies
8.2 Strength of Product Portfolio
8.3 Business Strategy Excellence
8.4 Key Vendors in the Road Safety Market, 2019
9 Company Profiles
- Maryland State Highway Administration (SHA)
- Johnson Matthey
- Jenoptik
- Kapsch Trafficcom
- Sensys Gatso Group
- Redflex Holdings
- IDEMIA
- Verra Mobility
- SWARCO
- FLIR Systems
- Motorola Solutions
- Siemens
- Cubic Corporation
- Conduent
- Information Engineering Group
- Traffic Management Technologies
- AABMATICA
- Clearview Intelligence
- Dahua Technology
- Trifoil
- Kria
- Laser Technology
- Optotraffic
- Syntell
- Truvelo
- VITRONIC
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