Pune, Nov. 18, 2020 (GLOBE NEWSWIRE) -- The global road safety market size is projected to grow at a notable pace in the coming years on account of the rising number of road fatalities around the world, shares Fortune Business Insights™ in its report, titled “Road Safety Market Size, Share & Industry Analysis, By Component (Solution {Red Light Enforcement, Speed Enforcement, Bus Lane Enforcement, and Section Enforcement, Automatic License Plate Recognition/Automatic Number Plate Recognition (ALPR/ANPR), Incident Detection and Response, Others} Services {Consulting, Support, and Maintenance, Integration, and Deployment}), and Regional Forecast, 2019-2026”.
Recent data released by the World Health Organization (WHO) shows that road crashes kill approximately 1.35 million people every year. Furthermore, between 20 million and 50 million people are affected by non-fatal injuries, with many of them turning into some form of disability. Even more worrying, the WHO points out, is the fact that over 90% of the global road fatalities occur in low- and middle-income countries. Road safety technologies have become necessary in this dire scenario, as most of these adverse events are preventable. These technologies, along with the strict implementation of traffic rules, can ensure the safety of the public, especially the vulnerable sections such as pedestrians and cyclists.
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Highlights of the report include:
- Tangible insights into the regional prospects of the market;
- Exhaustive analysis of the market drivers and challenges;
- Detailed profiling of key market players and careful study of their strategies; and
- Actionable research into different market segments.
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Market Driver
Utilization of Smart Technologies for Road Safety to Elevate Market Potential
One of the key emerging factors driving the road safety market growth is the incorporation of intelligent technologies such as Artificial Intelligence (AI) and Internet of Things (IoT) in traffic management systems. Governments in many countries are actively adopting smart road safety solutions to ensure safety and security of road-users. In Finland, for example, a study was conducted by the Finnish Transport Agency in 2018 to test the efficacy of Light Detection and Ranging (LiDAR) technology to improve road safety. The study found that the LiDAR sensors that were installed in tunnels showed high reliability in low lighting conditions, detecting halting cars and animals on the road with superior accuracy. Singapore, too, is attempting to efficiently manage its growing road traffic and enhance road safety through its ‘Smart Mobility 2030’ plan, which will involve massive adoption of AI- and IoT-based technologies.
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Regional Insights
Escalating Number of On-road Vehicles to Propel Market Growth in Asia Pacific
Rapid economic growth in countries such as India and China is being reflected in the surging number of road vehicles in these countries. To manage this, countries in Asia Pacific are actively adopting advanced road safety technologies, with growing policy support from the government authorities. Moreover, Asia Pacific is home to some of the highest incidents of road fatalities, which is compelling countries in the region to improve their traffic management systems.
North America is expected to dominate the road safety market share in the forthcoming years on account of the wide availability of next-gen traffic management solutions as well as large presence of four-wheeled vehicles in the region. Europe is also anticipated to present lucrative opportunities owing to the region’s swift transition towards sustainable mobility.
Competitive Landscape
Public-Private Collaborations to be the Hallmark Feature of the Market
With a view to enhancing road safety, governments around the world are actively collaborating with private companies to develop intelligent mobility solutions. These joint ventures are enabling key players to expand their R&D capacities, broaden their operational and sales horizons, and solidify their presence in the market.
Industry Developments:
- July 2020: Austria-based Kapsch TrafficCom entered into a joint venture with the Republican Unitary Enterprise Minskavtodor-Center of Belarus to manage the country’s new Traffic and Road Safety Coordination Center. Kapsch will also deliver Intelligent Transportation System components to the Belarusian traffic authorities under a project funded by the World Bank.
- June 2019: US-based FLIR Systems launched its innovative intelligent thermal traffic sensor solution called ‘TrafiData’. Powered by AI and thermal technologies, the system will allow transportation departments in countries to collect real-time traffic data, which will enable to improve road safety through superior mobility management.
List of Key Players Covered in the Road Safety Market Report:
- Jenoptik
- 3M
- Conduent Business Services, LLC
- Kapsch TrafficCom
- Verra Mobility
- Saferoad Holding AS
- Huawei Technologies Co., Ltd.
- eTrans Solutions Pvt. Ltd.
- FLIR System Inc.
- RAD
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