CHICAGO, March 3, 2022 /PRNewswire/ — According to a new market research report, the “Road safety Market by Solution(Red lightSpeed, Bus Lane, Section Enforcement, and ALPR/ANPR), Service (Consulting and Training, System Integration and Deployment, and Support and Maintenance) and Region – Global Forecast to 2026″, Released by MarketsandMarkets™, Global Road Safety Market Size is Expected to Increase $3.7 billion in 2021 for $5.8 billion by 2026, at a compound annual growth rate (CAGR) of 9.6% over the forecast period. The increasing number of road accidents and fatalities makes it necessary to deploy road safety solutions.
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Law Enforcement Solution is expected to grow at the highest CAGR during the forecast period
Road safety enforcement solutions help police and relevant authorities with traffic enforcement and traffic monitoring to improve traffic safety and increase public safety. Compliance through law enforcement has traditionally been the responsibility of local police; however, the sheer scale of road use increases the need to detect the vast majority of violations using modern electronic technologies that are more effective than previous methods of road traffic control. Control solutions, comprising hardware (sensors, cameras, displays and radars) and software, are vital for road safety.
The professional services segment is expected to grow at a higher CAGR during the forecast period
The professional services segment has been segmented into three categories: consulting and training, support and maintenance, and systems integration and deployment. Professional services include planning services, designing solutions to deploy, consulting with the business to suggest the right solution/service, and upgrading the current business infrastructure to be compatible with the deployment of the latest road safety services. Companies offering professional services consist of consultants, management experts and dedicated project management teams who specialize in the design and delivery of business-critical software, tools, services and expertise. help with the decision.
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Asia Pacific (APAC) to Record Highest Growth Region in Traffic Safety Market
Asia Pacific is quickly emerging as the most powerful area in the world, home to a number of smart cities. Increased security spending to keep up with the ever-changing threat landscape is causing serious concern among governments in this region. Asia Pacific understand China, India, Australia, hong kongand Japan, which are examples of developing economies in the region. The number of smart city projects is increasing, which is driving the demand for public and road safety technologies such as surveillance, speed enforcement, red light enforcement and incident detection systems. The number of megacities is expanding, according to population. The need for road safety has increased in established and emerging regions. Asia Pacific countries. The demand for road safety solutions and services in countries such as China, Japan, Australiaand the rest of Asia Pacific should grow rapidly. Various Asia Pacific countries have started to recognize that road safety measures can help reduce problems such as traffic congestion and road accidents. The road safety market in Asia Pacific has strong growth potential. The demand for road safety solutions and services in Asia Pacific is expected to be driven by the region’s strong economic growth, population increase and rapid urbanization.
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The key and innovative vendors in the road safety market are JENOPTIK (Germany), Kapsch TrafficCom (Austria), Sensys Gatso Group (Sweden), IDEMIA (France), Teledyne FLIR (US), Motorola Solutions (US), Verra Mobility (US), SWARC (Austria), Siemens (Germany), Cubic Corporation (USA), Conduent (USA), VITRONIC (Germany), Dahua Technology (China), laser technology (US), traffic management technology (South Africa), Truvelo (UK), Kria (Italy), Syntel (South Africa), Clearview Intelligence (UK), Simicon (Russia), FRED Engineering (Italy), Kodiak Robotics (US), Humanising Autonomy (UK), Vebit AI (US), Connected Wise LLC (US), Saferoad (Germany), LiveRoad Analytics (USA).
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