DUBLIN–(BUSINESS WIRE)–The “Global Road Safety Market by Solution (Red Light, Speed, Bus Lane, Section Enforcement and LPR/ANPR), Service (Consulting & Training, Systems Integration & Deployment, and Support & Maintenance) and Region – Forecast up to ‘in 2026’ report has been added to from ResearchAndMarkets.com offer.

The publisher forecasts the global road safety market size to grow from USD 3.7 billion in 2021 to reach USD 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.

By component, services will register a larger market share during the forecast period

The road safety market is segmented into solutions and services. Various parameters have been identified which are contributing to the overall growth of the road safety market. Road safety solutions and services are applied across many industry verticals across all regions. Apart from the various parameters which are contributing to the growth of the market, the other factors which are expected to drive the growth of the market include increasing urbanization, increasing number of vehicles and mobility, increase in government initiatives and technological evolution within infrastructures.

By region, Asia-Pacific is expected to grow at the highest CAGR over the forecast period

Asia-Pacific is home to many developing economies, and many countries in this region are adopting new technologies to comply with procedures to increase the efficiency of financial systems. The key countries are Australia, Japan, Singapore, India, China and New Zealand. The region is expected to witness rapid adoption of road safety software.

Asia-Pacific is estimated to be the fastest growing road safety market due to increasing adoption of new technologies, high investments for digital transformation, rapid business expansion national governments, extensive infrastructure development and the increase in the GDP of various countries. Fast growing economies such as China, Japan, Singapore and India are implementing road safety solutions across multiple business processes to deliver effective solutions.

Market dynamics

Drivers

  • Growing number of vehicles

  • Application to improve compliance with governments

  • The adoption of digitalization and technologies in the market

  • Government initiatives to improve road safety

Constraints

  • Lack of standardized and uniform technologies

Opportunities

  • Adoption of automated vehicles for security

  • Improved intelligent transport systems for road safety

Challenges

  • Cybersecurity and Threats in Road Safety Data

  • Lack of people’s knowledge about IoT and smart cities

Company Profiles

  • Jenoptik

  • Kapsch Trafficcom

  • Sensys Gatso Group

  • Mobility will see

  • Teledyne Flir

  • Motorola Solutions

  • Idemic

  • sarco

  • Vitronics

  • Siemens

  • leads

  • cubic society

  • Dahua Technology

  • Laser technology

  • Traffic management technologies

  • Trifoil

  • kria

  • Syntell

  • Truvelo

  • Clearview Intelligence

  • Simicon

  • Fred Engineering

  • Kodiak Robotics

  • Humanize autonomy

  • Vebits Ai

  • Connected Wise LLC

  • safe road

  • Liveroad Analytics

For more information on this report, visit https://www.researchandmarkets.com/r/s0p1zt


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