Japan, Japan, Wed, 13 Apr 2022 02:43:25 / Comserve Inc. / — The road safety market is expected to grow from USD 3.0 billion in 2019 to USD 4.7 billion by 2024, with a CAGR of 9.3% from 2022 -2031.
With COVID-19 driving economic fallout, many economies are working on game-changing improvements to protect their employees and customers. While focusing on current challenges, leaders are adopting new plans to manage and stay afloat in this competitive environment.
The road safety market is expected to grow from USD 3.0 billion in 2019 to USD 4.7 billion by 2024, at a CAGR of 9.3% from 2022 to 2031. Rising urban population and high demographic rates, rapid motorization, growing number of traffic fatalities/accidents and government initiatives to improve road safety are expected to drive the market growth across the globe. However, the lack of standardization and uniformity in road safety solutions is expected to limit the market growth across the globe.
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 mainly deployed to improve the existing infrastructure and also integrate the latest road safety solutions with the existing one. Road safety services that were considered for the report include professional services and managed services. The professional services segment has been subdivided into consulting and training, support and maintenance, and systems integration and deployment. Due to the complexity of the existing infrastructure, the demand for consulting services is expected to increase which, in turn, is expected to drive the overall growth of the traffic safety services segment.
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The final report will cover the impact analysis of COVID-19 on this industry: Road Safety Market Overview by Emerging Trends, Growth and Forecast to 2022-2031
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. Road safety enforcement solutions help police and relevant authorities with traffic enforcement and traffic monitoring to improve traffic safety and increase public safety. The deployment of law enforcement solutions would encourage safer driving habits, thus reducing the number of fatal accidents/incidents.
APAC is emerging as the most powerful region in the world, home to several smart cities. Governments in this region are very concerned about increasing security spending to keep pace with ever-evolving threats. APAC includes emerging economies such as China, India, Australia, Hong Kong and Japan. It is witnessing an increase in the number of smart city projects, which in turn is creating demand for public and road safety technologies, such as surveillance technology, speed control, red light control and the incident detection system. The growing number of megacities and population growth in developed and developing APAC countries have increased the need for road safety. The road safety market in APAC 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 final report will cover the impact analysis of COVID-19 on this industry: Road Safety Market Overview by Emerging Trends, Growth and Forecast to 2031
In-depth interviews were conducted with CEOs, CMOs, Chief Innovation and Technology Officers, and executives from various key organizations operating in the road safety market.
• By type of business: Level 1: 62%, Level 2: 23% and Level 3: 15%
• By designation: C level – 38%, directors – 30% and others – 32%
• By region: North America – 40%, Europe – 15%, Asia-Pacific – 35%, MEA – 5% and Latin America – 5%
The market study covers the road safety market on different segments. It aims to estimate the market size and the growth potential of this market on different segments based on components (solutions and services) and region. The study also includes an in-depth competitive analysis of key market players along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
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