Rising on road facilities and demand for new infrastructural development along with road safety and public security are anticipated to augment the road safety market growth. The calamitous fatalities/accidents, unnatural/natural disasters and threats have been also contributing towards the growth of this industry. Moreover, the demand for road security is highly elevated by persistent rise in number of terrorist attacks, crimes, disaster and accidents. Also, mounting number of travellers, passengers, congestion and traffic of road is predicted to influence the market. Presently, there are numerous technologies available in the markets that are capable of controlling the rising number of mishaps and offer safety and security on and off the roads. Some of these technological systems, solutions and services installed comprise of red light execution, speed limit implementation, incident detection, bus lane enforcement and access control. However, as compared to modern roads and tunnels, safety measurements for bridges and highways are analyzed to expand at significant pace over the forecast period.
Exceeding demand for technology driven and automated vehicles have resulted in the rising number of accidents due to risky human behaviours. Supremely secure infrastructure for safety is expected to accentuate the demand for more innovative and advanced road safety systems in the nearing future. These measures designed and developed for eliminating traffic congestion on roads and accidents make a positive impact on health such as improvised environmental condition and reduced carbon footprints leading to the production of more fresh and breathable, pollution free air. However, lack of awareness towards the importance of road safety and skilled trainers along with certain budget constraints can adversely affect the growth of this market in coming years. Nonetheless of few drawbacks, the road safety market is anticipated to witness several growth opportunities in the coming years. Development of myriad transportation projects coupled with important transportation infrastructure facility are expected to generate lucrative opportunities for the market. Consultation services and system integration are the key services contributing to the revenue growth of the market followed by training & support, risk management and analytical services.
The market for road safety can be briefly segmented into solutions, services and technologies. On the basis of solutions, the market is bifurcated into incident detection system, red light enforcement, bus lane compliance, speed enforcement, automatic license plate recognition, others. Based upon services, the market is segmented into risk analysis & assessment, system & consulting integration, training, support services and maintenance. The different technologies used in road safety market are surveillance, radar & sensor based devices and analytics.
Geographically, the market is fragmented in five major regions, viz., North America, Europe, Latin America, Asia-Pacific and Middle East & Africa (MEA). North America is predicted to lead the market owing to the presence of technologically robust and advanced infrastructure. Whereas, APAC is anticipated to be the most promising market over the years due to the absence of appropriate road infrastructures and large number of vehicles on road. Several economies worldwide are heavily investing in development of infrastructure such as, building well-equipped highways, bridges, tunnels, and modern roads in order to tackle with the issue of rising number of road accidents day by day. Furthermore, the government in these economies are rolling out certain alterations in implementation, manoeuvring and planning of safety and security measures for the road infrastructure. Some of the major players providing road safety systems and services in this market include Alcatel Lucent, Kapsch AG, Flir Systems, Thales, Tyco, Huawei, Raad Data Communication, Siemens AG, and Saab.
Market by Solution
· Incident detection system
· Red light enforcement
· Bus lane compliance
· Speed enforcement
· Automatic license plate recognition
Market by Service
· Risk analysis & assessment
· System & consulting integration
· Support services
Market by Technology
· Radar & sensor based devices
Market by Geography
· North America
o Rest of Europe
o Rest of Asia-Pacific
· Latin America
o Rest of Latin America
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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