The Road Safety market accounted for $2.74 billion in 2018 and is expected to reach $6.91 billion by 2027 growing at a CAGR of 10.8% during the forecast period.
Rising number of road fatalities/accidents and government initiatives for enhancing road safety are the major factors propelling the market growth.
However, the lack of standardized and uniform technologies is hampering the market growth.
Road safety can be defined as a systematic method that is used to avoid road users being injured or killed.
Generally, these road users comprise pedestrians, bus, vehicle passengers, trains, etc.
After observing a lot of deaths due to accidents, breaking traffic rules, and over speeding, several countries have regulated the road safety policies minimizing the risk of accidents.
Furthermore, the government is taking initiatives regarding road safety taking into consideration the cost-of-loss resulting from the loss of life and infrastructural damages.
Based on the component, the services segment is going to have a lucrative growth during the estimate period due to increase in the adoption of road safety solutions, the related services are also expected to be adopted quickly.
Road safety services are majorly deployed to improve the existing infrastructure and also join together the latest road safety solutions with the existing one.
By geography, North America is likely to have a huge demand due to it is the most sophisticated region in terms of technology implementation and infrastructure growth.
The region spends more and more in the road safety improvement of the region and has sustainable economies.
Furthermore, the presence of the majority of key vendors of road safety has also contributed to the growth of the market in the region.
Some of the key players profiled in the Road Safety Market include AABMATICA, Clearview Intelligence, Conduent, Cubic Corporation, Dahua Technology, FLIR Systems, IDEMIA, Information Engineering Group, Jenoptik, Kapsch Trafficcom, Kria, Laser Technology, Motorola Solutions, Optotraffic, Redflex Holdings, Sensys Gatso Group, Siemens, SWARCO, Syntell, Traffic Management Technologies, Trifoil, Truvelo, Verra Mobility, VITRONIC and American Traffic Solutions.
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