Road Safety Market to Witness Heightened Revenue Growth in the Next Decade
Road safety can be defined as a measure taken to prevent incidents on the road that could elevate the danger for road users as well as critical infrastructure along the way. Thus, technologies that enhance road safety are crucial for government bodies, taking into consideration the “cost-of-loss” resulting from the loss of life and/or infrastructural damages. Additionally, the time lost to traffic congestions due to such incidents further aggravates the concerns for civil authorities and road users alike.
Strict rules & regulations have been implemented across various cities to ensure smooth flow of traffic. Consequently, various technology vendors have been able to leverage their capabilities to enhance road safety by implementing technologies such as real-time traffic monitoring with sensors to detect speed violations, in-vehicle driver assistance, and incident detection systems in case of emergency/road accidents.
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The availability of innovative technologies, including driver assistance, V2V communication, incident detection and response, and automatic number plate recognition systems, has bolstered the overall road safety ingenuities across smart city initiatives shaping up globally; thus, resulting in a huge window of opportunity for the key players in the market.
According to Infoholic Research, the global road safety market revenue is expected to reach $7.01 billion by 2024, growing at a CAGR of around 17.16% during the forecast period. The market is experiencing growth due to the increasing mobility and rise in the number of vehicles on the road. In addition, the construction of safer roads, development of infrastructure for the safety of pedestrians & cyclists, and the adoption of safer riding measures will further reduce injuries and contribute to the safety among the population.
Market Segmentation Analysis:
The report provides insights about major technology trends, supporting solutions & services, and application areas that govern road safety globally. The evaluation is backed with quantitative and qualitative analysis, historical data, and other supportable projections about the market size. The projections featured in the report have been derived using proven research methodologies and assumptions based on vendor assessments from annual reports, whitepapers, press releases, and investor presentations along with end-user analysis for case studies. Thus, the research report serves every side of the market and is segmented based on regional markets, types, applications, and end-users.
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The Americas is expected to dominate the market, with US and Canada being the forefront adopters of technologies with better test facilities and rapid implementations backed with sufficient funding to implement infrastructural projects quickly compared to other regions. The EMEA region is next to the Americas with the presence of a large number of equipment manufacturers and solution providers.
The countries covered in the report are Canada, Mexico, UK, France, US, Germany, India, China, and Japan. Among these, Japan, US, and China are expected to grow at a high rate during the forecast period owing to an increase in the penetration rate of connected devices and growing adoption of cloud computing.