- Automatic License Plate Detection
- Bus Lane Compliance
- Red Light Enforcement
- Speed Enforcement
- Incident Detection System
Road Safety Market size was valued at USD 3.24 billion in 2022 and is expected to reach USD 7.34 billion by 2029, at a CAGR of 12.4% during the forecast period 2023 to 2029. Some of the key factors favouring the market growth are new laws and regulations implemented by the government for road safety, technological advancements in road safety, rapid growth in population and vehicles on road. However, lack of awareness of road safety, insufficient government funds and rapidly growing population are hampering the market growth. This report studies global road safety market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product opportunities). Global road safety market is surging owing to frequent acquisitions and launchings by the market players. For instance in 2018, Jenoptik and Telco partnered with the Qatar Ministry of Interior to deliver 120 speed measurement systems. The partnership also included 6 radar-based mobile speed measurement systems to enhance speed enforcement and increase road safety in Qatar.
Fastest Growing Market
Rapid urbanization also results in the infrastructural development, especially of highways and bridges, which have a positive impact on the road safety market. Road safety is a method that assists road users from getting seriously injured or killed owing to the rising fatal accidents, threats, and natural as well as unnatural disasters.
The road safety market size was valued at USD 3.24 billion in 2022
The road safety market key players are: Verra Mobility SWARCO Siemens Sensys Gatso Group Redflex Holdings Motorola Solutions Kapsch Trafficcom Jenoptik IDEMIA FLIR Systems Cubic Corporation
The road safety market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.
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