Wilmington, Delaware, United States, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The global road safety system market is projected to flourish at a CAGR of 10.6% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 9.95 billion is anticipated for the market in 2031. As of 2023, the market for road safety system is expected to close at US$ 4.45 billion.
Increasing traffic congestion, rate of accidents globally, incresed consumer awareness about safety the demand for advanced safety technologies such as adaptive cruise control, automatic emergency braking, lane departure warning, increases. Which is expected to increase the demand for safety technologies likely road safety system doing the forecast period.
Increasing technical advances in sensor technologies, AI, IoT, and data analytics enable the development of innovative road safety solutions with enhanced capabilities, provide opportunity for the market growth. Urbanization and the expansion of road networks in developing regions lead to a higher demand for road safety systems to manage traffic flow and reduce accidents.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 4.02 Bn | |
| Estimated Value | US$ 9.95 Bn | |
| Growth Rate - CAGR | 10.6% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 210 Pages | |
| Market Segmentation | By Solutions, Services, Components | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | American Traffic Solutions (Verra Mobility), Conduent, Cubic Corporation, Dahua Technology, FLIR Services, Inc., IDEMIA, Jenoptik, Kapsch TraficCom, Motorola Solutions, Redflex Holdings, Sensys Gatso Group AB, Siemens, Swarco, Teledyne FLIR, Vitronic, Trifoil Kria, Syntell, Simicon | |
Key Takeaways from the Market Study
- As of 2022, the coffee servers market was valued at US$ 4.02billion
- By solution, the enforcement solutions segment to enjoy high demand, accumulating a high revenue share during the forecast period.
- Based on service, the professional services segment is anticipated to dominate the industry during the forecast period
- Based on component, the commercial segment is expected to generate high revenue during the forecast period, due to the increased demand in restaurants, hotels, and coffee shops.
Road Safety System Market: Key Trends and Opportunistic Frontiers
- Increasing government investment in the development of advanced road infrastructure, including smart traffic signals, intelligent intersections, and pedestrian safety systems, contributes to global road safety system market growth.
- Public-private partnerships between governments, automotive manufacturers, technology companies, and infrastructure providers are driving innovation and deployment of road safety solutions.
- Increasing technological innovations and advancements in AI, machine learning, sensor technology, and connectivity offer lucrative opportunities to market players.
- Companies are focusing on integrating ADAS technologies such as lane departure warning, adaptive cruise control, and automatic emergency braking in new vehicles to enhance road safety.
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Road Safety System Market – Regional Analysis
- North America is expected to dominate the road safety system market during the forecast period owing to the presence of stringent road safety regulations and growing technological advances in the region drive the adoption of advanced safety systems in vehicles and on roadways. Incresed deployment of road safety solutions in urban areas to manage traffic congestion and protect pedestrians and cyclists.
- Europe is expected to account for major share of the market. Early adoption of road safety technology and development of intelligent transportation systems (ITS) to enhance road safety and traffic management, boost the market demand in the region
Competitive Landscape
The global road safety system market is fragmented, with the presence of a small number of leading players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global road safety system market report:
- American Traffic Solutions (Verra Mobility)
- Conduent
- Cubic Corporation
- Dahua Technology
- FLIR Services, Inc.
- IDEMIA
- Jenoptik
- Kapsch TraficCom
- Motorola Solutions
- Redflex Holdings
- Sensys Gatso Group AB
- Siemens
- Swarco
- Teledyne FLIR
- Vitronic
- Trifoil Kria
- Syntell
- Simicon
Key Developments in the Road Safety System Market
- September 2021 – Teledyne FLIR, announced the release of new additions to its perimeter security portfolio for critical infrastructure; Elara™ R-Series Commercial Ground Security Radars and the FH-Series Multispectral Fixed Cameras. A first for Teledyne FLIR, the Elara R-Series is the ideal commercial radar system for industrial commercial applications.
- Siemens introduced a cloud-based traffic management platform that integrates various road safety systems to optimize traffic flow and enhance safety.
- Kapsch developed an advanced vehicle-to-everything (V2X) communication system that facilitates real-time information exchange between vehicles and infrastructure to prevent accidents.
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Road Safety System Market – Key Segments
Solutions
- Enforcement Solutions
- Red-light Enforcement
- Speed Enforcement
- Bus Lane Enforcement
- Section Enforcement
- Automatic License Plate Recognition/ Automatic Number Plate Recognition
- Incident Detection and Response
- Others
Services
- Professional Services
- Consulting and Training
- System Integration and Deployment
- Support and Maintenance
- Managed Services
Components
- Sensors and Cameras
- Communication Infrastructure
- Control and Processing Units
- Algorithms and Software
- Display Interfaces
- Global Positioning System (GPS)
- Emergency Response Integration
- Vehicle Monitoring Systems
- Traffic Sign Recognition
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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