The road safety market size is expected to grow from US$2.35 billion in 2015 to US$3.63 billion by 2020, at a compound annual growth rate (CAGR) of 9.1 per cent, according to the latest report from online market research company ReportsnReports. Major factors contributing to this growth are increasing road accident/fatality rates and growing government regulations and standards for road safety across the globe.
The red light enforcement solution is estimated to contribute the largest market share during the forecast period. Furthermore, due to rise in demand from traffic enforcement, detection, and prevention, automatic license plate recognition solution is expected to gain traction and would grow at the highest CAGR in the next five years. The consulting and system integration services is expected to contribute the largest market share in the road safety market and is also expected to grow at the highest rate from 2015 to 2020.
With the rise in demand for advanced infrastructure development such as Smart City initiatives and new technologies such as driver assistance systems, vehicle lane enforcement systems, incident response systems, automatic number plate recognition systems, the market for road safety is expected to gain traction in the next five years.
Key road safety vendors, such as79 Jenoptik, 81 Kapsch, 112 Redflex, 4561 Morpho (Safran Group), 17 American Traffic Solutions, Information Engineers Group, 4080 3M, 8277 Sensys Gatso Group, 96 Motorola Solutions, 129 Swarco, are profiled in the report.
The report segments the road safety market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the sub segments across different verticals and regions. The report helps stakeholders to understand the market and provides them information on key market drivers, restraints, challenges and opportunities.
The red light enforcement solution is estimated to contribute the largest market share during the forecast period. Furthermore, due to rise in demand from traffic enforcement, detection, and prevention, automatic license plate recognition solution is expected to gain traction and would grow at the highest CAGR in the next five years. The consulting and system integration services is expected to contribute the largest market share in the road safety market and is also expected to grow at the highest rate from 2015 to 2020.
With the rise in demand for advanced infrastructure development such as Smart City initiatives and new technologies such as driver assistance systems, vehicle lane enforcement systems, incident response systems, automatic number plate recognition systems, the market for road safety is expected to gain traction in the next five years.
Key road safety vendors, such as
The report segments the road safety market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the sub segments across different verticals and regions. The report helps stakeholders to understand the market and provides them information on key market drivers, restraints, challenges and opportunities.
