The road safety market is anticipated to cross USD 6 billion by 2022. This is mainly due to mounting road fatalities leading to more demand for security and road safety. Longer commuting and constant need for public security will also have a positive market impact.
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The market would grow at an approximate CAGR over 10% from 2015 to 2022. Increasing disasters, terrorist attacks, road accidents/fatalities, and crimes have augmented the demand for road safety. All these factors contribute to market revenues.
The major cause of accidents/fatalities is risky behaviors. Some of these include drinking before driving, and careless and fast driving. Rising demand for highly secure infrastructure is also predicted to boost the road safety market over the coming years.
The expansion of diverse transportation projects offers lucrative market opportunities. Also, transportation infrastructural facilities will offer profitable market prospects. Consulting services and system integration are the key market revenue contributors. The worldwide market is segmented into five categories.
These are products, systems, services, technologies, and geographical regions. Based on products, the road safety market is fragmented into urban roads, bridges, tunnels, and highways. Systems are divided into bus lane enforcement, red light enforcement, and speed limit enforcement.
Based on services, the market is sliced on account of risk assessment, training, support, maintenance, system integration & consulting services, and analysis services. Analytics, radar & sensor-based devices, and surveillance are the various technologies.
North America is likely to dominate the road safety market over the forecast period. This is owing to technologically advanced infrastructure. Asia Pacific would undergo growth in the future. This will be due to growing vehicles and lack of road infrastructure.
Several governments are indulging in heavy infrastructural investments. They are spending capital on modern roads, bridges, tunnels, and highways. Also, they are ensuring better implementation of road safety measures. Siemens AG, Raad Data Communication, Alcatel Lucent, Flir Systems, Tyco, Kapsch AG, and Thales are some major players in the road safety market.
Participants are offering video surveillance solutions, real time traffic flow systems, and enforcement suites. These facilities deal with traffic obstruction and ensure maximum safety on roads. The key strategies adopted by players include mergers & acquisitions and new product developments.
Information Source: Grand View Research