The global Road Safety Market is expected to grow from USD 3.7 billion in 2021 to USD 5.8 billion by 2026 at a Compound Annual Growth Rate (CAGR) of 9.6% during the forecast period. The increasing number of road accidents and fatalities owing to careless driving and poor weather conditions drive the need for the deployment of road safety solutions.
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Incident detection and Response to have second highest market size during the forecast period
The incident detection system comprises cameras, fire and smoke detecting alarms, and communication networks connected to control room systems. An effective traffic management system provides the ability to identify and respond quickly to incidents on roadways and in tunnels. Incident detection and response solutions help to detect incidents such as collisions, stopped vehicles, and wrong-way drivers in demanding weather conditions. They also help monitor different levels of traffic flow and detect fires in tunnels leading to the higher adoption of incident detection and response solutions.
Managed services segment to have second highest market size during the forecast period
The term outsourcing is commonly used to describe managed services. Managed services are considered important as they are directly related to customer experience. These services help companies remain competitive. Vendors provide managed services throughout the life cycle of the road safety market. These services start from procuring resources to deploying the latest solutions on the roads. They help government agencies reduce costs and deliver high-quality services. Cost reduction generally helps government agencies deploy infrastructures more efficiently, allowing information exchange between the already deployed infrastructure and the new infrastructure, thereby increasing the efficiency of the entire process.
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Europe region to record the second highest growing region in the Road Safety market
Road accidents and their repercussions have been identified as a major societal concern by the European Commission. The considerable rise in vehicular traffic volume worldwide in recent decades, along with the lack of transportation infrastructure, has increased the necessity of monitoring and managing vehicular movements and guaranteeing a smooth flow of traffic. France, Greece, Israel, Italy, and Portugal are some Mediterranean countries where mopeds and motorcycles are largely used as a convenient transport, particularly among young people. Utilization of these in dense traffic areas, such as in busy urban areas and island holiday resorts, leads to high mortality rates and serious injuries. The factors responsible for such incidents include a combination of weak law enforcement of helmet-wearing and drink-driving and a lack of familiarity with local road conditions.
Key and innovative vendors in the Road Safety market are JENOPTIK (Germany), Kapsch TrafficCom (Austria), Sensys Gatso Group (Sweden), IDEMIA (France), Teledyne FLIR (US), Motorola Solutions (US), Verra Mobility (US), SWARCO (Austria), Siemens (Germany), Cubic Corporation (US), Conduent (US), VITRONIC (Germany), Dahua Technology (China), Laser Technology (US), Traffic Management Technology (South Africa), Truvelo (UK), Kria (Italy), Syntell (South Africa), Clearview Intelligence (UK), Simicon (Russia), FRED Engineering (Italy), Kodiak Robotics (US), Humanising Autonomy (UK), Vebit AI (US), Connected Wise LLC (US), Saferoad (Germany), LiveRoad Analytics (US).
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