Road Safety Market Size Worth $ 11,039.41 Million By 2032 | CAGR: 12.0%

The global road safety market size is expected to reach USD 11,039.41 million by 2032, according to a new study by Polaris Market Research. The report “Road Safety Market Share, Size, Trends, Industry Analysis Report, By Solution (Enforcement Solution, Automatic License Plate Recognition/Automatic Number Plate Recognition, Incident Detection and Response, Others); By Services; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The demand for security in the road safety market has increased due to the need to ensure the safety of vehicle operators, pedestrians, and passengers. A notable rise in accidents and fatalities has created a market demand for security solutions. Furthermore, governments worldwide are taking steps to enhance security, which further drives the growth of the global road safety market.

Government agencies at the national and international levels are introducing new initiatives to strengthen security, thereby contributing to the growth of the road safety market. For instance, in October 2021, the United Nations launched an industry promoting using artificial intelligence (AI) to enhance safety measures. These initiatives highlight the importance of security and encourage the adoption of advanced safety technologies.

Additionally, introducing innovative safety solutions presents lucrative growth opportunities for the global market. For example, in March 2022, the Victorian Department of Transport and Kapsch TrafficCom unveiled the 'Intelligent Corridor' project in Nicholson Street, Carlton. This advanced traffic management system aims to reduce traffic congestion and improve safety.

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The road safety market is experiencing several growth trends shaping its development. These include the increasing adoption of advanced driver assistance systems (ADAS) in vehicles, the rise of connected cars and smart transportation systems, a growing focus on the safety of vulnerable road users, the integration of artificial intelligence (AI) and machine learning (ML) technologies, the investment in smart infrastructure to improve road safety, and the growing importance of data analytics and predictive modeling. These trends reflect the industry's commitment to leveraging technology, data, and connectivity to enhance road safety and prevent accidents.

Road Safety Market Report Highlights

• The enforcement solution segment dominated the market in 2022. It will continue its dominance over the forecast period due to the growing demand for enforcement solutions in road safety fosters collaborations among key market players to meet requirements of implementing traffic rules and regulations, including speed control, section control, and bus lane compliance.
• The professional services segment is anticipated to hold the highest CAGR over the forecast period. The rising adoption of safety solutions fuels professional services such as system integration, consulting, training, and support, which are crucial for designing, implementing, and upgrading road and traffic infrastructure.
• North America dominated the market in 2022 due to initiatives taken by the government and investments in safety measures in this region.
• The global key market players include FRED Engineering, VITRONIC, Siemens, Sensys Gatso Group, Laser Technology, Cubic Corp, Conduent, Clearview Intelligence, Verra Mobility, SWARCO, JENOPTIK, Dahua Technology, Connected Wise LLC, Traffic Management, IDEMIA, Kapsch TrafficCom, LiveRoad Analytics, Motorola Solutions, Kodiak Robotics, and Vebit AI.

Polaris Market Research has segmented the Road Safety market report based on solution, services, and region:

Road Safety, Solution Outlook (Revenue - USD Million, 2019 - 2032)

• Enforcement Solution
• Automatic License Plate Recognition/Automatic Number Plate Recognition
• Incident Detection and Response
• Others

Road Safety, Services Outlook (Revenue - USD Million, 2019 - 2032)

• Professional Services
• Managed Services

Road Safety, Regional Outlook (Revenue - USD Million, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Road Safety Market Report Scope