The global road safety market size is expected to reach USD 8.14 billion by 2030 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, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
An upsurge in the number of accidents and fatalities, the efforts by governments to strengthen security, and the emergence of new security initiatives by the national and international government agencies are driving the growth of the safety industry. In addition, several countries are heavily investing in road security to reduce fatalities and serious injuries. For instance, the Government of Australia has directly invested USD 2 Bn towards highway safety. On the other hand, new safety product developments are expected to create lucrative growth opportunities for the industry.
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The incident detection and response solution segment is anticipated to witness the highest growth rate over the forecast period. This is attributed to the need for continuous monitoring of the traffic conditions and detecting traffic queues or incidents. The rising number of road networks around the globe are being equipped with a variety of CCTV cameras and detectors to ensure automated continuous monitoring.
Furthermore, the new incident detection and response solution product developments are projected to create lucrative growth opportunities for the industry during the forecast period. For instance, in March 2021, Hikvision, an IoT solution provider, introduced the All-Rounder ITS camera, the latest traffic product mainly designed for improving safety and optimizing traffic flow.
Asia Pacific is anticipated to witness the highest growth in the global market due to an upsurge in the number of vehicles, an increasing number of accidents, and various government initiatives associated with road safety. In addition, the region is seeing developments in infrastructure development coupled with the emerging trend of smart traffic and transportation.
Market participants such as Conduent, Connected Wise LLC, Clearview Intelligence, Cubic Corp, Dahua Technology, IDEMIA, JENOPTIK, Verra Mobility, FRED Engineering, Kapsch TrafficCom, Kodiak Robotics, Laser Technology, Motorola Solutions, LiveRoad Analytics, Sensys Gatso Group, Siemens, SWARCO, Vebit AI, Traffic Management, and VITRONIC are some of the key players operating in the global market.
Players in the global market are adopting several strategies to expand their geographical presence, develop new applicant tracking systems, and generate novel revenue streams. For instance, in October 2021, Abu Dhabi Police collaborated with the IDEMIA. Under this collaboration, Abu Dhabi Police is projected to implement novel and cutting-edge technology solutions to future proof the road system in the UAE.
Polaris market research has segmented the road safety market report on the basis of solution, services, and region:
Road Safety, Solution Outlook (Revenue – USD Billion, 2018 – 2030)
- Enforcement Solution
- Automatic License Plate Recognition/Automatic Number Plate Recognition
- Incident Detection and Response
Road safety, Services Outlook (Revenue – USD Billion, 2018 – 2030)
- Professional Services
- Managed Services
Road safety, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa