New York, NY, June 28, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Road Safety Market By Solution (Red Light Enforcement, Speed Enforcement, Bus Lane Enforcement & Section Enforcement, Automatic License Plate Recognition/Automatic Number Plate Recognition, Incident Detection & Response, and Others) and By Service (Consulting & Training, Support & Maintenance, System Integration & Deployment, and Managed Services): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025’’. According to the report, the global road safety market was around USD 2.66 billion in 2018 and is expected to reach approximately USD 5.16 billion by 2025, at a CAGR of slightly above 10.14% between 2019 and 2025.
Solutions and services that avert and decline the risk of accidents, avoid unpredictable vehicle movements, maintain traffic discipline, and ensure safe travel for commuters fall under the umbrella of road safety measures or solutions. The rapid population increase, growth in the mobility of vehicles, and an increase in the demand for transportation system are major factors driving the global road safety market. Moreover, the rising number of stringent government regulations and the continuously increasing road accidents have forced governments to make changes in their existing safety norms, which have propelled the road safety market growth globally.
Browse through 37 Tables & 24 Figures spread over 168 Pages and in-depth TOC on “Global Road Safety Market: Solutions, Service, Size, Share, Industry Segments, Analysis and Forecast, 2018–2025”.
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Increasing development of smart infrastructure, construction of safer roads for cyclists and pedestrians, and the implementation of safer driving measures will eventually lower fatal injuries and contribute to the global road safety market. Furthermore, smart city projects will also initiate the adoption of smart transportation techniques like automated traffic assistance, parking, traffic management, and predictive traffic analytics, which, in turn, will improve road safety. However, the lack of awareness and budget constraints related to road safety may restrain the road safety market growth in the years ahead.
The solution segment of the global road safety market includes speed enforcement, red light enforcement, bus lane enforcement and section enforcement, automatic license plate recognition/automatic number plate recognition, incident detection and response, and others. By service, the market includes support and maintenance, consulting and training, system integration and deployment, and managed services. System integration and deployment and consulting and training segments are likely to contribute major market shares in the years ahead, due to the rising demand for these services.
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North America is a technologically advanced and financially-stable region, which is likely to hold a considerable share of the global road safety market over the estimated time period. Moreover, the rise in government spending on road safety equipment is fuelling the regional market. Furthermore, the increasing number of smart city projects in the region has resulted in the need for better safety initiatives that have encouraged the government to install red light enforcement system, which has impacted the market positively.
The European road safety market will witness notable growth over the forecast time period, owing to the adoption of response solutions and incident detection solutions. These solutions help in detecting obstacles, such as traffic slowdown, traffic congestion, stopped vehicles, and wrong-way vehicle entries. They also help in notifying the manual operators and deal with situations resulting in managed traffic, fewer collisions, and enhanced road safety.
Browse the full “Road Safety Market By Solution (Red Light Enforcement, Speed Enforcement, Bus Lane Enforcement & Section Enforcement, Automatic License Plate Recognition/Automatic Number Plate Recognition, Incident Detection & Response, and Others) and By Service (Consulting & Training, Support & Maintenance, System Integration & Deployment, and Managed Services): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/road-safety-market
The Asia Pacific region is expected to grow substantially in the global road safety market, owing to the numerous safety measures taken by the government and positive economic growth in the region. India, China, and Australia have introduced different strategies to introduce changes in the planning and implementation of security measures to overcome road incidents. Moreover, technological developments and increasing population in these regions are driving the demand for long distance commute and public transport. The automation in the road safety market is another driving factor for the region’s road safety market, as it eliminates chances of error.
Vehicle safety in Latin America lags behind but will soon be experiencing good market growth. Vehicle safety standards are a crucial strategy to improve road safety. Moreover, to overcome fatal road incidents in the last few years, the “Brazilian Federal Law” has created an “Investment Partnerships Program (IPP)” in which numerous projects were qualified and have achieved significant result till now. Privatization of various Brazilian federal government organizations has resulted in regional progress, which is anticipated to fuel the road safety market in the future. The Middle East and Africa will witness a decline in the number of road incidents over the forecasted time period, as Abu Dhabi is implementing various measures to reduce road accidents and foster safety. The nation reported the installation of speed bumps across the capital to slow down traffic and reduce speed-related accidents. The plan for road safety also includes improved pavements for pedestrian crossing.
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Some major players of the global road safety market include Sensys Jenoptik, Gatso Group, Kapsch Trafficcom, Redflex Holdings, Idemia, FLIR Systems, American Traffic Solutions, Motorola, Swarco, and Siemens.
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This report segments the global road safety market into:
Global Road Safety Market: Solution Analysis
- Red Light Enforcement
- Speed Enforcement
- Bus Lane Enforcement and Section Enforcement
- Automatic License Plate Recognition/Automatic Number Plate Recognition (ALPR/ANPR)
- Incident Detection and Response
- Others
Global Road Safety Market: Service Analysis
- Consulting and Training
- Support and Maintenance
- System Integration and Deployment
- Managed Services
Global Road Safety Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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