LOS ANGELES, Aug. 03, 2021 (GLOBE NEWSWIRE) -- The Global Road Safety Market is anticipated to grow at a CAGR of around 12.0% during the forecast period 2021 to 2028 and to reach around US$ 7.7 Bn by 2028.
Deployment of smart sensors on roads and use to real time analytical software’s are augmenting the global road safety market growth.
The market in North America is expected to account for major revenue share in the global road safety market due to rising road accidents in the region. Noticeable increase in the number of accident cases in hospitals and rising awareness among consumers related to safety is resulting in demand for road safety solutions. According to U.S. Department of Transportation's Fatality Analysis Reporting System (FARS), around 33,244 motor accidents occurred in 2019, in which 36,096 people died. These accidents resulted in 1.11 death per 100 million miles travelled and 11 deaths per 100,000 people. Government is spending high on development of smart cities; their approach towards deployment of safety sensors, road monitoring, etc. for safe and swift transportation.
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Major players are investing high in product development and their approach towards introduction of new smart solutions is expected to augment the growth of regional market. In 2021, Lindsay Corporation, global provider of innovative infrastructure & technology solutions launched “RoadConnect.” The product is cloud-based remote asset monitoring platform for the transportation industry with the focus to improve operational efficiency and overall road safety. Players approach towards acquisition in order to enhance the product portfolio and increase the customer base this is expected to support the growth of target market. In 2020, the company also acquired Elecsys Corporation, a global provider of machine-to-machine (M2M) technology solutions and custom electronic systems. The acquisition is expected to help the company to enhance the product offerings and increasing the customer base.
The market in Asia Pacific is expected to witness faster growth in the target market due to increasing government spending on development of smart transportation system. Government of developing countries is spending high on enhancing the transportation sector infrastructure. They are approaching towards building roads with smart technologies with the focus to collect & analyze data to improve traffic management and cater the transportation needs on long term basis. Presence of large number of electronic manufacture operating in the country and introduction of new sensors is expected to support the market growth in this region.
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Technologies such as IoT sensors, cameras, radar, etc. are witnessing rapid development and their adoption to streamline the traffic and improve the congestion to avoid accidents through real time analysis is gaining importance. Introduction of new business policies by the government and emergence of small & mid- size enterprise with innovative solutions is expected to boost the market growth.
Rising highway safety concern among the government of developed and developing countries and approach towards lowering the road accidents through deployment of enhanced smart solutions are major factors expected to drive the growth of global road safety market. Enterprises are investing high for R&D activities and approach towards new service & product launch is augmenting the road safety market growth.
In 2021, eSentire launched emergency incident response, digital forensics investigations and security incident response planning services with the focus to enhance its product portfolio. The service launch is expected to attract new customers and increase the revenue share.
In 2021, Motorola Solutions, Inc a global electronic company launched video-as-a-service product. The service caters to the law enforcement agencies by combined body-worn cameras, cloud-based support and digital evidence management software. The launch is expected to help the company enhance the business.
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Factors such as technical glitches and lack of required infrastructure for supporting the advanced smart devices are factors expected to hamper the growth of global road safety market. In addition, cost-effective product launch by regional players is expected to challenge the growth of target market. However, increasing investment by major players, changing government regulations and new product launches by enterprises are factors expected to create new opportunities for players operating in the road safety market over the forecast period. In addition, focus towards enhancing the business through strategic partnership is expected to support the revenue transaction of target market.
The global road safety market is segmented into component, technology, and service. The technology segment is divided into surveillance, sensors-based devices, radar, and analytics. Among technology the sensors-based devices segment is expected to account for major revenue share in the global road safety market. The component segment is bifurcated into solutions and services. Players profiled in the global road safety market are JENOPTIK AG, INFORMATION ENGINEERING GROUP INC., Sensys SWARCO, Syntell (Pty) Ltd, Gatso Group AB, Kapsch TrafficCom AG, FLIR Systems, Inc., Redflex Holdings, and Cubic Corporation.
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