PUNE, India, December 18, 2015 /PRNewswire/ --
According to a new market research report, "Road Safety Market by Solution (Red Light Enforcement, Speed Enforcement, Incident Detection Systems, Bus Lane Compliance, Automatic License Plate Recognition), by Service, by Region - Global Forecast to 2020", published by MarketsandMarkets, the Road Safety Market size is estimated to grow from USD 2.35 Billion in 2015 to USD 3.63 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 9.1%. With an increase in the number of road fatality rate, the need for road safety is growing rapidly across the globe.
Browse 44 market data Tables and 47 Figures spread through 121 Pages and in-depth TOC on "Road Safety Market"
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The increase in road fatality rate will drive the Road Safety Market
The increase in road accidents and fatalities is driving the need for deployment of road safety solutions and the market is expected to grow with special attention on improving road safety and public safety infrastructure. Furthermore, as the government regulations and standards, pertaining to road safety, needs to implemented and enforced by countries globally, the market for road safety is expected to gain traction.
Automatic license plate recognition solution to play a key role in the Road Safety Market
Red light enforcement solution is expected to dominate the Road Safety Market from 2015 to 2020 with the largest market share. Automatic license plate recognition solution is expected to play a key role in changing the road safety landscape and will grow at the highest growth rate during the forecast period, as these solutions are increasingly being adopted in traffic enforcement, detection and prevention for road safety.
Consulting and system integration services to gain traction during the forecast period
The consulting and system integration services is expected to contribute the largest market share in the Road Safety Market and is also expected to grow at the highest rate from 2015 to 2020. The market is also projected to witness growth in the managed services as well as training, support and maintenance services, during the forecast period.
North America expected to contribute the largest market share, APAC to grow the fastest
North America is expected to have the largest market share and would dominate the Road Safety Market from 2015 to 2020, due to presence of a large number of road safety vendors. APAC offers potential growth opportunities for the Road Safety Market to grow, as countries in APAC are investing heavily to increase the development of critical infrastructure comprising highways and bridges, urban roads and tunnels.
The major vendors in the Road Safety Market include Swarco group, Kapsch Group, Jenoptik, Redflex, American Traffic Solutions, Inc., and others.
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MarketsandMarkets segments the Road Safety Market on the basis of solutions, services, and regions. The report covers regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and Latin America. The report also covers detailed information regarding the major factors influencing the growth of the Road Safety Market, such as drivers, restraints, challenges, and opportunities.
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