LONDON, April 14, 2016 /PRNewswire/ -- "The increase in road fatality rate will drive the road safety market"
The road safety market size is expected 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%. Major factors contributing to the growth of road safety market are- increasing road accident/fatality rates and growing government regulations and standards for road safety across the globe.
"Automatic license plate recognition solution to gain maximum traction during the forecast period"
The red light enforcement solution is estimated to contribute the largest market share duing the forecast period. Furthermore, due to rise in demand from traffic enforcement, detection, and prevention, automatic license plate recognition solution is expected to gain traction and would grow at the highest CAGR in the next five years. 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.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews were conducted with key people. Break-up of profile of primary participants is as follows:
- By Company Type: Tier 1 – 55 %, Tier 2 – 20% and Tier 3 – 25%
- By Designation: C level – 60%, Director level – 25%, Others – 15%
- By Region: North America – 10%, Europe – 20%, APAC – 40%, RoW – 30%
With the rise in demand for advanced infrastructure development such as Smart City initiatives and new technologies such as driver assistance systems, vehicle lane enforcement systems, incident response systems, automatic number plate recognition systems, the market for road safety is expected to gain traction in the next five years.
The various key road safety vendors profiled in the report are as follows:
2. Kapsch AG
4. Morpho (Safran Group)
5. American Traffic Solutions
6. Information Engineers Group, Inc.
8. Sensys Gatso Group AB
9. Motorola Solutions, Inc.
10. Swarco AG
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the road safety market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across different verticals and regions.
2. The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to better understand the competitors and gain more insights to better their position in the business. The competitive landscape section includes competitor ecosystem, newproduct develpoments, partnerships, mergers and acquisitions.
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