Road Safety Market to Grow by USD 1.80 Billion (2024-2028), Rise in Road Accidents Driving Growth, Report Highlights How AI is Redefining the Market - Technavio

NEW YORK, Sept. 26, 2024 /PRNewswire/ -- Report with market evolution powered by AI- The global road safety market size is estimated to grow by USD 1.80 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  9.45%  during the forecast period. Increase in number of road fatalities or accidents is driving market growth, with a trend towards adoption of connected vehicles and connected road infrastructure. However, lack of standardized and uniform technologies  poses a challenge. Key market players include Altumint, Belcons International doo, Clearview Intelligence Ltd., Conduent Inc., Cubic Corp., Dahua Technology Co. Ltd., IDEMIA France SAS, IEG America, Jenoptik AG, Kapsch TrafficCom AG, Laser Technology Inc., Motorola Solutions Inc., Sensys Gatso Group AB, Siemens AG, Stein Bildverarbeitungssysteme GmbH, SWARCO AG, Syntell Pty. Ltd, Teledyne Technologies Inc., and Verra Mobility Corp..

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Market Driver

Connected vehicles and smart traffic lights are revolutionizing road safety through the Internet of Things (IoT). Vehicles can connect with mobile devices and be monitored and managed wirelessly. Smart traffic lights use cameras and radar sensors to detect real-time traffic flow and adjust signals accordingly, improving safety for vehicles and pedestrians. These systems are automated and linked to a main control room, where operators analyze camera footage to manage traffic patterns. The integration of connected vehicles and smart traffic lights will significantly drive the growth of the global road safety market. 

The Road Safety Market is experiencing significant growth due to increasing road traffic injuries and fatalities worldwide. Government agencies are prioritizing section enforcement and upgrading infrastructure to improve highway safety. Road safety products, such as incident detection systems and surveillance, play a crucial role in identifying and responding to traffic accidents. Smart cities and megacities are investing in security spending to enhance public safety and traffic mobility. Consulting and planning services are in high demand for implementing safety programs and initiatives. The threat landscape includes motorization and urbanization, making intelligent corridor and tag-based solutions essential for effective traffic management. Safety authorities collaborate with the National Safety Council and Land Transport Authority to address road accidents and improve health conditions. Upgrading road infrastructure and implementing advanced technologies are key trends in this market. 

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Market Challenges

• The global road safety market faces challenges due to varying traffic regulations across countries. For instance, the US follows a left-driving rule, while European countries adhere to right-driving rules. These inconsistencies necessitate customized road safety solutions, hindering the development of standardized offerings. Additionally, many countries lack the financial resources to implement advanced road safety technologies fully. This resource constraint creates gaps in the adoption of road safety solutions, posing challenges to market growth during the forecast period.
• The road safety market is experiencing significant growth due to the increasing demand for advanced technologies to ensure transportation safety and mobility. Key challenges include capturing granular data on pedestrian, cyclist, and vehicle movement at intersections and capturing real-time images for ALPR/ANPR. Road safety solutions require integration of hardware components like cameras, radars, sensors, and software like Image-Processing, GIS, GPS, and Big Data. Communication and workflow protocols are essential for mass adoption, with a common protocol ensuring seamless data sharing between systems. Threats include social media misinformation and environmental impact. Road safety market offerings include smartphone applications, drones, virtual-reality simulators, and back-office systems for railroad crossing safety, red light enforcement, and speed enforcement. Data security is paramount, with solutions incorporating data encryption and access control. The market is expected to continue growing, driven by the need for road safety solutions that address road user behavior, road characteristics, operational environment, and road safety factors.

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Segment Overview

This road safety market report extensively covers market segmentation by

1. Component 
• 1.1 Solution
• 1.2 Services
2. Geography 
• 2.1 North America
• 2.2 Europe
• 2.3 APAC
• 2.4 Middle East and Africa
• 2.5 South America

1.1 Solution-  The Road Safety Market is a significant business sector focusing on providing products and services to ensure safe travel on roads. This includes vehicle safety systems, infrastructure solutions, educational programs, and emergency response services. Companies in this market aim to reduce accidents and save lives through innovation and collaboration with governments and organizations. They offer advanced technologies like collision avoidance systems, road sensors, and traffic management software to enhance road safety. The market is expected to grow due to increasing vehicle sales, government regulations, and rising awareness about road safety.

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Research Analysis

The Road Safety Market encompasses various solutions and services aimed at ensuring the safe transportation of goods and people on roads. In the current context, with the freight system playing a crucial role in the supply chain of essential goods, road safety has taken on renewed importance. Digital services, such as real-time traffic mobility information and advanced driver assistance systems, are transforming the transport sector, enhancing safety and efficiency. Road safety products, from highway safety barriers to vehicle safety systems, are essential for reducing road fatalities and ensuring the safety of transport operators and other road users. Safety authorities and traffic management systems work together to enforce regulations, manage congestion, and maintain optimal traffic flow, all contributing to the overall goal of enhancing road safety. The National Safety Council and other organizations play a vital role in advocating for road safety initiatives and raising awareness about best practices.

Market Research Overview

The road safety market encompasses various solutions and technologies aimed at enhancing transport safety in the freight system and ensuring the well-being of essential workers. Digital services play a crucial role, including traffic management solutions, transport demand management, and digitalization of business operations. Latest technologies such as computer vision, IoT sensors, artificial intelligence, and traffic management tools are employed to analyze granular data on pedestrian, cyclist, and vehicle movement. Road safety factors include road user behavior, road characteristics, and operational environment. Hardware components like cameras, radars, and sensors are integrated with communication protocols and back-office systems for mass adoption. Transportation safety solutions encompass mobility, environmental impact, and threat landscape considerations. Road safety data is collected and analyzed using technologies like ALPR/ANPR, incident detection systems, and surveillance. Government agencies and transportation operators collaborate on programs and initiatives to reduce road traffic injuries and fatalities. Road infrastructure upgrading and smart city development are key areas of investment, with spending on security and surveillance increasing in the face of evolving threats. Transport modes like railroad crossing safety, bus lanes, and speed enforcement are addressed through specialized solutions. Virtual-reality simulators, social media, and drones are also utilized in road safety efforts. Big Data analysis is integral to understanding road safety trends and optimizing road safety solutions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Component
• Solution
• Services
• Geography
• North America
• Europe
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio