Surveillance Segment to Account for 41.44% Global Road Safety Market Share

Road safety refers to products and services introduced to the market to avoid and decrease the risk of accidents, maintain traffic discipline, control and curb errant vehicle movement, and assure commuters' safety. The median barrier, crash cushions, guardrail, and end treatments are all part of traffic safety, as are truck escape ramps and breakaway supports for signs and light standards. The constant demand for commuter road safety, the reduction of traffic and congestion on the road, new infrastructure development, and longer commutes, among other things, are all expected to improve the total road safety market. There is an ever-increasing demand for road safety solutions and services to ensure that the growing vehicle population does not negatively impact social costs and productivity.

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Data Bridge Market Research analyses that the road safety market is expected to grow at a CAGR of 10.1% in the forecast period of 2021 to 2028 and is expected to reach USD 8,542.86 million by 2028. As the incidence of traffic accidents has increased, so has the use of road safety solutions, fueling the expansion of the road safety market. A growing urban population and high demographic rates, rapid motorization, an increase in the number of road fatalities/accidents, and government measures to promote road safety are driving the road safety market.  

The rising number of vehicles is expected to drive the market's growth rate during the forecast period.

The rising number of traffic accidents and fatalities necessitates the use of road safety solutions, which can assist to reduce traffic fatalities significantly. Speed and red light enforcement, bus lane compliance, and section control are all enforced with the use of enforcement solutions. Incident detection and response systems would identify the place, time, reasoning, and other event-related information. It would cut down on the amount of time it took to respond to a crash. Overall, road safety solutions and services are anticipated to lower the incidence of road fatalities by providing preventative measures.

Report Scope and Market Segmentation

Segment Analysis:

The road safety market is segmented on the basis of component, technology and road type.

• On the basis of component, global road safety market has been segmented into solutions, and services. In 2021, solutions segment is expected to dominate the global road safety market with 63.93% market share due to the rise in the demand of enforcement solution in the developing countries.

In 2021, the solutions segment is projected to hold the largest share of component segment in the road safety market

In 2021, the solutions segment is anticipated to hold the largest share of global road safety market due to the rise in the demand of enforcement solution in the developing countries. The solutions segment is growing with a CAGR of 10.3% in the forecast period of 2021 to 2028.

• On the basis of technology, global road safety market has been segmented into surveillance, sensors-based devices, radar, and analytics. In 2021, the surveillance segment is expected to dominate the global road safety market with 41.44% market share. This is considered the primary and convenient solution for road safety by monitoring the activities or gathering data regarding speed issues, mishaps and accidents with the utilization of surveillance cameras.
• On the basis of road type, global road safety market has been segmented into cities, highways, rural roads, and others. In 2021, cities segment is expected to dominate the global road safety market with 46.80% market share due to the maximum utilization of the road safety solution to avoid traffic congestion and other mishaps.

In 2021, the cities segment of road type segment is anticipated to dominate the road safety market

In 2021, the cities segment of this market will dominate the road safety market due to the maximum utilization of the road safety solution to avoid traffic congestion and other mishaps. The cities segment is expected reach the highest CAGR of 10.5% in the forecast period of 2021-2028.

Major Players

Data Bridge Market Research recognizes the following companies as the major road safety market players in road safety market are JENOPTIK AG (Germany), Sensys Gatso Group AB (Sweden), SWARCO (Austria), INFORMATION ENGINEERING GROUP INC. (Canada),  Syntell (Pty) Ltd (a subsidiary of Hosken Consolidated Investments) (South Africa), Kapsch TrafficCom AG (Austria).   

Market Development

• In February 2021, Motorola Solutions, Inc. announced the launch of Video-as-a-Service offering. The new product included body-worn cameras, cloud-based assistance, and digital evidence management software in one package for law enforcement agencies. The V300 body-worn camera, mounting device, spare battery, and access to digital evidence management are all included in the body-worn camera as-a-service package. The company's product portfolio was expanded by the new product.
• In February 2022, Sensys Gatso Group, signed a 5-year TRaaS contract with Oelwein, Iowa to provide the automated red-light enforcement. This extension displays the Iowa state capitol's Des Moines and Sensys Gatso's tight managed service partnership. Since its inception in 2011, the TRaaS cooperation has expanded to include red light camera systems with "speed-on-green" capabilities, highway speed enforcement systems, and in-vehicle mobile speed enforcement units all throughout the city.
• In November 2021, Kapsch TrafficCom announced the launch of climate-friendly mobility with Traffic Management 2.0 in the City of Vienna. This solution assist in the reduction of emissions and also reduces stress. These include everything from networked traffic lights that help avoid gridlock and turn green for approaching streetcars to an intelligent navigation system that predicts key traffic conditions in real time. It will also take proactive measures to avoid traffic congestion and protect sensitive places such as schools, ensuring enhanced safety along school routes.
• In April 2020, Wolters Kluwer and Vizor Software announced Regulatory Reporting partnership for Singapore market. This will improve the quality of regulatory reporting while also cutting down on the time and effort required to comply with regulations. Wolters Kluwer's OneSumX for Regulatory Reporting will now consume published machine-readable regulatory rules and data models straight from Singapore's regulatory system using the Vizor Reporting API.
• In April 2021, Swarco announced the launch of MyCity 1.0. It is an urban mobility management program designed to address cities' common difficulties connected to increasing urbanization and its associated environmental implications and rapid changes in the types of urban mobility and the IT infrastructure required to support it.

Regional Analysis

Geographically, the countries covered in the road safety market report are U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, Turkey, Belgium, Netherlands, Switzerland, Rest of Europe, China, India, Japan, South Korea, Australia, Singapore, Indonesia, Thailand, Malaysia, Philippines, Vietnam, Rest of Asia-Pacific, South Africa, Egypt, Saudi Arabia, U.A.E, Israel, Rest of Middle East and Africa.

As per Data Bridge Market Research analysis:

North America is the dominant region in road safety market during the forecast period 2021 - 2028

North America will continue to dominate the road safety market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period due to the rapid urbanization and increasing disposable income in this region. U.S. dominates the North America region due to the presence of large manufacturing companies and strict rules and regulations regarding road safety.

Asia-Pacific is estimated to be the fastest-growing region in road safety market the forecast period 2021 - 2028

Asia-Pacific region is anticipated to grow at the highest rate during the forecast period of 2021-2028 due to the infrastructure development and the rising demand to curb traffic congestion as well as road fatalities in the region. China is anticipated to hold the largest market share in the Asia-Pacific region due to increasing population and traffic conditions.

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