IMARC Group, a leading market research company, has recently releases report titled “Road Safety Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The study provides a detailed analysis of the industry, including the global road safety market size, share, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the road safety market?
The global road safety market size reached US$ 4.11 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.28 Billion by 2028, exhibiting a growth rate (CAGR) of 12.1% during 2023-2028.
What is Road Safety?
Road safety encompasses a set of principles and practices aimed at reducing the risk of accidents, injuries, and fatalities on our roadways. Central to road safety is the concept of minimizing harm through preventive measures and adherence to traffic rules. Key characteristics of road safety include the promotion of responsible behaviour among all road users, such as drivers, pedestrians, and cyclists. It emphasizes the significance of maintaining safe driving speeds, wearing seatbelts, and avoiding distractions like mobile phones while operating vehicles. Additionally, road safety underscores the importance of vehicle maintenance to prevent mechanical failures that can lead to accidents. Features of a road safety framework include well-maintained road infrastructure, clear and effective traffic signage, and robust law enforcement to deter violations. Public awareness campaigns and educational initiatives also play a crucial role in instilling a culture of safety on the roads.
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What are the growth prospects and trends in the road safety industry?
The growing concern for road safety and its direct impact on public well-being is one of the primary factors propelling the expansion of the road safety solutions market. Additionally, the rise of smart cities and advancements in sensor technology are serving as major catalysts for market growth. In line with this, the escalating interest in autonomous vehicles, smart traffic management, and real-time monitoring systems has highlighted the necessity for sophisticated road safety measures, thus fueling the market growth. Besides this, the increasing recognition of the limitations and challenges posed by conventional traffic management systems, such as inefficiency and inaccuracy, has led to a surge in demand for more comprehensive and data-driven solutions. In alignment with this trend, governmental bodies and private enterprises are focusing on implementing intelligent systems for monitoring and enforcement, further accelerating market growth. Furthermore, initiatives from global organizations and local governments aimed at minimizing road fatalities and injuries are creating a positive market outlook worldwide.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Offering:
- Solution
- Enforcement Solution
- ALPR or ANPR (Automatic License Plate Recognition/Automatic Number)
- Incident Detection and Response
- Others
- Service
- System Integration and Deployment
- Support and Maintenance
- Consulting and Training
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Clearview Intelligence Ltd.
- Conduent Business Services LLC
- Cubic Corporation
- Dahua Technology Co Ltd
- Idemia
- Jenoptik AG
- Kapsch TraficCom AG
- Sensys Gatso Group AB
- Swarco AG
- Truvelo (UK) Limited
- Verra Mobility Corporation
- Vitronic GmbH
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