The Global Road Safety Market was valued at USD 2.64 billion in 2016 and is projected to reach USD 5.95 billion by 2025, growing at a CAGR of 9.45% from 2017 to 2025.
Road safety refers to the methods and measures used to prevent road users from being killed or seriously injured. Road safety provides many benefits some of which include increased safety on roads, less maintenance required, reduced traffic jams and congestion. Road safety helping the business sector including cloud service providers, system integrators, software providers, road safety provider, and government councils. Market Dynamics:
1. Market Drivers
1.1 Growing Urbanization
1.2 Increasing Government Regulations for Road Safety
1.3 Development of Smart Cities
1.4 Growing Road Accidents
1.5 Growing Demand for Transportation Systems
2. Market Restraints
2.1 Budget for Road Maintenance and Road Technologies Implementation
2.2 Barrier to Implement Advanced Road Safety InfrastructureMarket Segmentation:
The Global Road Safety Market is segmented on the basis of service, solution, and region.
1. By Service:
1.1 Professional Services
1.1.1 Training, Support and Maintenance
1.1.2 Consulting and System Integration
1.1.3 Risk Assessment and Analysis
1.2 Managed Services
2. By Solution:
2.1 Speed Enforcement
2.2 Automatic License Plate Recognition
2.3 Red Light Enforcement
2.4 Bus Lane Compliance
2.5 Incident Detection System
2.7 Others3. By Region:
3.1 North America (U.S., Canada, Mexico)
3.2 Europe (Germany, UK, France, Rest of Europe)
3.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
3.4 Latin America (Brazil, Argentina, Rest of Latin America)
3.5 Middle East & AfricaCompetitive Landscape:
The major players in the market are as follows:
1. Kapsch Trafficcom AG
2. American Traffic Solutions, Inc
3. Sensys Gatso Group Ab
5. Jenoptik AG
6. Flir Systems, Inc.
7. Redflex Holdings Limited
8. Motorola Solutions Inc.
9. Swarco AG
10. Information Engineers Group Inc
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.RESEARCH METHODOLOGY
Research study on the Global Road Safety Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
Publisher Name : Verified Market Research