The global road safety market size was worth around USD 3.61 billion in 2023 and is predicted to grow to around USD 14.71 billion by 2032 with a compound annual growth rate (CAGR) of roughly 16.90% between 2024 and 2032.
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Market for Road Safety: Factors of Growth
Road safety is essentially the actions and strategies applied to avoid mishaps on the road. Typical commuters are cyclists, walkers, car passengers, horse-riders, drivers, and public transport users, particularly buses and trains.
The global road safety market is expanding under the influence of growing requirement to lower road congestion and increasing inclination toward commuter road safety. Road safety will enable the need for road safety among commuters throughout the projected time period to be created by increasing attention for new infrastructure developments. Furthermore, the need of road safety services and solutions is expanding since one must control the developing variety of motors and manage their negative effects on social cost and productivity.
This is thus driving the world road safety market forward. Furthermore affecting the road safety industry worldwide are the rising number of commuters and worsening traffic congestion on roadways. Safety on bridges, highways, tunnels, and city roadways is being enhanced by several technologies. Future development of safety precautions for bridges and roads is expected to be fast. On the other hand, the lack of knowledge and financial restrictions about road safety could limit the expansion of the road safety market in next years.
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The Global Road Safety Market is segmented based on product, application and region
Global Road Safety Market: Product Segment Analysis
● Red Light Enforcement
● Speed Enforcement
● Bus Lane Enforcement and Section Enforcement
● Automatic License Plate Recognition/Automatic Number Plate Recognition (ALPR/ANPR)
● Incident Detection and Response
● Others
Global Road Safety Market: Application Segment Analysis
● Consulting and Training
● Support and Maintenance
● System Integration and Deployment
● Managed Services
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The Global Road Safety market profiles key players such as:
● Jenoptik
● Sensys Gatso Group
● Kapsch Trafficcom
● Redflex Holdings
● Idemia
● FLIR Systems
● American Traffic Solutions
● Motorola
● Swarco
● Siemens
The many safety policies implemented by the government and favorable economic development in the Asia Pacific area are likely to drive significant growth in the global road safety market. To help to overcome road events, India, China, and Australia have adopted various approaches to bring changes in the planning and application of security measures. Furthermore driving the demand for long distance travel and public transportation are growing population in these areas and technology innovations.
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