Road Safety System Market Revenue to Cross USD 9.95 billion by 2031| Says Transparency Market Research, Inc.

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Dec 11, 2023, 06:30 ET

Connected vehicles and advanced technologies are expected to drive demand for road safety systems.

WILMINGTON, Del. , Dec. 11, 2023 /PRNewswire/ -- The road safety systems market was valued at US$ 4.02 billion in 2021. Between 2022 and 2031, the market is expected to increase by 10.6% CAGR. The market is expected to reach US$ 9.95 billion by the end of 2031.

Improving road safety begins with managing speed. Speed plays an important role in determining the likelihood of a crash, the degree of injury that occurs, and the chances of death associated with crashes. The revised road safety manual focuses on low- and middle-income countries, where 90% of deaths occur, by putting people and safety first. Speed management is a key feature of mobility systems, emphasizing people and safety rather than vehicles.

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A new manual released by the World Health Organization [WHO] and other partners is designed to help with the scourge of traffic-related deaths and injuries. New case studies, data, and guidance are included in the Speed Management Manual, which provides recommendations on how to set and enforce speed limits, modify roads to reduce speed, implement in-vehicle technologies, educate drivers about speeding dangers, and track the effect of policies and actions.

Road Safety System Market Report Scope:

Report Coverage	Details
Forecast Period	2023-2031
Base Year	2017-2022
Size in 2022	US$ 4.02 Bn
Forecast (Value) in 2031	US$ 9.95 Bn
Growth Rate (CAGR)	10.6 %
No. of Pages	210 Pages
Segments covered	Solutions, Services, Components

Key Findings of the Market Report

Based on solutions, enforcement solutions are expected to dominate the global road safety system market throughout the forecast period.
Based on services professional services are expected to drive demand for road safety systems.
Component-wise, emergency response integration will boost demand for road safety systems in the market.
As advanced road safety technologies become more prevalent in North America, demand for road safety systems is expected to rise.
Road safety regulations in Europe are expected to drive demand for road safety systems in the market.

Global Road Safety System Market: Growth Drivers

Technological advancements are driving the road safety system market. Several technological advances, including advanced driver assistance systems (ADAS), machine learning (ML), artificial intelligence (AI), and connected vehicles, will drive the global market. Improved safety outcomes result from these technologies, which enhance road safety systems' effectiveness and efficiency.
Road safety systems are getting more intelligent with intelligent transportation systems (ITS). Technology-based integrated transportation systems are designed to improve the safety, efficiency, and sustainability of transportation systems.
Smart infrastructure, traffic management, and vehicle-to-vehicle communication are included. Integrating ITS with road safety systems can achieve a comprehensive traffic management and safety system.
As data analytics and data-driven decision-making become more prevalent, road safety systems become more reliant on them. A sensor, camera, or traffic management system can provide valuable insights into accident-prone areas, optimize traffic flow, and implement targeted safety measures.
Collaboration between governments, automotive companies, and technology companies sparks innovation, investment, and knowledge sharing in road safety. Because of these partnerships, road safety solutions are adopted.

Global Road Safety System Market: Regional Landscape

North America is expected to be the leading market for road safety systems. Increasing road accidents and deaths have increased the demand for road safety systems. ADAS (advanced driver assistance systems) and other proactive road safety initiatives fuel the market's growth. North America is experiencing a surge in demand for connected vehicles.
In addition to communicating with other vehicles and infrastructure, connected vehicles can also communicate with pedestrians. A growing market for road safety systems is emerging as connected vehicles become safer.
Regulations governing road safety in the United States have created a conducive environment for adopting road safety systems. Developing advanced road safety technologies encourages the reduction of road accidents, deaths, and injuries.
By 2050, the U.S. government plans to eliminate traffic fatalities through its Road to Zero initiative. A new initiative from the National Safety Council seeks to end traffic fatalities by using safe and advanced services.

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Global Road Safety System Market: Key Players

Several companies account for significant market share in the global road safety system industry, while others possess the potential to grow faster by introducing new services. Expansion of product portfolios and mergers and acquisitions are key strategies key players implement.

American Traffic Solutions (Verra Mobility)
Conduent
Cubic Corporation
Dahua Technology
FLIR Services, Inc.
IDEMIA
Jenoptik
Kapsch TraficCom
Motorola Solutions
Redflex Holdings
Sensys Gatso Group AB
Siemens
Swarco
Teledyne FLIR
Vitronic
Trifoil Kria
Syntell
Simicon

Key Developments

In December 2023, a grant award of $110 million was announced by the Federal Highway Administration (FHWA) of the U.S. Department of Transportation for 19 wildlife crossing projects in 17 states, including four Indian tribes. Throughout the Wildlife Crossings Pilot Program, BIL will make available a total of $350 million over five years.
In December 2023, Yango, one of the world's leading ride-hailing companies, introduced new safety features for UAE users – speeding control and driving-style monitoring – to promote road safety awareness among e-mobility users nationwide.

Global Road Safety System Market: Segmentation

By Solutions

Enforcement Solutions
- Red-light Enforcement
- Speed Enforcement
- Bus Lane Enforcement
- Section Enforcement
Automatic License Plate Recognition/Automatic Number Plate Recognition
Incident Detection and Response
Others

By Services

Professional Services
- Consulting and Training
- System Integration and Deployment
- Support and Maintenance
Managed Services

By Components

Sensors and Cameras
Communication Infrastructure
Control and Processing Units
Algorithms and Software
Display Interfaces
Global Positioning System (GPS)
Emergency Response Integration
Vehicle Monitoring Systems
Traffic Sign Recognition
Others

By Region

North America
Europe
Asia Pacific
Middle East & Africa
South America

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