Road Safety Market by Component [Solutions (Red Light & Speed Enforcement, Incident Detection & Response, ANPR/ALPR and Others) and Services (Professional Services and Managed Services)]: Global Market Size Estimates and Forecast (2022–2030)

The road safety market crossed US$ 4.5 billion mark in 2022 and is expected to hit US$ 10.24 billion by 2030, recording a CAGR of 10.6% during the forecast period.

Road safety market has been significantly growing with rising traffic volume globally.

The world population increased by approximately 2.5 billion people in the last thirty years. In most nations, especially developing nations, the migration of people from rural to urban areas is increasing at a steady pace. Such a growing urban population put increased stress on the roadways, which has also resulted in increased number of traffic incidents. As per the estimates of the United Nations, around 1.3 million deaths are caused by traffic accidents globally. Incidentally, such accidents cost most countries 3% of their gross domestic product (GDP). Such factors have been promoting the demand for various road safety solutions and services, in turn boosting road safety market growth. Different forms and types of services are availed in the road safety market. Services can include testing the hardware or software installed, operating data processing centers, and shortlisting vendors for road safety system installation. In 2021, SNC-Lavalin was given a contract by the Texas Department of Transportation (DOT) for engineering and consulting services for the Interstate 45 corridor project. The consultation agreement is expected to provide the DOT with several benefits, including improving the safety of the roads. Such collaborations are expected to strongly boost road safety market growth.

Within the report, the road safety market is segmented into component and geography. By component, the road safety market is segmented into solutions and services. On the basis of solutions, the road safety market is further segmented into red light & speed enforcement, incident detection & response, ANPR/ALPR and others. By services, the road safety market is bifurcated into professional services and managed services. Geographically, the road safety market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Artificial Intelligence (AI) and Machine Learning (ML) are expected to empower the growth of futuristic innovations.

Road safety market deals with solutions and services that aid authorities in improving safety of roads. Artificial Intelligence (AI) and Machine Learning (ML) are expected to play a crucial role in the future of the road safety market. The application of AI and ML in road safety is still quite nascent, and most countries are yet to adopt the same. However, that scenario is changing fast, primarily due to the increasing number of connected cars. Additionally, the growing demand for electric vehicles (EVs) and autonomous vehicles (AVs) can help to accelerate the adoption of AI and ML in road safety solutions. Most EVs and AVs are fitted with a host of sensors and collect multivariate data, which can significantly improve the knowledge base of a smart road safety system. Such innovations are expected to continue driving road safety market growth in the future.

Growing interest in smart cities and roadways is a major factor accelerating the road safety market growth.

The world is witnessing a boom in connected devices, and several countries are investing in developing smart cities. Smart cities are technologically advanced urban areas that employ a variety of sensors and electronic methods for gathering data and utilizing it for the betterment of the locality. Smart cities are designed with long-term plans for managing traffic by optimizing transportation logistics and reducing congestion. Hence, along with smart cities, countries are also investing in developing smart roadways to provide a safer vehicle commute. With the increasing adoption of AI (Artificial Intelligence), data from different vehicles can collaborate with data from the smart roadways, and meaningful insights can be obtained. Data from vehicles can be utilized to understand the congestion level at specific road sections, report untoward incidents and enhance road safety among others. Such trends are expected to promote road safety market growth.

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Recent strategic developments in road safety market

The road safety market has undergone several significant developments, and a few of these have been mentioned below:

• In June 2022, Axis Communications, a network video vendor, partnered with the Australian cities of Melbourne and Geelong to convert over 300 CCTV cameras to Axis' PTZ cameras for an unknown fee. The upgraded camera networks in the two cities will help with crime prevention, road safety, traffic control, and infrastructure planning.
• In February 2021, Hikvision, an IoT solution provider specializing in cameras, unveiled its newest traffic product, the All-Rounder ITS camera, which is aimed to improve road safety and traffic flow. The camera is capable of speed detection, traffic violation detection, automated plate identification, and vehicle attribute analysis among others.

The road safety market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Axis Communications AB, Cubic Corporation, SGS SA, SNC-Lavalin Group, Teledyne Flir LLC, Kapsch TrafficCom AG, Sensys Gatso Group, Siemens AG, Hangzhou Hikvision Digital Technology Co., Ltd., and Dahua Technology Co., Ltd. are among the prominent players operating in the road safety market.

Target audience for the report:

• Traffic management software providers
• Traffic camera providers
• Road safety-related service providers
• Road safety-related associations, organizations, forums, and alliances
• Government bodies, such as regulating authorities and policy makers
• Venture capitalists, private equity firms, and start-up companies
• Semiconductor component suppliers
• Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the road safety market has been segmented on the basis of:

• Component:
  • Solutions
    • Red Light & Speed Enforcement
    • Incident Detection & Response
    • ANPR/ALPR
    • Others
  • Services
    • Professional Services
    • Managed Services
• Region
  • North America
  • Europe
  • Asia Pacific (APAC)
  • South & Central America
  • Middle East & Africa
• Companies profiled
  • Axis Communications AB
  • Cubic Corporation
  • SGS SA
  • SNC-Lavalin Group
  • Teledyne Flir LLC
  • Kapsch TrafficCom AG
  • Sensys Gatso Group
  • Siemens AG
  • Hangzhou Hikvision Digital Technology Co., Ltd.
  • Dahua Technology Co., Ltd.