Traffic safety includes crash cushions, median barrier, truck escape ramps, guardrail & end treatments and breakaway supports for signs & light standards. As countries make road safety a priority and adopt policies and measures to improve road safety, accurate monitoring and evaluation methods are required in providing the information for related to road safety solutions.
According to study, “Global Road Safety Market -By Solutions (Red light enforcement, Speed enforcement, Incident detection & communication system, Bus lane compliance, Automatic license plate recognition, & Others); By Services (Professional services, Managed services); By Technology(Radar & Sensor-based devices, Analytics, and Surveillance); By Regions (Americas, EMEA, and, APAC) Drivers, Opportunities, Restraints, Trends, and Forecast to 2024” some of the major companies that are currently working in the global road safety market are Motorola Solutions, Aabmatica, Rad Data Communication, American Traffic Solutions, Jenoptik AG, Redflex Holdings, 3M, Trifoil, Conduent, Laser Technology, Sensys Gatso Group AB, Swarco AG, Alcatel Lucent, Kapsch TrafficCom AG, Vitronic, Thales Group S.A., Optotraffic, Idemia, Kria, Alcatel-Lucent, Tyco, Clearview Intelligence, Cubic Corp., Truvelo, Syntell, Flir Systems Inc., Traffic Management Technologies, Zhejiang Dahua Technology Co Ltd., Information Engineers Group, Siemens AG. These companies are offering real time traffic flow systems, enforcement suites, and video surveillance solution & communication system to handle traffic obstruction with the elevated reliability for maximizing safety on roads.
Based on type of components, global road safety market is segmented into services components and solutions components. Services components include managed services and professional services (system integration & deployment, consulting & training and support & maintenance). Solution components include incident detection & response, automatic license plate recognition or automatic number plate recognition (ALPR or ANPR) and enforcement solution etc. Enforcement solution is further sub-segmented into speed enforcement, section enforcement, red light enforcement and bus lane enforcement. Based on technology mode, the market is split into analytics technology, radar & sensor-based devices and surveillance technology. Growing traffic volumes need sensor-based technologies to handle both urban & non-urban traffic. Sensors help drivers by providing essential information like lane departure warning, collision warning and high-beam assist. In addition, based on application mode, the market is divided into tunnels, highways, bridges, urban roads and others.
The global road safety market is primarily driven by the increase number of vehicles, increasing number of government initiatives for enhancing road safety, increase in the penetration rate of connected devices, rapid urbanization, increasing number of road accidents or fatalities and growing adoption of cloud computing. Apart from benefits, some of the restraints include growing concerns about privacy & protection of personal information and lack of standardized & uniform technologies. Moreover, the key opportunities include open data movement and public-private partnership ecosystem.
The American region is probable to lead the market, with Canada and U.S. being the forefront adopters of technologies with improved test facilities & rapid implementations backed with enough funding to execute infrastructural projects speedily compared to other regions. The global road safety market is expected to reach US $7.01 billion by 2024, growing at a higher growth rate of 17.1% during the forecasted period. The experience in development due to rise in the number of vehicles on road and increased mobility. In addition, the development of infrastructure protecting pedestrians & cyclists, construction of safer roads, and adoption of safer riding measures to further reduce injuries & adding to the safety among the population.
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Ankur Gupta, Head Marketing & Communications