This market study analyzes the market status, market share, growth rate, future trends, market drivers, opportunities, challenges, risks, entry barriers, sales channels, distributors and Porter's Five Forces Analysis. Global Road Safety market analysis report plays very essential role when it is about achieving an incredible growth in the business. It has been believed that the premium market research report is the one which is pertinent, unique, and creditable that employs proven tools and techniques to turn complex market insights into simpler version. Whether it is about renovating a business plan, preparing a presentation for a key client, or giving recommendations to an executive, Road Safety market report will surely help to a degree.
Data Bridge Market Research analyses that the global road safety market, which was USD 4,965.33 million in 2023, is expected to reach USD 10,721.29 million by 2031, at a CAGR of 10.1% during the forecast period 2024 to 2031. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Market Overview:
Road safety encompasses measures aimed at reducing the risk of road traffic injuries and fatalities, extending to cyclists, pedestrians, and motorcyclists, including car occupants. The surge in road accidents, particularly in regions lacking adequate safety infrastructure, underscores the urgent demand for road safety solutions to mitigate these incidents.
Recent Developments
l In May 2023, Nokia launched new Core network software solutions tailored for public safety and power utility field and wide area network (FAN/WAN) needs. This expansion broadens Nokia's portfolio for large-scale, mission-critical enterprises and governments, showing its commitment to pioneering private wireless solutions in the industry
l In March 2022, Melbourne debuts the world's smartest traffic management system along Nicholson Street, spanning 2.5 kilometers. Equipped with cutting-edge technology such as sensors, cloud-based AI, and machine learning algorithms, the Intelligent Corridor aims to minimize congestion, enhance road safety for all users, and reduce emissions from congested traffic, benefiting cars, pedestrians, and cyclists
l In March 2022, Sensys Gatso Group secures a contract to supply traffic enforcement products and services to the Belgian Walloon government. Through its subsidiary, Sensys Gatso Netherlands, the company will provide T-series systems and associated services for approximately SEK 6 million (USD 575,000), contributing to enhanced traffic safety and compliance
l In February 2021, Motorola Solutions, Inc. launched its Video-as-a-Service offering, including the V300 body-worn camera, cloud-based support, and digital evidence management software. This strategic product expansion, designed for law enforcement agencies, contributes to the road safety market by providing comprehensive solutions for enhanced surveillance, accountability, and incident management on roadways.
Some of the major players operating in the global road safety market are:
l JENOPTIK AG (Germany)
l Sensys Gatso Group AB (Sweden)
l SWARCO (Austria)
l IEG America (Canada)
l Syntell (Pty) Ltd (South Africa)
l Kapsch TrafficCom AG (Austria)
l Redflex Holdings (Australia)
l Teledyne FLIR LLC (U.S.)
l Cubic Corporation (U.S.)
l Truvelo (UK) Limited (U.K.)
l ALTUMINT (U.S.)
l Laser Technology, Inc. (U.S.)
l Motorola Solutions, Inc. (U.S.)
l Verra Mobility (U.S.)
l Siemens (Germany)
l Dahua Technology Co., Ltd (China)
l Clearview Intelligence Limited (U.K.)
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