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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Ken Research
Ankur
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