Road Safety Market in Professional Services is Projected to Grow Exponentially by 2024

The Road Safety Market report research highlights key dynamics of the global sector. The potential of the industry has been investigated along with the key challenges. The current market scenario and prospects of the sector has also been studied.

Based on services, the road safety market is sub-segmented into professional services and managed services. Professional services are further segmented into risk assessment and analysis, training, support and maintenance, and consulting and system integration. Professional services have a huge share in the road safety industry owing to the improvement of operational efficiency, business productivity, and wise financial management. Consulting and system integration services are the major contributor due to the increase in demand for these services followed by support, training, risk measurement, and maintenance services.

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Rapid urbanization also results in the infrastructural development, especially of highways and bridges, which have a positive impact on the road safety market. Road safety is a method that assists road users from getting seriously injured or killed owing to the rising fatal accidents, threats, and natural as well as unnatural disasters. Furthermore, the increasing number of crimes , terrorist attacks, and other natural disasters are also boosting the road safety industry growth.

The road safety market can be segmented on the basis of solutions, services, and technology. Based on solutions, the road safety industry is sub-segmented into automatic license plate detection, bus lane compliance, red light enforcement, speed enforcement, and incident detection system. Red light enforcement dominates the industry as it is one of the safest control systems, easy-to-install, and is also cost-effective. Furthermore, governments of various countries are adopting these services owing to the rise of smart cities and safety initiatives.

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Based on technology, the road safety market is segmented on the basis of radar and sensor-based devices, analytics, and surveillance. Growing traffic volumes require sensor-based devices to handle both urban and non-urban traffic. Advanced driver assistance system uses sensor technology, which aids drivers in different traffic and weather conditions. These sensors assist the drivers by providing necessary information such as lane departure warning, high-beam assist, and collision warning. Hence, the sensor-based devices are anticipated to witness a huge demand over the forecast time span.

Asia Pacific is the fastest growing region in the road safety market due to the economic growth and various government initiatives to support road safety measures. Countries, such as India, China, and Australia, have adopted various strategies to introduce changes in the implementation and planning of security measures for optimizing the roadways security.

The main players operating in the road safety market include Motorola Solutions, American Traffic Solutions, Rad Data Communication, Jenoptik, Kapsch AG, Swarco AG, Redflex, Thales, Tyco, Alcatel-Lucent, and Siemens AG.

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