Road safety market worth US$3.63 billion by 2020

According to a new market research report, Road Safety Market by Solution (Red Light Enforcement, Speed Enforcement, Incident Detection Systems, Bus Lane Compliance, Automatic License Plate Recognition), by Service, by Region - Global Forecast to 2020, published by 6418 MarketsandMarkets, the size of the road safety market is estimated to grow from US$2.35 billion in 2015 to US$3.63 billion by 2020, at a compound annual growth rate (CAGR) of 9.1 per cent. With an increase in the number of road fatality rate, the need for road safety is growing rapidly across the globe.

According to the report, the increase in road accidents and fatalities is driving the need for deployment of road safety solutions and the market is expected to grow with special attention on improving road safety and public safety infrastructure. In addition, as government regulations and standards pertaining to road safety need to be implemented and enforced by countries globally, the market for road safety is expected to gain traction.

Red light enforcement solutions are expected to dominate the road safety market from 2015 to 2020 with the largest market share. Automatic license plate recognition solutions are expected to play a key role in changing the road safety landscape and will grow at the highest growth rate during the forecast period, as these solutions are increasingly being adopted in traffic enforcement, detection and prevention for road safety.

Consulting and system integration services are expected to contribute the largest market share in the road safety market and are also expected to grow at the highest rate from 2015 to 2020. The market is also projected to witness growth in the managed services as well as training, support and maintenance services, during the forecast period.

The report says that North America is expected to have the largest market share and would dominate the road safety market from 2015 to 2020, due to presence of a large number of road safety vendors. APAC offers potential growth opportunities for growth of the road safety market, as countries in APAC are investing heavily to increase the development of critical infrastructure comprising highways and bridges, urban roads and tunnels.

Major vendors in the road safety market include 129 Swarco group, 81 Kapsch Group, 79 Jenoptik, 112 Redflex, 17 American Traffic Solutions and others.