The road safety market is expected to grow from $3.37 billion in 2014 to $5.73 billion in 2019, at a Compound Annual Growth Rate (CAGR) of 11.2% from 2014 to 2019. In terms of regions, North America (NA) is expected to be the biggest contributor in terms of revenue contribution while the growing markets such as Asia Pacific (APAC), Middle East and Africa (MEA) and Latin America (LA), are expected to experience increased market traction with high CAGR’s, during the forecast period.
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Browse 60 market data Tables and 16 Figures spread through 148 Pages and in-depth TOC on "Road Safety Market - Worldwide Market Forecast (2014-2019)".
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Major driving factors responsible for the growth of the market are the constant need for road safety and public security, new infrastructural development, and traffic congestion and longer commuting. The significant rise in this market is due to development of critical transportation infrastructural facilities, new transportation-related projects across the globe. The increasing threats, catastrophic accidents/fatalities, and natural/unnatural disasters have also been the influencing factors for the market growth.
Some of the systems which are gaining traction and investment from various vendors are red light enforcement system, speed limit enforcement system, bus lane enforcement system, communication system, access control system/vehicle detection system, incident detection system and other systems. The key players for the market are Alcatel Lucent, Siemens AG, Kapsch AG, Saab, Flir Systems, Huawei, Thales and Tyco who are reinforcing their business operations into the emerging markets and offer various systems embedded with various devices and technologies to reduce the overall cost and enhance the efficiency. Also, these vendors have uniquely positioned themselves in the market with propagation of new product developments and lucrative partnerships and acquisitions.
MarketsandMarkets has broadly segmented the market by Types: highways and bridges, urban roads and tunnels; by Systems: red light enforcement system, speed limit enforcement system, bus lane enforcement system, communication system, access control system/vehicle detection system, incident detection system and other systems; by Devices and Technologies: Surveillance and Analytics, radar based, sensor based and others; by Services: consulting and system integration, managed services, training, support and maintenance and risk assessment and analysis; by Regions: North America (NA), Europe (EU), Latin America (LA), Asia-Pacific (APAC), and Middle East and Africa (MEA).
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