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Road Safety Market size is predicted to reach $3.07 billion by 2030, growing at a CAGR of 17.5% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. Increasing industrial applications of Road Safety, including their use in agrochemicals, pharmaceuticals, and water treatment, along with advancements in chemical manufacturing technologies, are poised to propel the market growth, finds IndustryARC in its recent report, titled “Road Safety Market – By Components (Solutions (Enforcement Solutions, Automatic Number Plate Recognition, Incident Detection and Response, Railroad Crossing Safety, School Bus Stop – ARM Enforcement, Back Office Systems and Others), Service (Professional Service, Managed Service), By Offerings (System Integration, Support and Maintenance, Consulting and Training), By Geography – Global Opportunity Analysis & Industry Forecast, 2023-2030”
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North America to Register Highest Growth:
In 2023, North America held the third-largest market share for Road Safety, with 40%, after Europe and South America. In a survey of dentists performed by the American Dental Association during the first week of August, 98.9% of participants claimed they were open, but only 47.6% reported that everything was “business as usual”; 51.3% said they were open but saw “fewer patients than normal.”
Road Safety Market 2024-2030: Scope of the Report
|
Report Metric |
Details |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
CAGR |
17.5% |
|
Market Size in 2030 |
$3.07 billion |
|
Segments Covered |
By Type, By Application, By End-Use and By Region |
|
Geographies Covered |
North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, New Zealand and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa). |
|
Key Market Players |
1. 3M Company 2. Sensys Gatso Group AB 3. Redflex Holdings 4. Conduent 5. Saferoad Group 6. Verra Mobility 7. Silicon Labs 8. Dahua Technology 9. Kapsch TraficCom 10. Jenoptik |
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Road Safety Market Report – Key Takeaways:
The Road Safety market is experiencing notable expansion driven by the increasing adoption of advanced road safety solutions. Technologies such as Automatic Number Plate Recognition (ANPR), incident detection and response systems, and enforcement solutions are becoming integral to improving road safety standards. As governments and municipalities focus on enhancing traffic management and accident prevention, the demand for these sophisticated solutions is growing. Companies that offer innovative and integrated road safety systems are well-positioned to capitalize on this trend and drive market growth.
The growing complexity of road safety systems and the need for continuous operational efficiency are boosting the demand for managed services. Managed services, including system integration, support, and maintenance, are crucial for ensuring the effective functioning of road safety technologies. As infrastructure projects become more sophisticated and widespread, there is an increasing need for professional and managed services to maintain and optimize these systems. Providers that offer comprehensive managed services can tap into this expanding segment and address the evolving needs of road safety stakeholders.
The Road Safety market is witnessing a significant increase in the adoption of specialized solutions for school bus safety. Technologies such as School Bus Stop – ARM Enforcement are gaining traction due to their role in protecting children during school bus pick-up and drop-off. As educational institutions and local governments prioritize child safety, there is a growing demand for effective enforcement solutions that ensure compliance with traffic laws around school buses. Companies that develop and implement these targeted safety solutions are poised to benefit from this emerging trend, contributing to improved road safety for school-aged children.
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Key Opportunity Analysis:
Advancements in Road Safety Technology Integration
The Road Safety market presents significant opportunities through the integration of advanced technologies into road safety systems. Innovations such as intelligent traffic management systems, automated enforcement solutions, and advanced incident detection technologies are driving growth. As cities and municipalities increasingly adopt smart infrastructure solutions to enhance road safety, companies that develop and integrate cutting-edge technology into road safety applications can capture substantial market share and drive industry advancement.
Growth in Smart City Initiatives
The expansion of smart city initiatives globally is creating opportunities for the Road Safety market. Smart city projects focus on integrating technology to improve urban living conditions, including road safety. Technologies such as smart traffic lights, automated vehicle monitoring, and real-time data analytics are becoming essential components of urban infrastructure. Companies that provide innovative road safety solutions tailored for smart city environments can benefit from this trend, supporting safer and more efficient urban transportation systems.
Increasing Adoption of Advanced Enforcement Solutions
There is a growing demand for advanced enforcement solutions in the Road Safety market. Systems such as Automatic Number Plate Recognition (ANPR) and railroad crossing safety technology are becoming critical in managing traffic violations and improving compliance with road safety regulations. As enforcement technology becomes more sophisticated and widespread, companies that offer these advanced solutions are well-positioned to meet the increasing demand for effective road safety management and law enforcement.
Rising Focus on School Bus Safety Solutions
The increasing emphasis on child safety is driving growth in the market for school bus safety solutions. Technologies such as School Bus Stop – ARM Enforcement are gaining prominence due to their effectiveness in protecting children during school bus operations. With heightened public awareness and regulatory pressure to ensure the safety of school children, there is a growing opportunity for companies to develop and deploy specialized road safety solutions tailored to school environments, addressing a critical area of public safety.
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The report also covers the following areas:
Road Safety Market 2024-2030: Key Highlights
Covid and Ukrainian Crisis Impact:
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List of Key Market Players in the Road Safety Market:
The Global Road Safety Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
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