Road Safety Market: Current Analysis and Forecast (2022-2030)

Report Description

The global road safety market is a rapidly growing industry that is focused on improving road safety and reducing the number of road accidents. The market is driven by a number of factors, including the increasing number of vehicles on the road, the growing awareness of the importance of road safety, and advances in technology that are enabling the development of new road safety products and services. The road safety market is highly competitive, with many players operating in the industry. Companies are investing heavily in research and development to develop new technologies and products for improving road safety and are expanding their presence in emerging markets around the world.

Overall, the global road safety market is expected to continue to grow in the coming years, driven by factors such as the increasing number of vehicles on the road, the growing awareness of the importance of road safety, and advances in technology. The market is also expected to be impacted by factors such as changes in government regulations and policies, and the development of new business models and partnerships in the industry.

Some of the major players operating in the market Verra Mobility, Kapsch TraficCom, Jenoptik, Sensys Gatso Group AB, Redflex Holdings, Saferoad Group, Dahua Technology, Conduent, Silicon Labs, and IDEMIA. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst solutions, the automatic license plate recognition/automatic number plate recognition segment has significant growth ”

Based on solutions, the market is segmented into enforcement solution, automatic license plate recognition/automatic number plate recognition, incident detection and response and others. Amongst these, the automatic license plate recognition (ALPR) or automatic number plate recognition (ANPR) segment of the road safety market is expected to have significant growth in the coming years due to a number of factors. One of the main drivers of growth in this segment is the increasing demand for vehicle identification and tracking systems. ALPR/ANPR systems are used to automatically recognize and capture vehicle license plates, and they are used for a variety of applications, such as toll collection, parking management, and law enforcement. The systems are also used for security and access control, and they are used to identify and track vehicles in real-time.

“Amongst services, professional services segment of the road safety market is expected to have significant growth.”

By services, the market is bifurcated into professional services and managed services. Among these, the professional services segment of the road safety market is expected to have significant growth in the coming years due to a number of factors. One of the main drivers of growth in this segment is the increasing demand for road safety consulting and training services. Road safety consulting services are used to help organizations develop and implement road safety programs and policies. These services are used by government agencies, private companies, and non-profit organizations to improve road safety and reduce the number of road accidents.

In addition, the professional services segment includes road safety audit and inspection services. These services are used to assess the safety of roads and infrastructure, and to identify areas for improvement. They are used by government agencies, private companies, and non-profit organizations to ensure that roads and infrastructure are safe and comply with regulations and standards.

“Asia-Pacific is expected to grow at the highest CAGR during the forecasted period.”

The Asia-Pacific region is expected to grow at the highest CAGR (compound annual growth rate) during the forecasted period in the road safety market due to a number of factors. One of the main drivers of growth in this region is the increasing number of vehicles on the road. The number of vehicles in the Asia-Pacific region is expected to continue to grow at a rapid pace in the coming years, driven by factors such as rising incomes, increasing urbanization, and improvements in transportation infrastructure. This increase in the number of vehicles is expected to lead to an increase in road accidents, which will drive demand for road safety technologies and services.Another factor driving the growth of the road safety market in the Asia-Pacific region is the increasing awareness of the importance of road safety. Governments and organizations in the region are increasingly focused on promoting road safety and reducing the number of road accidents. This has led to an increase in investment in road safety technologies and services, and has created opportunities for companies operating in the market.

In addition, the Asia-Pacific region is home to a number of rapidly developing economies, such as China and India, which are investing heavily in transportation infrastructure and implementing new road safety regulations and policies. This is driving demand for road safety technologies and services in the region, and is creating opportunities for companies operating in the market.

 Road Safety Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global road safety market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Road Safety Market Analysis (2022-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global road safety market were the three major steps undertaken to create and analyze the adoption of road safety in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global road safety market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the road safety market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the road safety market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as solution and services . Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the road safety market. Further, we conducted factor analysis using dependent and independent variables such as product, technology, and end-users of the road safety market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the road safety market sector across the globe.

 Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global road safety market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the road safety market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global road safety market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global road safety market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, technology, and end-users in the global road safety market.

The main objective of the Global Road Safety Market Study

The current & future market trends of the global road safety market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the road safety market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the solution and services
• Define and analysis of the regulatory framework for the road safety industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the road safety market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the road safety market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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