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The increasing number of road facilities, advance transportation infrastructures, and road accidents has generated the necessity to maintain public safety. For instance, according to the World Health Organization (WHO), the massive number of road traffic accidents attributed to nearly 1.35 million deaths every year. Thus, road safety solutions are implemented by the authorities to prevent road users from getting injured. Road safety refers to maintaining traffic discipline and prevent road accidents to ensure commuters' safety. Furthermore, the rising urbanization and the growing need for mobility are fuelling the demand for road safety solutions.
The government is initiating rules and regulations to enhance road safety in order to reduce the number of road accidents, which is driving the growth of the road safety market. For instance, the National Safety Council working under the federal government of the U.S. launched the Road to Zero initiative that will help to eliminate traffic mortalities by 2050. This initiative focuses on adopting safe and technologically advanced systems to end traffic accident mortalities. Additionally, the government is investing in the development of road infrastructure to enhance the traveling experience of the passengers without compromising the safety of the mobility environment. For example, the Land Transport Authority (LTA) of Singapore and Intelligent Transportation Society Singapore (ITSS) jointly developed the Smart Mobility 2030 strategic plan, which is sanctioned by the Singapore Government to provide sustainable smart mobility solutions for commuters. Thus, the demand for road safety solutions is increasing rapidly in the market.
However, insufficient funding for uniform and advanced technologies in developing economies is one of the factors limiting the market growth of road safety.
Key Market Driver -
Favourable government initiatives to enhance road safety
Key Market Restraint -
Insufficient funding for uniform and advanced technologies in developing economies
Based on the component, the market is segmented into solutions and services. By solutions, the market is further segmented into red light enforcement, speed enforcement, bus lane enforcement and section enforcement, automatic license plate recognition/automatic number plate recognition (ALPR/ANPR), incident detection and response and others. By services, the market is further segmented into consulting, support and maintenance, and integration and deployment.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The major companies in the global road safety market report include RAD, Verra Mobility, FLIR System Inc., Kapsch TrafficCom, eTrans Solutions Pvt. Ltd., Conduent Business Services, LLC., Huawei Technologies Co., Ltd., 3M, Saferoad Holding AS, and Jenoptik.
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The global road safety market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America, followed by Europe, dominated the global road safety market in 2018, owing to the increasing availability of technically advanced road safety solutions and the rising number of road vehicles. Furthermore, the favorable government initiatives to enhance public safety is anticipated to fuel the demand for road safety solutions in Asia Pacific. Additionally, the increasing number of road accidents and facilities is driving the road safety market growth in Asia Pacific. Latin America and the Middle East & Africa are projected to register a comparatively higher CAGR by the end of the forecast period.
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