Abstract
Summary
MarketsandMarkets forecasts the global Road Safety Market size is expected to grow USD 3.7 billion in 2021 to USD 5.8 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 9.6% during the forecast period. The increasing number of road accidents and fatalities drives the need for the deployment of road safety solutions.
“By Component, the services to record a larger market share during the forecast period”
The road safety market is segmented into solutions and services. Various parameters have been identified that contribute to the overall growth of the road safety market. Road safety solutions and services are being applied in many industry verticals across regions. Apart from the various parameters that contribute to the market growth, the other factors that are expected to drive the market growth include the expanding urbanization, an increasing number of vehicles and mobility, rise in government initiatives, and technological evolution within infrastructures.
“By Region, Asia Pacific to grow at the highest CAGR during the forecast period”
The Asia Pacific is home to many developing economies, and many countries in this region are adopting new technologies to comply with procedures for increasing the efficiency of financial systems. The key countries include Australia, Japan, Singapore, India, China, and New Zealand. The region is expected to witness the fast-paced adoption of road safety software. The Asia Pacific is estimated to be the fastest-growing Road safety market owing to the rise in the adoption of new technologies, high investments for digital transformation, the rapid expansion of domestic enterprises, extensive development of infrastructures, and increasing GDP of various countries. Rapidly growing economies, such as China, Japan, Singapore, and India, are implementing road safety solutions across multiple business processes to provide effective solutions. The breakup of the profiles of the primary participants is given below:
• By Company: Tier 1 – 34%, Tier 2 – 43%, and Tier 3 – 23%
• By Designation: C-Level Executives – 50%, Directors– 30%, Others*–20%
• By Region: North America – 25%, Europe – 30%, APAC – 30%,Middle East and Africa – 10%,Latine America- 5%
This research study outlines the market potential, market dynamics, and major vendors operating in the road safety market. Key and innovative vendors in the road safety market include
JENOPTIK (Germany), Kapsch TrafficCom (Austria), Sensys Gatso Group (Sweden), IDEMIA (France), Teledyne FLIR (US), Motorola Solutions (US), Verra Mobility (US), SWARCO (Austria), Siemens (Germany), Cubic Corporation (US), Conduent (US), VITRONIC (Germany), Dahua Technology (China), Laser Technology (US), Traffic Management Technology (South Africa), Truvelo (UK), Kria (Italy), Syntell (South Africa), Clearview Intelligence (UK), Simicon (Russia), FRED Engineering (Italy), Kodiak Robotics (US), Humanising Autonomy (UK), Vebit AI (US), Connected Wise LLC (US), Saferoad (Germany), LiveRoad Analytics (US).
Research Coverage
Road safety market is segmented on component, and region. A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; services; key strategies; new service and product launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated with the road safety market.
Key benefits of buying the report
The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall road safety market and its segments. This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and to plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
Table of Contents
1 INTRODUCTION 29
1.1 INTRODUCTION TO COVID-19 29
1.2 COVID-19 HEALTH ASSESSMENT 29
1.3 COVID-19 ECONOMIC ASSESSMENT 30
1.3.1 COVID-19 ECONOMIC IMPACT-SCENARIO ASSESSMENT 31
1.4 OBJECTIVES OF THE STUDY 34
1.5 MARKET DEFINITION 35
1.5.1 INCLUSIONS AND EXCLUSIONS 35
1.6 MARKET SCOPE 35
1.6.1 MARKET SEGMENTATION 35
1.6.2 REGIONAL SCOPE 36
1.6.3 YEARS CONSIDERED FOR THE STUDY 36
1.7 CURRENCY CONSIDERED 37
1.8 STAKEHOLDERS 37
1.9 SUMMARY OF CHANGES 37
1.10 GLOBAL TRAFFIC INDEX 38
2 RESEARCH METHODOLOGY 39
2.1 RESEARCH DATA 39
2.1.1 SECONDARY DATA 40
2.1.2 PRIMARY DATA 40
- 2.1.2.1 Breakup of primary profiles 40
- 2.1.2.2 Key industry insights 41
2.2 MARKET BREAKUP AND DATA TRIANGULATION 41
2.3 MARKET SIZE ESTIMATION 42
2.3.1 TOP-DOWN APPROACH 43
2.3.2 BOTTOM-UP APPROACH 44
2.4 MARKET FORECAST 44
2.5 ASSUMPTIONS FOR THE STUDY 45
2.6 LIMITATIONS OF THE STUDY 46
3 EXECUTIVE SUMMARY 47
4 PREMIUM INSIGHTS 51
4.1 BRIEF OVERVIEW OF THE ROAD SAFETY MARKET 51
4.2 ROAD SAFETY MARKET SHARE, BY COMPONENT 51
4.3 ROAD SAFETY MARKET SHARE, BY REGION 52
4.4 ROAD SAFETY MARKET INVESTMENT SCENARIO (2021-2026) 52
5 MARKET OVERVIEW AND INDUSTRY TRENDS 53
5.1 INTRODUCTION 53
5.2 MARKET DYNAMICS 53
5.2.1 DRIVERS 54
- 5.2.1.1 Rising number of vehicles 54
- 5.2.1.2 Enforcement to improve compliance with governments 54
- 5.2.1.3 The adoption of digitalization and technologies in the road safety market 54
- 5.2.1.4 Government initiatives for enhancing road safety 55
5.2.2 RESTRAINTS 55
- 5.2.2.1 Lack of standardized and uniform technologies 55
5.2.3 OPPORTUNITIES 55
- 5.2.3.1 Adoption of automated vehicles for safety 55
- 5.2.3.2 Improved intelligent transportation systems for road safety 56
5.2.4 CHALLENGES 56
- 5.2.4.1 Cybersecurity and threats in road safety data 56
- 5.2.4.2 Lack of knowledge among people about IoT and smart cities 56
5.3 COVID-19 MARKET OUTLOOK FOR ROAD SAFETY 57
5.3.1 CUMULATIVE GROWTH ANALYSIS 57
5.4 REGULATORY IMPACT 58
5.5 INDUSTRY TRENDS 59
5.5.1 USE CASES 59
- 5.5.1.1 Use case 1: Siemens helped Yunex Traffic for adaptive traffic control and management, highway, and tunnel automation as well as smart solutions for V2X and road user charging (tolling) 59
- 5.5.1.2 Use case 2: Motorola Solutions helped Victoria Police with number plate recognition with ANPR technology 59
- 5.5.1.3 Use case 3: Conduent and Hayden AI announced a technology partnership to improve bus lane performance and traffic safety 60
- 5.5.1.4 Use case 4: SWARCO Road Marking Systems and ISAC GmbH measured the detectability of road markings 60
- 5.5.1.5 Use case 5: Dahua Technology detects multiple traffic violations and improves road efficiency 61
5.6 VALUE CHAIN ANALYSIS 61
5.7 ECOSYSTEM 62
5.8 PATENT ANALYSIS 63
5.9 PRICING ANALYSIS 64
5.10 TECHNOLOGY ANALYSIS 65
5.10.1 ARTIFICIAL INTELLIGENCE 65
5.10.2 5G NETWORK 65
5.10.3 SMART TRAFFIC LIGHTS 66
5.10.4 INTERNET OF THINGS 66
5.11 TRENDS AND DISRUPTIONS IMPACTING BUYERS 66
5.12 KEY CONFERENCES & EVENTS IN 2022-2023 67
5.13 PORTER’S FIVE FORCES ANALYSIS 69
5.13.1 THREAT OF NEW ENTRANTS 69
5.13.2 THREAT OF SUBSTITUTES 69
5.13.3 BARGAINING POWER OF BUYERS 69
5.13.4 BARGAINING POWER OF SUPPLIERS 70
5.13.5 COMPETITIVE RIVALRY 70
6 ROAD SAFETY MARKET, BY COMPONENT 71
6.1 INTRODUCTION 72
6.2 SOLUTIONS 74
6.2.1 ENFORCEMENT SOLUTION 76
- 6.2.1.1 Red light enforcement 77
- 6.2.1.2 Speed enforcement 78
- 6.2.1.3 Bus lane enforcement 79
- 6.2.1.4 Section enforcement 80
6.2.2 AUTOMATIC LICENSE PLATE RECOGNITION/AUTOMATIC NUMBER PLATE RECOGNITION 81
6.2.3 INCIDENT DETECTION AND RESPONSE 82
6.2.4 OTHERS 83
6.3 SERVICES 84
6.3.1 PROFESSIONAL SERVICES 85
- 6.3.1.1 Consulting and training 87
- 6.3.1.2 System integration and deployment 88
- 6.3.1.3 Support and maintenance 89
6.3.2 MANAGED SERVICES 90
7 ROAD SAFETY MARKET, BY REGION 91
7.1 INTRODUCTION 92
7.2 NORTH AMERICA 94
7.2.1 NORTH AMERICA: ROAD SAFETY MARKET DRIVERS 94
7.2.2 NORTH AMERICA: ROAD SAFETY REGULATIONS 94
7.2.3 NORTH AMERICA: COVID-19 IMPACT 95
7.2.4 US 99
7.2.5 CANADA 99
7.3 EUROPE 99
7.3.1 EUROPE: ROAD SAFETY MARKET DRIVERS 99
7.3.2 EUROPE: ROAD SAFETY REGULATIONS 100
7.3.3 EUROPE: COVID-19 IMPACT 100
7.3.4 UK 104
7.3.5 GERMANY 104
7.3.6 UKRAINE 104
7.3.7 EASTERN EUROPE AND BALKAN COUNTRIES 104
7.3.8 REST OF EUROPE 105
7.4 ASIA PACIFIC 105
7.4.1 ASIA PACIFIC: ROAD SAFETY MARKET DRIVERS 105
7.4.2 ASIA PACIFIC: ROAD SAFETY REGULATIONS 106
7.4.3 ASIA PACIFIC: COVID-19 IMPACT 106
7.4.4 CHINA 111
7.4.5 JAPAN 111
7.4.6 SINGAPORE 111
7.4.7 AUSTRALIA AND NEW ZEALAND 111
7.4.8 PAKISTAN 112
7.4.9 KAZAKHSTAN 112
7.4.10 REST OF ASIA PACIFIC 112
7.5 MIDDLE EAST AND AFRICA 112
7.5.1 MIDDLE EAST AND AFRICA: ROAD SAFETY MARKET DRIVERS 113
7.5.2 MIDDLE EAST AND AFRICA: ROAD SAFETY REGULATIONS 113
7.5.3 MIDDLE EAST AND AFRICA: COVID-19 IMPACT 113
7.5.4 KINGDOM OF SAUDI ARABIA 117
7.5.5 QATAR 117
7.5.6 UNITED ARAB EMIRATES 117
7.5.7 SOUTH AFRICA 118
7.5.8 REST OF MIDDLE EAST AND AFRICA 118
7.6 LATIN AMERICA 118
7.6.1 LATIN AMERICA: ROAD SAFETY MARKET DRIVERS 118
7.6.2 LATIN AMERICA: ROAD SAFETY MARKET REGULATIONS 118
7.6.3 LATIN AMERICA: COVID-19 IMPACT 119
7.6.4 BRAZIL 122
7.6.5 MEXICO 122
7.6.6 REST OF LATIN AMERICA 122
8 COMPETITIVE LANDSCAPE 123
8.1 OVERVIEW 123
8.2 MARKET STRUCTURE 123
8.3 HISTORICAL REVENUE ANALYSIS 123
8.4 MARKET EVALUATION FRAMEWORK 124
8.5 REVENUE ANALYSIS OF LEADING PLAYERS 125
8.6 RANKING OF KEY PLAYERS 125
8.7 COMPANY EVALUATION MATRIX 126
8.7.1 STAR 126
8.7.2 EMERGING LEADER 126
8.7.3 PERVASIVE 127
8.7.4 PARTICIPANT 127
8.8 PRODUCT PORTFOLIO ANALYSIS OF MAJOR PLAYERS 128
8.9 COMPETITIVE SCENARIO 130
8.9.1 NEW SERVICE/PRODUCT LAUNCHES 130
8.9.2 DEALS 131
8.10 STARTUP/SME EVALUATION MATRIX 132
8.10.1 PROGRESSIVE COMPANIES 133
8.10.2 RESPONSIVE COMPANIES 133
8.10.3 DYNAMIC COMPANIES 134
8.10.4 STARTING BLOCKS 134
9 COMPANY PROFILES 135
9.1 MAJOR PLAYERS 135
9.1.1 JENOPTIK 135
9.1.2 KAPSCH TRAFFICCOM 138
9.1.3 SENSYS GATSO GROUP 141
9.1.4 VERRA MOBILITY 145
9.1.5 TELEDYNE FLIR 148
9.1.6 MOTOROLA SOLUTIONS 150
9.1.7 IDEMIA 152
9.1.8 SWARCO 153
9.1.9 VITRONIC 155
9.1.10 SIEMENS 157
9.1.11 CONDUENT 159
9.1.12 CUBIC CORPORATION 161
9.1.13 DAHUA TECHNOLOGY 164
9.2 OTHER PLAYERS 166
9.2.1 LASER TECHNOLOGY 166
9.2.2 TRAFFIC MANAGEMENT TECHNOLOGIES 166
9.2.3 TRIFOIL 167
9.2.4 KRIA 167
9.2.5 SYNTELL 168
9.2.6 TRUVELO 168
9.2.7 CLEARVIEW INTELLIGENCE 169
9.2.8 SIMICON 169
9.2.9 FRED ENGINEERING 170
9.2.10 KODIAK ROBOTICS 170
9.2.11 HUMANISING AUTONOMY 171
9.2.12 VEBITS AI 171
9.2.13 CONNECTED WISE LLC 171
9.2.14 SAFEROAD 172
9.2.15 LIVEROAD ANALYTICS 172
10 APPENDIX 173
10.1 INTRODUCTION TO ADJACENT MARKETS 173
10.2 LIMITATIONS 173
10.3 TRAFFIC MANAGEMENT MARKET 173
10.4 PUBLIC SAFETY AND SECURITY MARKET 175
10.5 SMART TRANSPORTATION MARKET 179
10.6 DISCUSSION GUIDE 181
10.7 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 184
10.8 AVAILABLE CUSTOMIZATION 186
10.9 RELATED REPORTS 186
10.10 AUTHOR DETAILS 187