The global road safety market revenue is expected to expand at a lucrative CAGR over the forecast period. Increasing new infrastructural development and improvement of existing roads are major factors expected to boost growth of the global road safety market.
The global road safety market report has been segmented on the basis of component, and region.
On the basis of component, the global road safety market is segmented into solutions and services.
The solution segment is further sub-segmented into enforcement solution, automatic license plate recognition (ALPR)/ automatic number plate recognition (ANPR), incident detection and response, and others. The incident detection and response road safety is expected to contribute significant share in terms of revenue in the global market. The enforcement solution road safety is estimated to register lucrative CAGR.
The services segment is further sub-segmented into consulting and training, system integration and deployment, and support and maintenance.
On the basis of region, the global road safety market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America market is expected to dominate in the global market, and is projected to maintain its dominance over the forecast period. Europe market is projected to witness significant growth over the forecast period, and is expected to register a CAGR of X.X%. This can be attributed to presence of large amount of equipment manufacturers and solution providers in countries in the region. The global road safety markets in Asia Pacific, Latin America and Middle East & Africa are projected to witness moderate growth over the forecast period.
Prominent players in the global road safety market include Sensys Traffic, Swarco Holding, Kapsch TrafficCom AG, FLIR Systems, Inc. Huawei Technologies Co., Ltd. Jenoptik AG, Redflex Holdings Limited, 3M Company, Motorola Solutions, Inc., American Traffic Solutions and Information Engineering Group, Inc.