Road Safety Market Growing at a CAGR 9.6% | Key Player JENOPTIK, Kapsch TrafficCom, Sensys Gatso Group, IDEMIA
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.
Enforcement solution to grow at the highest CAGR during the forecast period
Road safety enforcement solutions help the police and related authorities to enforce traffic law and perform traffic surveillance to improve road safety and increase public safety. Compliance through enforcement has conventionally been the responsibility of the local police; however, the sheer scale of road usage increases the need to detect the vast majority of offenses using modern electronic technologies that are more efficient than the previous methods of road traffic enforcement. Enforcement solutions, comprising hardware (sensors, cameras, displays, and radars) and software, are vital for road safety.
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Professional services segment is expected to grow at a higher CAGR during the forecast period
The professional services segment has been segmented into three categories: consulting and training, support and maintenance, and system integration and deployment. Professional services include planning the services, designing the solutions to be deployed, consulting with the enterprise to suggest the right solution/service, and upgrading the enterprises’ current infrastructure to become compatible with deploying the latest road safety services. Companies offering professional services consist of consultants, management experts, and dedicated project management teams who specialize in designing and delivering critical decision support software, tools, services, and expertise.
The major vendors covered in the road safety market 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).
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These players have adopted various growth strategies, suchas partnerships, business expansions, mergers and acquisitions, agreements, and collaborations, new product launches to expand their presence in the road safety market. Partnerships and new product launches have been the most adopted strategies by major players from 2019 to 2021, which helped them innovate their offerings and broaden their customer base.
JENOPTIK develops and produces micro-optics, optoelectronic modules, and integrated systems. The firm is a worldwide technology conglomerate with three distinct segments- Light and Optics, Light and Production, and Light and Safety. VINCORION is the group’s brand for mechatronic solutions. The business is divided into three segments: Optics and Life Sciences, Mobility, and Defense and Civil Systems. Optical and micro-optical components are developed and manufactured under the Optical and Life Sciences division. The company offers a diverse range of products and solutions for the road safety market. This segment includes red light and speed enforcement, Automatic Number-Plate Recognition (ANPR), traffic service provision, measurement of average speed, Traffic Monitoring (TM), and software and accessories. Semiconductor equipment, automotive and automotive suppliers, medical technology, defense and security, and aviation sectors are among the company’s primary customers. The company maintains its production and assembly sites in Europe, the US, and Asia Pacific. JENOPTIK has a significant presence in over 80 countries.
Kapsch TrafficCom is one of the subsidiaries of the Kapsch Group. The Kapsch Group comprises four key entities: Kapsch BusinessCom, Kapsch CarrierCom, Kapsch PublicTransportCom, and Kapsch TrafficCom. The company focuses on people’s communication and mobility needs. Tolling, traffic management, smart urban mobility, traffic safety and security, and networked cars are all parts of the Kapsch TrafficCom Intelligent Transport System. The company offers end-to-end solutions ranging from components and design to the implementation and operation of systems. The mobility solutions supplied by Kapsch TrafficCom help make road traffic safer and more reliable, efficient, and comfortable in urban areas and on highways alike while helping to reduce pollution. The company provides products and solutions that deal with traffic flows and collect charges for the use of road infrastructure, and thus, manage traffic. It works through two segments: Electronic Toll Collection (ETC, tolling) and Intelligent Mobility Solutions (IMS). The company generates most of the revenue from Europe, the Middle East, and Africa and the remaining from the North and South American regions.
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