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Road Safety Market in Professional Service Segment is Excepted to Grow At High Rate by 2024

Author : Ronak Bora | Published Date : 2019-04-18 

The demand for Global Road Safety Market is anticipated to be high for the next five years. By considering this demand we provide latest industry report which gives complete industry analysis, market outlook, size, growth and forecast till 2024. This report will assist in analyzing the current and future business trends, sales and revenue forecasts.

Based on services, the road safety market is sub-segmented into professional services and managed services. Professional services are further segmented into risk assessment and analysis, training, support and maintenance, and consulting and system integration. Professional services have a huge share in the road safety industry owing to the improvement of operational efficiency, business productivity, and wise financial management. Consulting and system integration services are the major contributor due to the increase in demand for these services followed by support, training, risk measurement, and maintenance services.

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Rapid urbanization also results in the infrastructural development, especially of highways and bridges, which have a positive impact on the road safety market. Road safety is a method that assists road users from getting seriously injured or killed owing to the rising fatal accidents, threats, and natural as well as unnatural disasters. Furthermore, the increasing number of crimes , terrorist attacks, and other natural disasters are also boosting the road safety market growth.

The smart city initiative adopted by the governments and a rise in demand for advanced infrastructure further increase the road safety market demand. Smart city initiative enables the adoption of smart transportation techniques, such as parking and traffic management, automated traffic assistance, passenger information system, predictive traffic analytics, and smart signaling, which improve the safety measures for the travelers, creating a positive impact on the road safety industry.

The advancements in various transportation projects coupled with critical transportation infrastructure offer lucrative opportunities for the road safety market growth. Factors, such as huge spending on roadways, which include bridges, highways, and tunnels further boost the industry growth. Furthermore, measures undertaken to reduce traffic injuries have a positive impact on health such as improved repository health and increased physical activity, which accentuate the industry demand.

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Based on technology, the road safety market is segmented on the basis of radar and sensor-based devices, analytics, and surveillance. Growing traffic volumes require sensor-based devices to handle both urban and non-urban traffic. Advanced driver assistance system uses sensor technology, which aids drivers in different traffic and weather conditions. These sensors assist the drivers by providing necessary information such as lane departure warning, high-beam assist, and collision warning. Hence, the sensor-based devices are anticipated to witness a huge demand over the forecast time span.

Asia Pacific is the fastest growing region in the road safety market due to the economic growth and various government initiatives to support road safety measures. Countries, such as India, China, and Australia, have adopted various strategies to introduce changes in the implementation and planning of security measures for optimizing the roadways security.

The main players operating in the road safety industry include Motorola Solutions, American Traffic Solutions, Rad Data Communication, Jenoptik, Kapsch AG, Swarco AG, Redflex, Thales, Tyco, Alcatel-Lucent, and Siemens AG.

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About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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