The road safety market is expected to exceed over USD 6.0 billion by 2022 owing to the increased road fatalities leading to the emerging need for road safety and security. Constant need for public security and road safety, new infrastructural development and longer commuting is expected to augment the industry growth.
The road safety market is estimated to grow at a CAGR of over 10% from 2015 to 2022. The catastrophic accidents/fatalities, threats and natural/unnatural disasters have been the major driving force for industry growth. Continuous hike in the number of accidents/fatalities, crimes, disasters, and terrorist attacks increases the demand for security on roadways.
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Subsequent increase in the number of passengers, traffic and congestion on the road is estimated to be an influencing factor for the industry. Several technologies have been used in order to implement more security for highways and bridges, urban roads and tunnels. These technological systems, services and solutions deployed include speed limit enforcement, red light enforcement, bus lane enforcement, incident detection and access control. Safety measures for highways and bridges are anticipated to grow at a faster pace over the forecast period in comparison to the urban roads and tunnels.
The leading cause of accidents/fatalities may include risky behavior which can be due to numerous factors. Exceeding demand for automated, technological driven, highly secure infrastructure of the safety is estimated to accentuate the industry demand over the forecast period.
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The measures shown to reduce traffic injuries have affirmative effect on health such as improved respiratory health and increased physical activity. A coordinated response to the problem comprises of implementation and development of a multi-sectoral strategy on prevention of traffic injury with specific finances for activities to be achieved in the desired timeframe. However, budget constraints and lack of awareness about the safety can act as a restraint for industry growth.
The development of varied transportation projects throughout the globe coupled with critical transportation infrastructure facilities offer lucrative opportunities for the industry. System integration and consulting services are one of the major revenue contributors followed by risk assessment, support, training, maintenance and analysis services.
Building safer roads and vehicles, enhancing public transport, designing infrastructure with the protection of cyclists and pedestrians in mind and improving our personal behavior on the roads would lead to the reduction in injuries and contribution to healthier population.
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