The road safety market size is estimated to grow from USD 2.60 billion in 2016 to USD 4.06 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 9.3%. Increase in mobility and the associated demands on transportation systems, strict government regulations for road safety, and increase in road accidents/fatality rate are driving the road safety market. However, lack of awareness and engineering challenges are some of the restraints for the growth of the market.
Automatic license plate recognition plays a key role in the planning and control of modern cities and can be deployed for a variety of applications. The system is easy to install with functions such as video cameras, speed calculation, and alarms to detect a particular vehicle.
Red light enforcement is one of the most important safety control systems in traffic management. This system is easy and cost-efficient, compared to other safety devices. Also, with the advent of smart cities and safety initiatives governments tend to extensively install red light enforcement solutions.
North America is expected to hold the largest share of the road safety market owing to early adoption of technology and the presence of large number of solution providers. However, the APAC region is projected to grow at the fastest pace as it has undergone tremendous economic growth, political transformation, social changes, and active government initiatives. Countries such as India, China, Philippines, and Australia have embarked upon ambitious and important initiatives to enhance the strategic planning, agency capability, and evaluation of road safety projects.