Increasing traffic congestion, rising road accident rates, government initiatives, and technological advancements drive the Road Safety market growth.
PORTLAND, OREGON, UNITED STATES, July 7, 2023/EINPresswire.com/ — The size of the Global Road Safety Market was $4,658.4 million in 2021 and is anticipated to grow to $14,787.7 million by 2031, with a CAGR of 12.5% from 2022 to 2031.
After these sectors recognized it as a significant and valuable public good and developed policies and programs to support and maintain it, the road safety industry was the result of deliberate and methodical efforts on the part of many sectors of society, including both government and non-government organizations. The dangerously high and ongoing rate of traffic fatalities should cause everyone great concern.
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Rapid urbanization and population growth have led to a significant increase in traffic congestion in many regions. As a result, there is a growing need to implement road safety solutions that can effectively manage and mitigate traffic congestion, reducing the risk of accidents and improving overall road safety.
The alarming rise in road accidents and fatalities has become a major concern globally. Governments and transportation authorities are actively seeking innovative road safety solutions to address this issue. This has led to the adoption of technologies such as intelligent transportation systems, real-time traffic monitoring, and accident prevention systems to enhance road safety measures.
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Governments across the world are taking initiatives to improve road safety through regulations and policies. They are investing in infrastructure improvements, implementing stricter safety standards, and promoting awareness campaigns. These initiatives drive the demand for road safety solutions and create a favorable market environment for the development and adoption of advanced road safety technologies.
Rapid advancements in technology, such as connected vehicles, IoT, AI, and data analytics, are revolutionizing the road safety landscape. These technologies enable real-time monitoring of traffic conditions, proactive accident detection, and predictive analysis, contributing to enhanced road safety measures. The continuous development and integration of these technologies drive the growth of the Road Safety market.
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The key players profiled in the report include Cubic Corporation, Dahua Technology, Flir Systems, Inc., IDEMIA, Jenoptik, Kapsch TraficCom, Redflex Holdings, Sensys Gatso Group AB, Siemens AG and VITRONIC. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the road safety market.
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Article originally published on www.einpresswire.com as Road Safety Market Size Expected to Expand with Increasing Focus on Smart City Initiatives