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Road Safety Market Trends

  • Report ID: GMI6834
  • Published Date: Oct 2023
  • Report Format: PDF

Road Safety Market Trends

The use of AI-based image processing software in license plate recognition is propelling the road safety industry growth by enhancing law enforcement capabilities. This technology automates the identification of vehicles, aiding in tracking stolen vehicles, monitoring traffic violations, and identifying unregistered or wanted vehicles.

 

For instance, in September 2022, Visionary.ai, a company specializing in image processing software, launched a real-time video denoiser to enhance video image quality. This innovation can extend the usability of the vast majority of the seven billion image sensors, produced annually, thereby improving sensor performance in multiple operating conditions. The AI-based image processing software improves surveillance but also reduces the need for manual interventions, thereby enhancing traffic management efficiency. This contributes to safer roadways by deterring offenders and promoting compliance with traffic laws.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of road safety reached USD 27 billion in 2022 and is poised to expand at over 7% CAGR from 2023 to 2032, owing to the rising traffic congestion due to rapid urbanization and the expanding population globally.

The solution segment is anticipated to expand at notable CAGR from 2023 to 2032, attributed to the ongoing adoption of unmanned traffic management systems by utilizing advanced technologies.

Europe market accounted for USD 9.9 billion in revenue in 2022, driven by rising investments in advanced technologies, stringent regulations, and comprehensive safety measures by the regional governments & organizations.

Some of the leading road safety firms are 3M, Honeywell, Siemens Mobility, Kapsch TrafficCom AG, TomTom, SmartDrive Systems, and Trimble.

Road Safety Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 22
  • Tables & Figures: 253
  • Countries covered: 21
  • Pages: 300
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