In 2020, the smart traffic camera market size was more than the US $7.36 billion. The global smart traffic camera market is forecast to grow at a compound annual growth rate (CAGR) of more than 12.7% during the forecast period from 2021-2027.
The primary purpose of a smart traffic camera is to improve safety, keep people safe, and keep traffic flowing smoothly. Optical fiber connections connect smart cameras to freeways, expressways, highways, and arterial roads. They contain a sensing device that captures a video stream in real-time and sends it to a network node then to the monitoring center in compressed form. Cameras present in the market include speed detection cameras, red-light cameras, and traffic violation cameras.
Factors Affecting the Market
- Growing government concerns regarding public safety coupled with an increase in the number of vehicles and insufficient infrastructure are key factors contributing to the global smart traffic camera market's growth. In addition, the development of smart cities in many countries contributes to the market's growth.
- The smart traffic camera market is likely to face several challenges, including high installation costs and security threats & hacker challenges.
- During the forecast period, smart traffic cameras will benefit from an increase in analytics software penetration.
Impact Analysis of COVID-19
During the COVID-19 pandemic, smart traffic cameras have experienced stable growth due to the increasing adoption of cameras for tracking people without masks.
In addition, the growing number of COVID-19 patients has increased the need for social distance to contain the spread of the disease. Thus, governments in various countries have taken strict action against those in violation of COVID-19 regulations.
While the COVID-19 pandemic was underway, a Melbourne University professor installed cameras to monitor traffic flow in Carlton and study things like traffic volume, near-misses between vehicles and cyclists, and the transit time for pedestrians.
Thus, the rise in such developments across the globe contributed significantly to the growth of the smart traffic camera market.
Regional Overview of the Asia-Pacific Market
Asia-Pacific is experiencing technological developments that are driving the growth of the smart camera market. In addition, the region is also becoming a hub for manufacturing smart traffic cameras. During the forecast period, the Asia-Pacific smart traffic camera market for security & surveillance will grow in three application segments: public spaces, military & defense, and transit facilities. Asia-Pacific is a large market for smart traffic cameras for security and surveillance, driven by several countries such as China, Japan, South Korea, and others.
The leading prominent companies profiled in the global smart traffic camera market are:
- Allied Vision
- Axis Communications
- E Com Systems
- Flir Systems
- Imperx, Inc.
- Motorola Solutions
- Redflex Holdings
- Siemens AG
- Teledyne Dalsa
- Vitronic Gmbh
- Other Prominent Players
Aim of the Report
The global smart traffic camera market segmentation focuses on Component, Application, Deployment Model, Camera Type, and Region.
Segmentation based on Component
- Traffic Management Software
- Automatic Number/License Plate Recognition
- Enforcement Software
- Incident Detection & Response Software
- Implementation & Integration Services
- Support & Maintenance Services
- Consulting Services
Segmentation based on Application
- Surveillance and Traffic Management
- Toll Management
Segmentation based on Deployment Model
- Traffic Monitoring
- Traffic Enforcement
Segmentation based on Camera Type
- Fixed Cameras
- Mobile Speed Camera
- Red Light Camera
- Surveillance Camera
- Traffic Monitoring Camera
- ANPR Camera
Segmentation based on Region
- North America
- The U.S.
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America