The Asia Pacific Smart Traffic Camera Market would witness market growth of 13.2% CAGR during the forecast period (2021-2027).
The number of population and commuters are growing in various smart cities worldwide. This leads to road congestion, particularly during working hours. The development of advanced driver-assistance systems (ADAS) & connected vehicles, the growing number of safety concerns, the development of smart cities worldwide, increasing traffic congestion in cities, and growing government initiatives for effective traffic management systems are some of the factors that are accountable for the growth of the smart traffic camera market in the forthcoming years.
The data collected through smart traffic cameras is sent in a compressed form to the traffic management authorities through a secure network for video evaluation. In nations like India, and China, where the population is drastically growing, the prevalence of road accidents has increased and the demand for people’s safety is also increasing. Thus, governments have implemented various regulations and also installed smart traffic cameras to receive real-time information and to keep people safe and reduce the number of road accidents. This will accelerate the growth of the smart traffic camera market during the forecast period.
The Asia Pacific is the fastest-growing region in the smart traffic camera market and would grow at a significant pace during the forecast period. The developing regions have many impediments to growth, and road traffic jams have and will be a major problem causing massive delays, increased fuel wastage, and monetary losses. The fast-changing regional landscape has led to poorly planned road networks. Due to unplanned road networks, small critical areas have become the hot spots for congestion, and ineffective and poor traffic management around these hotspots potentially results in extended traffic jams. For proper management of the traffic in such areas, the demand for smart traffic cameras is increasing in this region.
Privatizations of highways and road pricing are among the initiatives that are proposed to reduce congestion. Rapid urbanization has caused immense levels of traffic congestions in the region, especially in developing countries. The need for superior smart traffic management cameras would drive the market in the region. The smart cities initiatives by the governments of the region would significantly contribute to the growth of the smart traffic camera market in the Asia Pacific region in the forthcoming period.
The China market dominated the Asia Pacific Toll Management & Others Smart Traffic Camera Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $582.8 million by 2027. The Japan market is showcasing a CAGR of 14.2% during (2021 - 2027). Additionally, The India market is poised to grow at a CAGR of 15.5% during (2021 - 2027).
Based on Component, the market is segmented into Hardware, Software and Services. Based on Camera Type, the market is segmented into Fixed Cameras, Surveillance Camera, Red Light Camera, Mobile Speed Camera, and Others. Based on Deployment Type, the market is segmented into Traffic Monitoring and Traffic Enforcement. Based on Application, the market is segmented into Surveillance & Traffic Management and Toll Management & Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Smart Traffic Camera Market is Projected to reach USD 18.1 Billion by 2027, at a CAGR of 13.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Motorola Solutions, Inc., Canon, Inc., Teledyne Technologies, Inc., Siemens AG, Jenoptik AG, Sensys Gatso Group AB, Kapsch TrafficCom AG (Datax Handelsgmbh), Hangzhou Hikvision Digital Technology Co., Ltd., IDEMIA SAS (Advent International, Inc.), and Allied Vision Technologies GmbH.
By Component
By Camera Type
By Deployment Type
By Application
By Country
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