The Global Smart Traffic Camera Market size is expected to reach $18.1 billion by 2027, rising at a market growth of 13.1% CAGR during the forecast period. A smart traffic camera is an electronic device that helps in monitoring and managing the traffic flow to enhance the safety of people. These cameras are placed on expressways, highways, freeways, and arterial roads for surveillance and are interlinked with optical fibers. These smart cameras contain a sensing device that collects real-time information by recording a video and transmitting it to a network node that is then passed to a monitoring center in a compressed format. There are several kinds of smart cameras available in the market like traffic violation cameras, average speed cameras, speed detection cameras, and red-light cameras.
Factors such as rising concerns among the government about public safety, the growing number of vehicles & accidents, and the lack of infrastructure are acting as catalysts for the growth of the smart traffic camera market. Additionally, the market growth is directly proportional to the increase in the number of smart cities development projects. Moreover, the growing penetration of analytics software across the world is helping the market to grow further. However, an increasing number of hackers & security threats, and high investment for the installment of equipment would act as the barriers to the growth for the smart traffic cameras market growth over the forecasting years.
The outbreak of the COVID-19 pandemic had a negative impact on various public and government sectors across the world. In contrast, the smart traffic camera market witnessed a gradual growth during the COVID-19 pandemic. The government across various nations installed smart cameras in various places in order to keep a record of the people violating guidelines and lockdown restrictions. Moreover, WHO announced the COVID-19 as a Public Health Emergency. All nations followed similar rules like maintaining social distance, restriction on traveling, imposition of lockdowns to curb the spread of the coronavirus.
Governments across the world are playing a crucial role in the development of smart cities by taking various initiatives, implementing regulations, and focusing on installing smart devices across their infrastructure. Several smart cities have also installed smart traffic cameras within their infrastructure for tolls and ticketing, thereby propelling the growth of the smart traffic camera market. Additionally, the demand for smart traffic cameras has increased in smart cities to enhance security in order to prevent thefts at night and vehicle tracking services. This factor is expected to support the growth of the market.
Smart traffic cameras have gained traction in the past few years. The government, several enterprises, and residential societies are also using these smart cameras to monitor activities for security and safety purposes. The installation of security camera systems is very easy at places where the power source is available or nearby. These systems are available in all sizes and shapes, small enough that they can be hidden in photo frames, plants, and pictures.
Smart traffic cameras are integrated with artificial intelligence technology, various sensors, and advanced technologies. These sensors and technologies allow the camera to capture and record images and videos with more clarity. The sensors integrated into these cameras can even detect motion and automatically turn towards the source of the movement. As these cameras can perform multiple jobs, the cost associated with these cameras is very high.
Based on Component, the market is segmented into Hardware, Software and Services. The software segment would display the fastest growth rate in the smart traffic camera market. Several governments across the world are deploying smart traffic camera software to enhance traffic congestion on roads as well as public safety.
Based on Camera Type, the market is segmented into Fixed Cameras, Surveillance Camera, Red Light Camera, Mobile Speed Camera, and Others. The Fixed Cameras market dominated the Global Smart Traffic Camera Market by Camera Type 2020. The Surveillance Camera market is experiencing a CAGR of 12.3% during (2021 - 2027). Additionally, The Red Light Camera market is estimated to grow at the highest CAGR of 13.9% during (2021 - 2027).
Based on Deployment Type, the market is segmented into Traffic Monitoring and Traffic Enforcement. The traffic monitoring segment procured a prominent revenue share of the smart traffic camera market and is anticipated to witness a promising growth rate during the forecast period. The requirement for traffic monitoring is increasing in order to enhance security and safety on roads.
Based on Application, the market is segmented into Surveillance & Traffic Management and Toll Management & Others. The toll management segment would display the highest growth rate over the forecasting years. This is attributed to the growing need for actual-time information of automatic and vehicle number plate identification on toll booths.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 8.1 Billion |
| Market size forecast in 2027 | USD 18.1 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 13.1% from 2021 to 2027 |
| Number of Pages | 279 |
| Number of Tables | 445 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Component, Camera Type, Deployment Type, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific market dominated the Global Smart Traffic Camera Market by Region 2020. The Europe market is exhibiting a CAGR of 13.1% during (2021 - 2027). Additionally, The North America market would showcase significant growth during the forecast period.
Free Valuable Insights: Global Smart Traffic Camera Market size to reach USD 18.1 Billion by 2027
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Siemens AG is the major forerunners in the Smart Traffic Camera Market. Companies such as Jenoptik AG, Sensys Gatso Group AB, Kapsch TrafficCom AG are some of the key innovators in the market.
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 Geography
The global smart traffic camera market size is expected to reach $18.1 billion by 2027.
Monitor traffic activities in real-time are driving the market in coming years, however, Installation of smart traffic cameras require heavy investment have limited the growth of the market.
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.
In 2020, the surveillance & traffic management segment acquired the largest revenue share of the smart traffic camera market and is anticipated to showcase the same trend over the forecast period.
In 2020, the hardware segment dominated the smart traffic camera market and is likely to exhibit similar kind of trend even during the forecasting years.
In 2020, the Asia-Pacific held the highest revenue share of the smart traffic camera market and is anticipated to unfold similar kind of trend over the forecasting years.
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