Major players in the smart traffic camera market are Axis Communications AB , Jenoptik AG, Teledyne FLIR LLC , Hangzhou Hikvision Digital Technology Co Ltd., Tattile S.r.l, Imperx Inc., Siemens AG, IDEMIA , Motorola Solutions Inc., Redflex Holdings, Sensys Gatso Group Ab, e-con Systems, Vitronic Gmbh, Canon Inc., and Kapsch TrafficCom AG.
The global smart traffic camera market is expected to grow from $10.56 billion in 2022 to $12.15 billion in 2023 at a compound annual growth rate (CAGR) of 15.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The smart traffic camera market is expected to grow to $21.17 billion in 2027 at a CAGR of 14.9%.
The smart traffic camera market consists of revenues earned by entities by providing traffic services such as implementation and integration services, support and maintenance services, and consulting services.The market value includes the value of related goods sold by the service provider or included within the service offering.
The smart traffic camera market also includes cameras and accessories.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Smart traffic cameras are devices used for monitoring intersections and improving pedestrian safety effectiveness.These can be integrated with various technologies to reduce distractions and increase road safety by catching drivers using their phones or other electronic devices while driving.
These cameras have high resolution and sensors for collecting real-time information and optimizing the traffic flow of vehicles.
North America was the largest region in the smart traffic camera market in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of a smart traffic camera are hardware, software, and service.Hardware refers to the physical parts of a computer and related devices.
The camera types are fixed cameras, mobile speed cameras, red light cameras, surveillance cameras, traffic monitoring cameras, ANPR cameras, and other camera types, and are deployed through traffic monitoring and traffic enforcement. The applications involved surveillance and traffic management, toll management, and other applications.
The increase in concerns among the government related to public safety is expected to drive the smart traffic camera market forward.The government is deeply concerned about the growing number of road accidents, injuries, and fatalities.
Smart traffic cameras are devices that monitor intersections between roads and improve pedestrian safety effectiveness.For instance, in September 2020, according to the World Health Organization, a United Nations government body based in Switzerland and responsible for international public health, the UN General Assembly enacted resolution A/RES/74/299, ’Improving global road safety’, to prevent 50% of road traffic deaths and injuries by the year 2030 in partnership with WHO and the UN regional commissions.
Therefore, the increase in concerns among the government related to public safety is driving the growth of the smart traffic camera market.
Technological development is a key trend in the smart traffic camera market.Major companies operating in the smart traffic camera market are concentrating on creating innovative technology solutions to strengthen their position in the market.
For instance, in November 2020, FLIR Systems Inc., a a US-based company operating in smart traffic cameras, launched two intelligent traffic system cameras, FLIR ThermiCam AI with thermal imaging and FLIR TrafiCam AI, a visible camera. Through these AI-enabled cameras, traffic is controlled dynamically using real-time data capture and processing. The data is also fed into traffic signal controllers, which increases safety and flow at intersections. A thermal sensor embedded in the ThermiCam AI captures heat energy data, and a visible high-definition, the low-light sensor allows cities constantly monitor traffic signals, regardless of the weather conditions or even through smoke in tunnels.
In June 2020, Motorola Solutions Inc., a a US-based communications and analytics company, acquired IndigoVision for an undisclosed amount. With this acquisition, Motorola Solutions gained IndigoVision’s products portfolio including in-car and body-worn cameras, advanced analytics and software, and fixed cameras which will be utilized to increase the customer base. IndigoVision is a UK-based company operating in smart traffic cameras.
The countries covered in the Smart Traffic Camera market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The smart traffic camera market research report is one of a series of new reports that provides smart traffic camera market statistics, including smart traffic camera industry global market size, regional shares, competitors with a smart traffic camera market share, detailed smart traffic camera market segments, market trends and opportunities, and any further data you may need to thrive in the smart traffic camera industry. This smart traffic camera market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.