Smart Traffic Camera Market 2030: Uncovering Growth Prospects in Visionary Views
The surge in the number of vehicles, insufficient infrastructure, & development of smart cities worldwide drive the smart traffic camera market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, March 7, 2024 /EINPresswire.com/ — According to a recent report published by Allied Market Research, the global smart traffic camera market size was valued at $8.36 billion in 2020, and is projected to reach $32.34 billion by 2030, registering a CAGR of 14.6% from 2021 to 2030.
The growth of the global smart traffic camera market is driven by an increase in concerns related to public safety and rise in several vehicles and insufficient infrastructure. In addition, the development of smart cities is anticipated to positively impact the growth of the market. However, factors such as high expenses associated with equipment installation and security threats & hacker challenges are expected to hamper the market growth. On the contrary, increase in penetration of analytics software is expected to offer remunerative opportunities for the expansion of the market during the forecast period.
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A smart traffic camera serves primarily for surveillance purposes, enhancing public safety and facilitating the smooth flow of traffic. These advanced cameras are typically positioned along highways, freeways, expressways, and major roads, interconnected through optical fibers. They come equipped with sensors capable of detecting real-time traffic data by capturing video streams, which are then compressed and transmitted to a network node and eventually to a monitoring center. Various models of these cameras are available, including those designed for speed detection, red light monitoring, recording traffic violations, and calculating average speeds.
Based on component, the hardware segment accounted for the highest share in 2020, accounting holding more than three-fifths of the global smart traffic camera market, and is projected to maintain its leadership position throughout the forecast period. This is due to rise in demand for hardware components among traffic offices to overcome challenges such as space constraints. However, the software segment is expected to portray the highest CAGR of 17.7% from 2021 to 2030, owing to rise in demand among the governments to improve road safety and reduce traffic congestion and parameters.
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Depending on the deployment model, the smart traffic camera market is bifurcated into traffic monitoring and traffic enforcement, the traffic monitoring segment garnered the share, and is expected to grow in the upcoming years, owing to growing need for improving safety and security on the roads. In addition, with the advent of connected vehicle technology, smart traffic cameras will be able to directly control vehicles to prevent accidents with pedestrians or other vehicles, which, in turn, is anticipated to foster the growth of the market.
Based on application, the surveillance and traffic management segment held the largest share in 2020, accounting for more than three-fourths of the global smart traffic camera market, and is estimated to maintain its lead position during the forecast period. This is due to increase in traffic issues along with environmental issues such as accidents and air & noise pollution. However, the toll management segment is expected to manifest the fastest CAGR of 17.0% from 2021 to 2030. This is attributed to supportive government regulations toward installation of smart traffic cameras on toll booths across developing nations of Asia-Pacific and LAMEA.
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Based on region, the Asia-Pacific dominated the smart traffic camera market share in 2020, and is expected to maintain its dominance in the upcoming years, owing to surge in the need to monitor red light violations and speed offenses. In addition, improvements in the traffic infrastructure in developing nations for motion analysis and face recognition, and transmitting the video data, as well as the extraction of the video information via a network for further analysis, drive the growth of the market in the Asia-Pacific region.
Leading market players:
• Allied Vision
• Axis Communications
• E Com Systems
• Jenoptik
• Flir Systems
• Hikvision
• Tattile
• Imperx, Inc.
• Teledyne Dalsa
• Siemens Ag
• Idemia
• Motorola Solutions
• Redflex Holdings
• Sensys Gatso Group Ab
• Vitronic Gmbh
The report focuses on growth prospects, restraints, and trends of the global smart traffic camera market analysis. The study provides Porter’s five forces analysis to understand impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the global smart traffic camera market share.
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