Smart traffic cameras are advanced surveillance systems equipped with various sensors and technologies designed to monitor and manage traffic conditions on roads and highways. These cameras play a crucial role in modern transportation infrastructure by providing real-time data on traffic flow, congestion, accidents and violations.
The smart traffic camera market consists of sales of smart traffic cameras that refer to advanced surveillance devices used for monitoring intersections, improving pedestrian safety and optimizing traffic flow. These cameras are an integral part of smart traffic systems that leverage communication and information technologies to enhance traffic management.
The global smart traffic camera market was valued at $6,138.3 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 14.0%.
Surge In The Number Of Road Accidents
During the historic period, the surge in the number of road accidents propelled the growth of the smart traffic camera market. Road accidents, referred to as traffic collisions, encompass any incident involving vehicles on public thoroughfares resulting in damage, injury or death. The surge in road accidents can be attributed to various factors such as increased traffic volume, distracted driving due to mobile devices and inadequate enforcement of traffic laws. Smart traffic cameras are utilized to swiftly detect and respond to road accidents, enhancing safety and enabling efficient traffic management through real-time monitoring and incident analysis. For instance, according to the Federal Highway Administration a US-based Department of Transportation, there were 39,508 fatal motor vehicle crashes in the United States in 2021 in which 42,939 deaths occurred. This resulted in 12.9 deaths per 100,000 people and 1.37 deaths per 100 million miles traveled. Therefore, the surge in the number of road accidents drove the smart traffic camera market.
Integration Of AI Into Smart Traffic Cameras For Intelligent Decision-Making
Companies in the smart traffic camera market are increasing their focus on introducing artificial intelligence (AI)-enabled cameras, such as the Sphinx, to gain a competitive edge in the market. An AI-enabled camera refers to a camera system equipped with artificial intelligence capabilities, allowing it to analyze and interpret visual data, recognize patterns and make intelligent decisions. For instance, in October 2023, SmartCow Ai Technologies Private Limited, an India-based company, launched Sphinx. It is an edge AI camera designed for smart city applications and has 5G connectivity. The Sphinx camera has advanced features such as people counting, path tracing and intrusion detection, making it suitable for various smart city use cases. With 5G connectivity, Sphinx can securely transmit data in real-time in smart city environments. The camera's AI processing capabilities are powered by NVIDIA's (a US-based corporation and technology company) advanced system-on-modules, allowing for real-time analytics and intelligent decision-making.
The global smart traffic camera market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 24.1% of the total market in 2022.
Smart Traffic Camera Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global smart traffic camera market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for smart traffic camera? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The smart traffic camera market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider smart traffic camera market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by component, by camera type, by deployment model and by application.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the smart traffic camera market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by component, by camera type, by deployment model and by application in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for smart traffic camera providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Component: Hardware; Software; Services
- 2) By Camera Type: Fixed Cameras; Mobile Speed Camera; Red Light Camera; Surveillance Camera; Traffic Monitoring Camera; Automatic Number Plate Recognition (ANPR) Camera; Other Camera Types
- 3) By Deployment Mode: Traffic Monitoring; Traffic Enforcement
- 4) By Application: Surveillance And Traffic Management; Toll Management; Other Applications
- Companies Mentioned: Hangzhou Hikvision Digital Technology Co., Ltd.; Siemens AG; Motorola Solutions, Inc.; Sensys Gatso Group AB; Axis Communications
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; smart traffic camera indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.