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Smart Traffic Camera Market Size, Share And Report 2033
Smart Traffic Camera Market Size
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According to The Business Research Company's, The smart traffic camera market size has grown rapidly in recent years. It will grow from $11.94 billion in 2023 to $13.77 billion in 2024 at a compound annual growth rate (CAGR) of 15.4%. The growth in the historic period can be attributed to urbanization and population growth, traffic congestion concerns, data-driven decision making, public awareness and education, economic growth and increased vehicle ownership.
The smart traffic camera market size is expected to see rapid growth in the next few years. It will grow to $24.64 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. The growth in the forecast period can be attributed to government initiatives for smart cities, road safety and accident prevention, global events impacting traffic patterns, urban mobility solutions, evolving regulatory environment. Major trends in the forecast period include integration of artificial intelligence (ai), advanced video analytics for traffic monitoring, traffic flow optimization and congestion management, real-time incident detection and response, smart parking solutions, data privacy and ethical considerations. .
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Market Drivers and Trends:
A rising number of road accidents is expected to propel the growth of the smart traffic camera market going forward. Road accidents refer to incidents that occur on roadways when vehicles collide with each other or with other objects, resulting in damage to the vehicles and injuries to the people involved. Smart traffic cameras play a crucial role in reducing road accidents by monitoring and enforcing traffic rules, and enhancing overall road safety through real-time surveillance and data-driven interventions. For instance, in May 2022, according to the National Highway Traffic Safety Administration, a US-based government agency, an estimated 42,915 people died in motor vehicle traffic crashes in 2021, a 10.5% increase from 2020. Therefore, the rising number of road accidents 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 July 2023, Mobileye Global Inc., an Israel-based system software company, launched the world's first camera-only Intelligent Speed Assist (ISA) solution, which has been tested and certified in Europe. The camera-only system is designed to help global automakers meet the new EU General Safety Regulation (GSR) standards, which require the automatic sensing of speed limits in all new vehicle models without relying on third-party maps and GPS data. The ISA system uses computer vision and machine learning to detect traffic signs and other visual signals in the surrounding environment without the need for additional sensors or map data.
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Major Key Players of the Market:
Axis Communications AB; Jenoptik AG; Teledyne FLIR LLC; Hangzhou Hikvision Digital Technology Co Ltd.; Tattile S.r.l.; Sensys Gatso Group AB; Kapsch TrafficCom AG; Allied Vision Technologies GmbH; ARH Inc.; Bluecard Technologies Corp.; Canon Inc.; FLIR Systems Inc.; Hanwha Techwin Co. Ltd.; Pelco by Schneider Electric; Bosch Security Systems; Hikvision Digital Technology Co. Ltd.; VIVOTEK Inc.; Dahua Technology Co. Ltd.; Avigilon Corporation; Genetec Inc.; March Networks Corporation; IndigoVision Group plc; Verint Systems Inc.; Honeywell International Inc.; Siemens AG; Schneider Electric; Rockwell Automation Inc.; Emerson Electric Co.; Delta Electronics Inc.; Legrand North America LLC; Omron Corporation; Beckhoff Automation GmbH & Co. KG
Smart Traffic Camera Market 2024 Key Insights:
• The smart traffic camera market size is expected to see rapid growth in the next few years. It will grow to $24.64 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%.
• Government Initiatives Fuels The Smart Traffic Camera Market
• Technological Advancements In The Smart Traffic Camera Landscape
• North America was the largest region in the smart traffic camera market in 2023
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