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Unlocking Opportunities in the Smart Traffic Camera Market: 2025-2034 Forecast Report
Smart Traffic Camera
What Will the Smart Traffic Camera Industry Market Size Be by 2025?
The market size of smart traffic cameras has experienced significant expansion in the recent past. It is forecasted to rise from $13.52 billion in 2024 to $15.47 billion in 2025, implying a compound annual growth rate (CAGR) of 14.4%. Factors such as urbanisation and population increase, issues related to traffic jams, the drive towards data-centric decision-making, public enlightenment and education, financial growth, and an upsurge in vehicle possession have contributed to the growth experienced in the historic period.
What's the Long-Term Growth Forecast for the Smart Traffic Camera Market Size Through 2029?
The market size of intelligent traffic cameras is projected to experience substantial expansion in the coming years. The market is poised to hit $27.58 billion by 2029, with a compound annual growth rate (CAGR) of 15.6%. This substantial growth during the forecast period can be accredited to government initiatives concerning smart cities, road safety, accident prevention and global events that affect traffic trends, solutions for urban mobility and an evolving regulatory landscape. Key trends expected in this period include the incorporation of artificial intelligence (AI), cutting-edge video analytics for traffic surveillance, optimization of traffic flow, congestion management, real-time detection and response to incidents, smart parking solutions, and considerations for data privacy and ethics.
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What Are the Key Growth Drivers Fueling the Smart Traffic Camera Market Expansion?
The advancement of the smart traffic camera market is projected due to heightened government awareness regarding public safety. The escalating occurrences of road mishaps, injuries, and deaths have increasingly alarmed the government. These smart traffic cameras are tools that oversee road intersections and enhance the safety of pedestrians. For example, in June 2022, the World Health Organization - a United Nations entity based in Switzerland, devoted to global public health, initiated the Second Decade of Action by releasing the Global Plan for the Decade of Action for Road Safety 2021-30. Therefore, the amplified government anxiety related to public safety is propelling the expansion of the smart traffic camera market.
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What Are the Key Trends Driving Smart Traffic Camera Market Growth?
The smart traffic camera market is seeing significant transformation due to technological advancements, a notable trend. Renowned companies within this market are focusing on developing novel technology solutions to secure a stronger stance. One such company is Mobileye Global Inc., an Israel-based system software company. In July 2023, they unveiled the world's first camera-only Intelligent Speed Assist (ISA) solution, which underwent rigorous testing and certification in Europe. The camera-only system is uniquely designed to aid global automobile manufacturers in meeting new EU General Safety Regulation (GSR) standards. These standards demand automatic sensing of speed limits in all new car models, without the aid of third-party maps and GPS data. The ISA system leverages computer vision and machine learning to discern traffic signs and other visual cues from its surroundings, eliminating the need for extra sensors or map data.
How Is the Smart Traffic Camera Market Segmented?
The smart traffic camera market covered in this report is segmented -
1) By Component: Hardware, Software, Service
2) By Camera Type: Fixed Cameras, Mobile Speed Camera, Red Light Camera, Surveillance Camera, Traffic Monitoring Camera, ANPR Camera, Other Camera Types
3) By Deployment Model: Traffic Monitoring, Traffic Enforcement
4) By Application: Surveillance And Traffic Management, Toll Management, Other Applications
Subsegments:
1) By Hardware: Cameras, Sensors, Processors, Communication Devices
2) By Software: Image Processing Software, Analytics Software, Cloud-Based Platforms, Integration Software
3) By Service: Installation And Deployment Services, Maintenance And Support Services, Consulting Services, Training And Education Services
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Which Companies Are Leading the Charge in Smart Traffic Camera Market Innovation?
Major companies operating in the smart traffic camera market are Axis Communications AB, Jenoptik AG, Teledyne FLIR LLC, Tattile S.r.l., Sensys Gatso Group AB, Kapsch TrafficCom AG, ARH 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
Which Regions Are Leading the Global Smart Traffic Camera Market in Revenue?
North America was the largest region in the smart traffic camera market in 2024. The regions covered in the smart traffic camera market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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