Press release
Smart Traffic Camera Market Growth Accelerates: Strategic Forecast Predicts $26.7 Billion by 2029
Smart Traffic Camera Market
What Will the Smart Traffic Camera Industry Market Size Be by 2025?
The market size for smart traffic cameras has experienced swift expansion in recent years. It is projected to surge from $13.52 billion in 2024 to $15.26 billion in 2025, displaying a compound annual growth rate (CAGR) of 12.8%. The remarkable growth in the past years is mainly due to factors like population increase and urbanization, issues related to traffic congestion, decision-making driven by data, public enlightenment and education, economic development and a rise in car ownership.
What's the Long-Term Growth Forecast for the Smart Traffic Camera Market Size Through 2029?
The market size for smart traffic cameras is anticipated to expand swiftly in the coming years, with a projection to reach $26.7 billion in 2029, exhibiting a compound annual growth rate (CAGR) of 15.0%. This predicted growth during the forecast period can be credited to governmental policies in favor of smart cities, road safety measures, accident prevention techniques, global events that influence traffic trends, urban mobility solutions, and developments in regulatory norms. During this forecast period, notable trends are expected, such as the incorporation of artificial intelligence (AI), advanced video analytics for traffic supervision, optimization of traffic flow and management of congestion, real-time detection and reaction to incidents, smart parking solutions, and considerations related to data privacy and ethics.
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What Are the Key Growth Drivers Fueling the Smart Traffic Camera Market Expansion?
The escalating governmental worries regarding public safety are projected to propel the progress of the smart traffic camera market. The authorities are deeply perturbed by the escalating counts of road mishaps, injuries, and deaths. Smart traffic cameras function as devices that oversee road intersections and enhance pedestrians' safety. For example, in June 2022, the World Health Organization, a United Nations governmental body based in Switzerland and in charge of global public health, initiated the Second Decade of Action by issuing the Global Plan for the Decade of Action for Road Safety 2021-30. Hence, the surge in government worries concerning public safety is stimulating the expansion of the smart traffic camera market.
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What Are the Key Trends Driving Smart Traffic Camera Market Growth?
Technological advancement is a pivotal trend in the smart traffic camera industry. Major enterprises in this field are emphasizing on devising innovative tech solutions to enhance their market presence. For instance, in July 2023, Mobileye Global Inc., a software system firm based in Israel, introduced the world's first Intelligent Speed Assist (ISA) solution powered solely by camera technology that passed the tests and received certification in Europe. This standalone system is geared towards aiding worldwide automakers in adhering to the new EU General Safety Regulation (GSR) criteria, which necessitates automatic detection of speed limits in all fresh vehicle models, eliminating the need for third-party maps and GPS data. The ISA system relies on computer vision and machine learning to identify traffic signs and other visual indicators in the surrounding milieu, circumventing 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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