The Smart Traffic Camera Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Smart Traffic Camera Global Market Report 2024, 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. .
The increase in government concerns related to public safety is expected to drive the smart traffic camera market forward. The government is deeply concerned about the growing number of road accidents, injuries, and fatalities. Smart traffic cameras are devices that monitor intersections between roads and improve pedestrian safety. For instance, in June 2022, according to the World Health Organization, a United Nations government body based in Switzerland and responsible for international public health, launched the Second Decade of Action in October 2021 with the publication of the Global Plan for the Decade of Action for Road Safety 2021–30. Therefore, the increase in government concerns related to public safety is driving the growth of the smart traffic camera market.
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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
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.
Major Players:
- B&G Foods Holdings Corp.
- Capricorn Food Products India Ltd.
- Greenyard NV
- J.R. Simplot Company
- Uren Food Group Limited
- Alfred Zindel AG
The smart traffic camera market report table of contents includes:
1. Executive Summary
2. Smart Traffic Camera Market Characteristics
3. Smart Traffic Camera Market Trends And Strategies
4. Smart Traffic Camera Market – Macro Economic Scenario
5. Global Smart Traffic Camera Market Size and Growth
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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