Overview and Scope
Smart traffic cameras are devices used for monitoring intersections and improving pedestrian safety. These can be integrated with various technologies to reduce distractions and increase road safety by catching drivers using their phones or other electronic devices while driving. These cameras have high resolution and sensors for collecting real-time information and optimizing the traffic flow of vehicles.
Sizing and Forecast
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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Segmentation & Regional Insights
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
North America was the largest region in the smart traffic camera market in 2023. 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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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the smart traffic camera market report are 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
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
….
31. Global Smart Traffic Camera Market Competitive Benchmarking
32. Global Smart Traffic Camera Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Smart Traffic Camera Market
34.Smart Traffic Camera Market Future Outlook and Potential Analysis
35. Appendix
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