Smart Traffic Camera Market Statistics: 2030
The global smart traffic camera market size was valued at $8.36 billion in 2020, and is projected to reach $32.34 billion by 2030, registering a CAGR of 14.6% from 2021 to 2030.
Smart traffic camera is a device that is majorly used for surveillance, to improve the safety of people, and to maintain a smooth traffic flow. These smart cameras are installed on highways, freeways, expressways, and arterial roads interconnected by means of optical fibers. They are equipped with a sensing device, which detects the real-time traffic information by capturing a video stream and forward it to a network node then to monitoring center in a compressed form. Different types of cameras are available in the market such as speed detection cameras, red light cameras, traffic violation cameras, and average speed cameras.
The key factor driving the global smart traffic camera market trends include increase in concerns among the government related to public safety and rise in number of vehicles coupled with insufficient infrastructure boost the growth of the market. In addition, development of smart cities across the world positively impacts the growth of the market. However, factors such as high expenses associated with equipment installation and security threats & hacker challenges are expected to hamper the smart traffic camera market growth. On the contrary, increase in penetration of analytics software is expected to offer remunerative opportunities for the expansion of the smart traffic camera market during the forecast period.
Hardware is segment is projected as one of the most lucrative segments.
Depending on offering, the hardware segment garnered the major share, and is expected to grow in the upcoming years, owing to rapid adoption of cameras and other systems for managing traffic. However, the software segment is expected to grow at the fastest rate, owing to rise in adoption of smart traffic camera software by various government across the globe for improving public safety as well as to improve traffic congestion on roads.
On the basis of application, the surveillance & traffic management segment was the major share contributor in 2020, and is expected to maintain its dominance in the upcoming years, owing to surge in need to reduce recurring traffic congestion on roads & highways and to improve the regional road network. However, the toll management segment is expected to witness highest growth rate in the upcoming years, owing to increase in need for real-time information of vehicle and automatic number plate recognition on toll booths.
Surveillance and Traffic Management is projected as one of the most lucrative segments.
The report focuses on growth prospects, restraints, and trends of the global smart traffic camera market analysis. The study provides Porter’s five forces analysis to understand impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the global smart traffic camera market share.
The global smart traffic camera market is segmented into component, application, deployment model and camera type and region. By component, the market is segregated into hardware, software, and services. Depending on application, it is fragmented into surveillance & traffic management, toll management, and others. As per deployment, it is bifurcated into traffic monitoring and traffic enforcement. On the basis of camera type, it is categorized into fixed camera, mobile speed camera, red light camera, surveillance camera, traffic monitoring camera, ANPR camera, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Deployment Model
Traffic Monitoring is projected as one of the most lucrative segments.
The key players operating in the smart traffic camera industry are Allied Vision, Axis Communications, E Com Systems, Jenoptik, Flir Systems, Hikvision, Tattile, Imperx, Inc, Teledyne Dalsa, Siemens Ag, Idemia, Motorola Solutions, Redflex Holdings, Sensys Gatso Group Ab, and Vitronic Gmbh. These players have adopted various strategies to increase their market penetration and strengthen their position in the smart traffic camera industry.
COVID-19 impact analysis
The smart traffic camera market has witnessed stable growth during the COVID-19 pandemic, owing to rise in adoption of cameras for tracking people without masks. In addition, with the growing number of COVID-19 patients, the need for social distance increased to curb the spread of disease. Thus, governments in various countries have taken strict actions toward the defaulters of COVID-19 regulations. For instance, in May 2020, France integrated new AI tools into security cameras in the Paris metro system to check whether passengers are wearing face masks, and passengers with no mask are fined to reduce repetition, which, in turn, boosted the adoption of smart traffic cameras. Moreover, various universities have started conducting tests to detect the traffic safety of various elements such as vehicles, cyclists, and pedestrians, which augmented the growth of the market. For instance, during the COVID-19 pandemic, a Melbourne University professor installed cameras, which watched and responded to the flow of traffic in Carlton to study volume of traffic, vehicles' near-misses with cyclists, the time pedestrians need to cross roads, and how public transport can be given more priority. Thus, increase in such developments across the globe notably contributed toward the growth of the smart traffic camera market.
By Camera Type
Fixed Cameras is projected as one of the most lucrative segments.
Top impacting factors
Rise in number of vehicles coupled with insufficient infrastructure
With exponential increase in population in urban areas, traffic congestion is expected to intensify simultaneously, which, in turn, has led to rise in accidents due to insufficient infrastructure in developing nations. Various governments across Asia-Pacific are involved in updating their traffic policies as well as improving their road infrastructure, which boost the demand for smart traffic cameras. Furthermore, the developed nations such as the U.S., the UK, and Germany are adopting multiple initiatives to encourage the use of public transportation services. Thus, the need for the upgradation of existing transportation infrastructure and the advancement of traffic systems are expected to drive investments in the mobile traffic camera market in the coming years. In addition, upsurge in demand for real-time traffic monitoring system and various other systems such as vehicle number plate recognition systems and cameras augment the growth of the market. Moreover, governments of various countries are engaged in installing smart traffic cameras to help resolve traffic congestions in heavy traffic areas, which propels the growth of the market, globally.
Development of smart cities across the world
Globally, governments have been playing a major role in the smart cities market through their regulations and initiatives focused on the deployment of smart services as a major part of their infrastructure. In addition, various smart cities are using smart traffic cameras for ticketing and tolls, which is the major factor driving the growth of the market. In addition, smart cities are increasingly deploying smart traffic cameras to power improved vehicle tracking services and increase security against thefts at nights, which augments the growth of the market. Furthermore, advanced vehicle recognition systems provide public safety in smart cities by detecting wrong way driving & high-speed vehicles and help in criminal investigation, thus fostering the market growth. Moreover, the demand for automatic number plate recognition (ANPR) cameras has been witnessed to increase significantly in smart cities, owing to their ability to provide real-time data response to traffic accidents to law enforcement authorities. Moreover, they help in monitoring and controlling carbon emissions by identifying cars that release toxic fumes in smart cities. Thus, these factors collectively foster the growth of the global smart traffic camera market.
Asia-Pacific would exhibit the highest CAGR of 15.9% during 2021-2030.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of global smart traffic camera market forecast along with the current trends and future estimations to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on global smart traffic camera market outlook is provided in the report.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2021 to 2030 is provided to determine the market potential.
Key Market Segments
- Traffic Management Software
- Automatic Number/License Plate Recognition
- Enforcement Software
- Incident Detection & Response Software
- Implementation & Integration Services
- Support & Maintenance Services
- Consulting Services
- Surveillance and Traffic Management
- Toll Management
By Deployment Model
- Traffic Monitoring
- Traffic Enforcement
By Camera Type
- Fixed Cameras
- Mobile Speed Camera
- Red Light Camera
- Surveillance Camera
- Traffic Monitoring Camera
- ANPR Camera
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
Key Market Players
- Allied Vision
- Axis Communications
- E Com Systems
- Flir Systems
- Imperx, Inc.
- Teledyne Dalsa
- Siemens AG
- Motorola Solutions
- Redflex Holdings
- Sensys Gatso Group Ab
- Vitronic Gmbh
Smart Traffic Camera Market Report Highlights
By Deployment Model
By Camera Type
Key Market Players
IDEMIA, VITRONIC GmbH, SIEMENS AG, AXIS COMMUNICATIONS AB, HIKVISION, SENSYS GATSO GROUP AB, IMPERX, INC., REDFLEX HOLDINGS, JENOPTIK AG, TATTILE S.R.L., KAPSCH TRAFFICCOM AG, FLIR SYSTEMS, .E-CON SYSTEMS, MOTOROLA SOLUTIONS, INC., ALLIED VISION TECHNOLOGIES GmbH
According to the insights of top level CXOs, the adoption of smart traffic camera has increased over the years, owing to rise in need to improve congested roadways, streamline traffic flow, and provide critical insight about the road conditions in critical environment. In addition, key players are integrating advanced technologies such as edge computing and artificial intelligence for analyzing real-time traffic data and to provide meaningful insights to end users. Furthermore, with the help of smart traffic camera, traffic lights can automatically adjust their timing and can enhance the flow of traffic.
The key providers of smart traffic camera market such as Allied Vision, Axis Communications, E Com Systems, And Jenoptik, and Flir Systems account for a significant share in the market. Moreover, companies are innovating solution to expand their services to all the sectors of the society and provide better public security. For instance, in December 2019, Allied Vision launched Alvium USB3 Vision camera with near-infrared camera (NIR) sensitivity, which is designed for both low light and high dynamic range performance. The new camera is used for monitoring and managing traffic where there is low lights. Furthermore, companies are partnering and collaborating with each other to provide integrated products for better quality and applications, which is augmenting the growth of the market. For instance, in June 2019, Antmicro partnered with Allied Vision to provide joint offering for modular embedded vision and edge AI systems. The new camera allows system traffic management to perform image corrections and preprocessing tasks on the camera instead of using resources of the embedded board, which, in turn, drives the growth of the market. Moreover, with the rising concern of traffic congestion, various organizations are innovating new solutions to track and predict natural disasters, thereby propelling the growth of the market.
For instance, in November 2020, FLIR launched AI cameras for predictive traffic management, which can predict traffic; prevent congestion & potential accidents; and create safer roads for drivers, cyclists, and pedestrians 24 hours a day. In addition, these cameras exhibit the ability to capture heat energy data through a thermal sensor, and a visible low-light, high-definition sensor, which enables continuous monitoring in all weather conditions and even through smoke for tunnel monitoring. Therefore, these factors notably contribute toward the growth of smart traffic camera market. According to the industry experts, the smart traffic cameras are expected to witness increased adoption in the coming years, owing to rise in public safety concerns related to growing number of automobiles.