Smart Traffic Camera Global Market Report 2024

The global smart traffic camera market 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%. In the historic period, the growth can be attributed to factors such as urban expansion and population rise, heightened concerns regarding traffic congestion, the implementation of data-centric decision-making approaches, increased public awareness and education on road safety, and the parallel growth in the economy coupled with a rise in vehicle ownership.

The global smart traffic camera market 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%. In the forecast period, the growth is anticipated due to government initiatives focusing on smart city development, enhanced measures for road safety and accident prevention, the influence of global events on traffic patterns, the emergence of urban mobility solutions, and the evolving regulatory landscape. Major trends in this period are expected to revolve around the integration of artificial intelligence (AI), advanced video analytics for efficient traffic monitoring, optimization of traffic flow, proactive management of congestion, real-time detection and response to incidents, smart parking solutions, as well as considerations regarding data privacy and ethical implications.

The smart traffic camera market is poised for growth due to an increase in government concerns related to public safety. Governments worldwide are increasingly alarmed by the growing number of road accidents, injuries, and fatalities. Smart traffic cameras, specialized devices that monitor road intersections and enhance pedestrian safety, play a crucial role in addressing these concerns. An example of such commitment is evident in the World Health Organization's launch of the Second Decade of Action in October 2021, accompanied by the publication of the Global Plan for the Decade of Action for Road Safety 2021-30 in June 2022. The government's heightened focus on public safety is a key driver propelling the growth of the smart traffic camera market.

The escalating number of road accidents is expected to further drive the growth of the smart traffic camera market. Road accidents, involving vehicle collisions resulting in damage and injuries, have become a pressing concern. Smart traffic cameras contribute significantly to reducing road accidents by monitoring and enforcing traffic rules, enhancing road safety through real-time surveillance and data-driven interventions. Notably, according to the National Highway Traffic Safety Administration in May 2022, an estimated 42,915 people died in motor vehicle traffic crashes in 2021, reflecting a 10.5% increase from 2020. This alarming rise in road accidents underscores the critical role of smart traffic cameras in addressing safety challenges and driving market growth.

Technological development stands out as a key trend in the smart traffic camera market, with major companies focusing on innovative technology solutions to strengthen their market position. An illustrative example is Mobileye Global Inc., an Israel-based system software company, which launched the world's first camera-only Intelligent Speed Assist (ISA) solution in July 2023. This groundbreaking system, tested and certified in Europe, addresses the new EU General Safety Regulation standards. The ISA system, relying solely on cameras, employs computer vision and machine learning to detect traffic signs and visual signals in the surrounding environment without the need for additional sensors or map data. This technological advancement exemplifies the industry's commitment to cutting-edge solutions and is poised to contribute to the growth of the smart traffic camera market.

Prominent companies in the smart traffic camera market are intensifying their efforts to introduce AI-enabled cameras, exemplified by products such as Sphinx, to secure a competitive edge. An AI-enabled camera is equipped with artificial intelligence capabilities, enabling it to analyze visual data, recognize patterns, and make intelligent decisions. SmartCow Ai Technologies Private Limited, based in India, unveiled Sphinx in October 2023. This edge AI camera, designed for smart city applications, incorporates 5G connectivity for seamless data transmission in real-time. Sphinx boasts advanced features, including people counting, path tracing, and intrusion detection, catering to diverse smart city use cases. The camera's AI processing capabilities leverage NVIDIA's advanced system-on-modules, enabling real-time analytics and intelligent decision-making within smart city environments.

In a strategic move in March 2021, Siemens Mobility, a Germany-based rail company, acquired Aldridge Traffic Controllers for an undisclosed amount. This acquisition positions Siemens Mobility to strengthen its presence in the global intelligent traffic systems market, particularly in the APAC region. Additionally, it expands Siemens Mobility's capabilities in providing adaptive traffic control solutions. Aldridge Traffic Controllers, based in Australia, specializes in traffic management systems and products, contributing to Siemens Mobility's strategic objectives in the smart traffic camera market. This acquisition reflects the industry's recognition of the importance of advanced traffic control solutions and its focus on bolstering technological capabilities.

Major companies operating in the smart traffic camera market report are B&G Foods Holdings Corp., Capricorn Food Products India Ltd., Greenyard NV, J.R. Simplot Company, Uren Food Group Limited, Alfred Zindel AG, Brecon Foods Inc., Meyer Gemüsebearbeitung GmbH, Rems Frozen Foods Limited, Staple Food Group, Conagra Brands Inc., Dole Food Company Inc., Kerry Group PLC, Pinnacle Foods Inc., SunOpta Inc., Jinyuan Agriculture, Kabako Gruppe, Dirafrost Frozen Fruit, Cardinal Foods LLC, Bonduelle, Ardo, Hortex, Pinguin, D'aucy, Findus Group, General Mills Inc., McCain Foods Limited, Nestlé S.A., The Pictsweet Company, Unilever Group, Wawona Frozen Foods

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. The countries covered in the smart traffic camera market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The key components of a smart traffic camera include hardware, software, and service provisions. Hardware comprises the physical components of a computer and its associated devices. These cameras come in various types such as fixed, mobile speed, red light, surveillance, traffic monitoring, ANPR cameras, and others. They are utilized in traffic monitoring, enforcement, toll management, surveillance, traffic management, and other similar applications.

This report provides smart traffic camera market statistics, including smart traffic camera industry global market size, regional shares, competitors with a smart traffic camera market share, detailed smart traffic camera market segments, market trends and opportunities, and any further data you may need to thrive in the smart traffic camera industry. This smart traffic camera market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smart traffic camera market consists of revenues earned by entities by providing traffic services such as implementation and integration services, support and maintenance services, and consulting services. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart traffic camera market also includes cameras and accessories. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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