Intelligent Traffic Camera Market Analysis of the Industry with Future Estimations | P&S Intelligence

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Intelligent Traffic Camera Market Growth,
Segments, Size, Industry Analysis and
Opportunities 2030
The increasing prevalence of road accidents
around the world is an important factor driving
the growth of the global intelligent traffic
camera market. The market generated 10,087.8
million revenue in 2019 and is expected to attain
a value of 24,465.6 million in 2030, exhibiting
a CAGR of 8.5 from 2020 to 2030.
According to the World Health Organization (WHO),
almost 1.3 million road crashes occur annually
all over the world. This road accident rate is
much higher in the developing nations such as
China, India, and Brazil, on account of the poor
conditions of the roads and the high population
and road congestion levels. Intelligence traffic
cameras help majorly in curbing the incidence of
road accidents and preventing deaths caused
because of these crashes by capturing videos or
images sequences and conducting face recognition
and motion analysis of the same. Furthermore,
these systems help in monitoring the road traffic
levels with the help of vehicle detection and
classification.
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Based on application, the intelligent traffic
camera market is classified into traffic
management, toll management, and surveillance
categories. Out of these categories, the
surveillance division recorded the highest market
growth, by volume, in the past few years. This
is attributed to the increasing concerns raised
over road safety and the surging implementation
of various policies by the governments of many
countries for developing smart cities that will
have enhanced road security. However, the
COVID-19 pandemic has caused massive disruptions
in the market. This is due to the lockdowns
imposed on several countries for curbing the
spread of the disease in the last few months.
For instance, the Chinese government imposed a
complete lockdown across the country in January
2020 for containing the spread of the virus. Due
to the imposition of lockdowns in many countries,
markets are crashing at alarming levels (30)
across the globe, as per the International
Monetary Fund (IMF). This has severely affected
the development of intelligent transportation
systems, which has, in turn, put a halt on the
advancement of the intelligent traffic camera
market. Geographically, Europe had the highest
market share, by volume, during the last several
years. This is ascribed to the fact that many
European nations have developed intelligent
traffic systems for monitoring the road traffic
conditions. This is done via the analysis of
historical data pertaining to various parameters
such as the usage of pedestrian crossings and car
parks, the total number of automobiles in high-
and low-congestion regions, roadworks, location,
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arket The intelligent traffic camera market is
not dominated by any single player. In fact, it
is fragmented, with many global players and some
domestic players operating in it. The major
market players have taken numerous strategic
measures such as partnerships and product
launches for gaining a foothold in the
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global market. For instance, FLIR Systems Inc.
launched a high-definition midrange surveillance
system called the FLIR Ranger HDC MR in March
2020. This system can detect traffic activities
and function properly in harsh weather conditions
by using image processing and embedded analytics
for reducing the cognitive workload and allowing
the users to swiftly differentiate between the
false and true traffic conditions and
threats. Some prominent market players are ARH
Inc., Pelco Inc., FLIR Systems Inc., Nedap N.V.,
Sony Corp., Kapsch TrafficCom AG,Canon
Inc.,Genetec Inc., Hangzhou Hikvision Digital
Technology Co. Ltd., and VITRONIC GmbH.