With the emergence and long-term Impact of COVID-19, the Global Smart Traffic Camera Market to reach USD 32.66 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Smart Traffic Camera Market is poised to raise up to USD 32.66 Billion by 2030. A smart traffic camera is primarily used for surveillance, to increase public safety, and to maintain a smooth flow of traffic. These intelligent cameras are positioned on arterial roads, motorways and highways that are connected by optical fibers. They have a sensing device that records a video stream, detects real-time traffic information and sends the compressed data to a network node and a monitoring center. The increasing number of road accidents and traffic congestion in emerging economies are the factors acting as drivers fueling the market growth. Moreover, the growing adoption of analytics software and an increase in the number of smart city projects in developing economies are anticipated to provide lucrative potential for market growth over the course of the projected period. However, factors such as high equipment installation costs and security risks & hacking difficulties are anticipated to restrain the market growth.
Geographically, the global Smart Traffic Camera Market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 as the region, has been at the forefront of technological advancements, including the development and implementation of smart traffic camera systems. The region has a strong base of technology companies, research institutions, and innovation hubs, fostering the development of cutting-edge technologies in the transportation sector. Asia Pacific is expected to grow significantly during the forecast period, owing to rising number of vehicles, and active participation of government organizations to oversee traffics rules and regulations in the market space.
The global Smart Traffic Camera Market is highly competitive owing to the presence of several key manufacturers such as ARH Inc., Pelco Inc., Bluecard Technologies Corp, RoadPixel Ltd., Canon Inc., ShenZhen LiZhongxiang Technology Co. Ltd., and others.
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Global Smart Traffic Camera Market Size study & Forecast, By Component (Hardware, Software and Service), By Applications (Surveillance and Traffic Management, Toll Management and Others), By Deployment Model (Traffic Monitoring and Traffic Enforcement) and By Camera Type (Fixed Cameras, Mobile Speed Camera, Red Light Camera, Surveillance Camera and Others) and Regional Analysis, 2023-2030
Key findings of the study suggest:
- Global Smart Traffic Camera Market is anticipated to grow with a healthy growth rate of more than 14.60% over the forecast period 2023-2030.
- In the Development Model segment, traffic monitoring emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to the growing emphasis on road safety measures and rising investment on technological investment.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
- Surveillance and Traffic Management
- Toll Management
By Development Model:
- Traffic Monitoring
- Traffic Enforcement
By Camera Type:
- Fixed Cameras
- Mobile Speed Camera
- Red Light Camera
- Surveillance Camera
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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