As per a report by P&S Intelligence, the global intelligent traffic camera market is expected to generate a revenue of $24,465.6 million by 2030, increasing from $10,087.8 million, advancing at an 8.5% CAGR during the forecast period (2020–2030). The market is growing due to the surging traffic congestion in developing countries and the increasing number of road accidents and growing safety and security concerns across the globe. The accident rate is quite high in emerging economies, owing to which, they are widely employing intelligent traffic cameras.
Intelligent Traffic Camera Market
On the basis of application, the intelligent traffic camera market is divided into traffic management, toll management, and surveillance, out of which, the surveillance division held the major share of the market in 2019, both in terms of value and volume. The surging concerns regarding road safety and rising government initiatives for developing smart cities with enhanced security are leading to the growth of this division. The traffic management division is projected to register the highest CAGR during the forecast period.
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In terms of product, the market is bifurcated into IP and analog, between which, the IP category is projected to register the faster growth during the forecast period. The requirement for technologically advanced IP cameras that offer larger coverage along with cloud connectivity is rising across the globe. Geographically, the Asia-pacific region is expected to witness the highest CAGR during the forecast period, owing to the increasing investments in traffic management solutions.
The European region held the major share of the intelligent traffic camera market in 2019, because of the advancements in the camera technology and the increasing affordability of intelligent traffic cameras, which is supporting the adoption of these devices in the transportation ecosystem. According to the European Commission, intelligent traffic systems are necessary for raising the safety on roads and for tackling congestion and emission problems in the region. Owing to this, the region is further expected to dominate the market during the forecast period.
The surging number of road accidents is a major driving factor of the intelligent traffic camera market. As the population in various countries is rising rapidly, the need for improving safety on roads is growing as well. Intelligent cameras can capture video sequences and images, and can also perform high-level image processing, including face recognition and motion analysis. These cameras can further transmit the captured video or image to concerned authorities for further analysis, via a network.