Increase in concerns related to public safety, surge in the number of vehicles and insufficient infrastructure, and development of smart cities worldwide drive the growth of the global smart traffic camera market.
PORTLAND, Ore., Oct. 14, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Traffic Camera Market by Component (Hardware, Software, and Service), Applications (Surveillance and Traffic Management, Toll Management and Others), Deployment Model (Traffic Monitoring and Traffic Enforcement) and Camera Type (Fixed Cameras, Mobile Speed Camera, Red Light Camera, Surveillance Camera, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global smart traffic camera industry generated $8.36 billion in 2020, and is estimated to reach $32.34 billion by 2030, witnessing a CAGR of 14.6% from 2021 to 2030.
Drivers, restraints, and opportunities
Increase in concerns related to public safety, surge in the number of vehicles and insufficient infrastructure, and development of smart cities worldwide drive the growth of the global smart traffic camera market. However, high expenses associated with equipment installation and security threats hinder the market growth. On the other hand, rise in penetration of analytics software presents new opportunities in the coming years.
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The demand for smart traffic cameras increased during the Covid-19 pandemic for tracking people who are roaming on the streets without masks in various countries and people without masks are penalized.
Moreover, there has been surge in implementation of thermal imaging traffic cameras to detect people with high body temperature traveling on roads, metro stations, and airports.
Many universities began research and development activities to determine the traffic safety of the cameras on roads. They researched on volume of traffic, the time pedestrians need to cross the roads, vehicles' near-misses with cyclists, and the ways to improve public transport.
Get detailed COVID-19 impact analysis on the smart traffic camera market:
The hardware segment to maintain its leadership position throughout the forecast period
Based on component, the hardware segment accounted for the highest share in 2020, accounting holding more than three-fifths of the global smart traffic camera market, and is projected to maintain its leadership position throughout the forecast period. This is due to rise in demand for hardware components among traffic offices to overcome challenges such as space constraints. However, the software segment is expected to portray the highest CAGR of 17.7% from 2021 to 2030, owing to rise in demand among the governments to improve road safety and reduce traffic congestion and parameters.
The surveillance and traffic management segment to maintain its lead position during the forecast period
Based on application, the surveillance and traffic management segment held the largest share in 2020, accounting for more than three-fourths of the global smart traffic camera market, and is estimated to maintain its lead position during the forecast period. This is due to increase in traffic issues along with environmental issues such as accidents and air & noise pollution. However, the toll management segment is expected to manifest the fastest CAGR of 17.0% from 2021 to 2030. This is attributed to supportive government regulations toward installation of smart traffic cameras on toll booths across developing nations of Asia-Pacific and LAMEA.
Asia-Pacific, followed by Europe and North America, to continue its dominant share by 2030
Based on region, Asia-Pacific, followed by Europe and North America, contributed to the highest market share in 2020, accounted for more than one-third of the global smart traffic camera market, and is projected to continue its dominant share in terms of revenue by 2030. Moreover, this region is expected to witness the largest CAGR of 15.9% from 2021 to 2030. This is due to increase in investments by governments in traffic management solutions to identify traffic violators through intelligent traffic cameras in the region.
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