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The global intelligent traffic camera market size was $10,087.8 million in 2019, and it is projected to reach $24,465.6 million by 2030, growing at a CAGR of 8.5% during the forecast period (2020–2030). The rising population in major cities across the world has led to an increased number of daily commuters, thereby creating road congestion, especially in the peak hours. Factors such as the increasing safety concern, growing traffic congestion in cities, development of advanced driver-assistance systems (ADAS) and connected vehicles, rising government initiatives for effective traffic management systems, and development of smart cities across the world are providing impetus to the industry.
However, the present global economic conditions and their consequences on the market sentiment are expected to impact the business of the key players in this industry, in the short term. The trade war between major markets, particularly the U.S. and China, continues to create uncertainty. Furthermore, unstable material costs, disruption in supply chain, and, most recently, the ban on exports and imports by various economies, in the wake of the COVID-19 pandemic, are expected to affect all the major players in the intelligent traffic camera market in the near future.
However, COVID-19 has prompted many industry stakeholders to re-examine their strategies and prepare for the market’s medium– and long–term growth, which would accelerate the transformation and upgradation of the industry.
The intelligent traffic camera market is expected to witness the fastest growth in the traffic management category, on the basis of application. This would mainly be due to technological advancements, including the launch of artificial intelligence (AI)-powered traffic management systems, which include intelligent traffic cameras, to remotely access and control traffic lights at intersections, for a smooth flow of traffic. This helps optimize the traffic flow for pedestrians and bicyclists, thereby offering them improved safety in the busy traffic.
In 2019, the 2–5 MP category held the largest share in the intelligent traffic camera market, on the basis of type. As these cameras offer high-definition (HD) resolution, they are used for license plate and facial recognition, at a distance of up to 13 feet (in case of 2 MP variants). Moreover, 2–5 MP features can provide better and sharper images, compared to their lower-resolution counterparts, and they are also affordable. Therefore, it is expected that the 2–5 MP category will retain its dominance throughout the forecast period.
The intelligent traffic camera market is expected to witness faster growth in the IP bifurcation, on the basis of product. This can be mainly attributed to the rising demand for technologically advanced IP cameras offering larger coverage and cloud connectivity.
Europe held the largest share in the intelligent traffic camera market in 2019. The market in the region is being driven by the advancements in the camera technology and its affordability, which supports its adoption in the transportation ecosystem. As per the European Commission, the intelligent traffic system (ITS) is vital to increasing the safety and tackling emission and congestion problems in the region. As part of the Digital Single Market Strategy (2019–2024), the European Commission expects to achieve efficient management of the transport network, by effectively deploying ITS in the region.
APAC is expected to be the fastest-growing region in the intelligent traffic camera market globally. This can be attributed to the fact that the region is home to some of the most populous countries in the world, including China and India, which have a massive road network. The governments of developing countries, such as India and China, have increased their investments in traffic management solutions, to identify traffic violators through intelligent traffic cameras. Thus, the improvements in the traffic infrastructure in developing nations are expected to further boost the demand for intelligent traffic cameras in the APAC region during the forecast period.
One of the major trends being witnessed in the intelligent traffic camera market is collaborations and partnerships among intelligent camera manufacturers, traffic management solution providers, and other stakeholders. These partnerships are aimed at gaining access to the knowledge base of the acquired companies, for portfolio enhancement, with the addition of an attractive suite of products.
In January 2020, FLIR Systems Inc. and Ansys Inc. partnered to deliver superior hazard detection capabilities for assisted-driving and autonomous vehicles, to empower automakers to improve vehicle safety. Through this partnership, FLIR Systems Inc. will integrate a fully physics-based thermal sensor into Ansys’ driving simulator, to model, test, and validate thermal camera designs within an ultra-realistic virtual world. The new solution will reduce original equipment manufacturers’ (OEM) development time, by optimizing thermal camera placement, for use with tools such as automatic emergency braking (AEB), and pedestrian detection, within future autonomous vehicles.
Intelligent cameras capture images or video sequences, further perform high-level image processing, such as motion analysis and face recognition, and transmit the (compressed) video data as well as the extracted video information via a network, to concerned authorities for further analysis. The rapid population growth in developing nations, such as India, China, and Brazil, is driving the need for improved road safety, thus benefitting the intelligent traffic camera market. Such a system helps private and public organizations leverage both existing and new video assets, besides providing the information needed to avoid road accidents and recurring congestion. Thus, such systems help traffic managers ensure a safer and more efficient journey for the public.
In large and growing metropolitan areas across the world, such as in India, Brazil, China, and Mexico, traffic congestion is inevitable. Developing countries across the world are adopting smart traffic management solutions and productstobetter manage the traffic flow and reduce congestion. For instance, in February 2019, a pilot project for India’s first ITS was launched, which was evaluated for six months. Smart traffic signals and systems equipped with intelligent cameras were installed at four locationsin heavy-traffic areas.Thus, the scenario acts as a major driver for the intelligent traffic camera market.
|Base Year (2019) Market Size||$10,087.8 Million|
|Forecast Period (2020-2030) CAGR||8.5%|
|Report Coverage||Market Trends, Impact of COVID-19, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Company Share Analysis, Companies’ Strategical Developments, Product Benchmarking, Company Profiling|
|Market Size by Segments||By Application; By Product; By Type; By Geography|
|Market Size of Geographies||U.S., Canada, Germany, France, U.K., Russia, Japan, China, India, Australia, Brazil, Mexico, Argentina|
|Secondary Sources and References (Partial List)||Association for the Advancement of Artificial Intelligence (AAAI), Bureau of Transportation Statistics (BTS), Connected Vehicle Trade Association (CVTA), Danish Artificial Intelligence Society (DAIS), European Association for Artificial Intelligence (EurAI), Institute of Electrical and Electronics Engineers (IEEE), Intelligent Transportation Systems Joint Program Office (ITS JPO), Telecommunications Industry Association (TIA)|
The global intelligent traffic camera market is moderately fragmented in nature, with the presence of market players such as FLIR Systems Inc., Canon Inc., Hangzhou Hikvision Digital Technology Co. Ltd., Kapsch TrafficCom AG, and Sony Corp.
In recent years, the players in the intelligent traffic camera market have launched a number of new and advanced products, in order to stay ahead of their competitors. For instance:
In March 2020, Videalert Ltd. announced the launch of Stingray, a new modular automatic number plate recognition (ANPR) camera solution. It features high-definition cameras with upgraded infrared lighting, to deliver enhanced capture rates and increased productivity in all parking and traffic management applications.
In June 2019, FLIR Systems Inc. launched the FLIR TrafiData intelligent thermal traffic sensor solution that can help improve transportation management and data collection capabilities. The sensor differentiates and counts vehicles, cyclists, and pedestrians, measures real-time travel activities, and provides origin and destination insights.
The research offers size of the global intelligent traffic camera market for the period 2014–2030.
Based on Application
Based on Type
Based on Product