Intelligent Traffic Camera Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)

Intelligent Traffic Camera Market Size

Airport Ground Handling Market Trends & Drivers

Increasing Number of Strategic Relationships Is a Key Market Trend

• One of the major trends witnessed in the market is the increasing number of collaborations and partnerships among different systems providers, intelligent camera manufacturers, traffic management solution providers, and other stakeholders.
• These partnerships were aimed at helping companies gain access to the existing knowledge of acquired companies and enhance their portfolio with the addition of an attractive suite of products and services.
• Moreover, a considerable number of mergers and acquisitions are opening new avenues in terms of collaborations among existing players, which is helping reduce the overall cost of developing new systems and increase the profit margins of the key players.

Increasing Number of Road Accidents and Rising Safety and Security Concerns

• As stated by the World Health Organization (WHO), about 1.3 million road accidents occur every year across the world. In many developing countries, the accident rate is quite high, mainly due to poor road conditions.
• This creates a high demand for aftermarket components, particularly those used in case of normal wear and tear.
• According to the WHO, safe vehicles and intelligent traffic cameras play a critical role in averting such crashes and reducing the likelihood of serious injuries.
• Intelligent cameras capture images or video sequences and further perform high-level image processing, such as motion analysis and face recognition on board, and transmit the (compressed) video data as well as the extracted video information via a network to concerned authorities and systems for further analysis.
• Moreover, rapid population growth in developing nations, such as India, China, and Brazil, is driving the need for improved road safety systems, further boosting the demand for intelligent traffic cameras.
• According to experts, more than 90% of road accidents are caused by human error. Thus, manufacturers across the automobile value chain are acknowledging the importance of safety and looking toward AI to avoid human errors that lead to accidents.
• For instance, TrafficVision by Omnibond Systems LLC monitors digitally encoded video streams of traffic cameras on highways to immediately detect incidents and continuously collect real-time traffic data.
• It helps private and public organizations to leverage both existing and new video assets besides providing the information needed to reduce the impact of incidents and recurring congestion on highways.
• Thus, such systems help traffic managers to ensure safer and more efficient travel for the public.

Increasing Threat of Cyberattacks and Data Breach

• The increasing use of telematics in intelligent traffic camera systems and vehicles is exposing them to the risks of data breaches and cyberattacks, which is acting as a major factor hindering the growth of the market.
• With the penetration of digital instrument clusters, stakeholders have to deal with threats posed by the connected ecosystem in the market. This makes it vulnerable to security risks, further posing safety challenges for the solution providers and jeopardizing the integrity of technologies used for traffic management.
• Government authorities have already started taking measures to protect personal information.
• Thus, with the rise in the penetration of connected cameras in traffic management systems, manufacturers need to deal with the security threats in the intelligent transportation ecosystem.

Airport Ground Handling Industry Outlook

Application Analysis

• The traffic management category is expected to witness the fastest growth, advancing at a CAGR of 9.5% from 2024 to 2030.
• This can 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 busy traffic.
• Whereas, the surveillance category is the largest application with a market share of around 50% in 2023. This is mainly ascribed to the rising security concerns and the increasing government initiatives toward the development of smart cities with improved security.

Further, the following applications are listed below:

• Surveillance (Largest Category)
• Toll Management
• Traffic Management (Fastest-Growing Category)

Type Insights

• The 2–5 MP category held a larger share of around 70% in 2023 in the 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 the 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 6-8 MP category is expected to witness a higher CAGR of 9.3% from 2024 to 2030 in the market. This can be due to the high-resolution 6–8 MP camera, which allows a single device to capture multiple lanes of traffic with a single image.
• This also has high sensitivity, integrated electronic shutter, high smear rejection capture, and high quality, crisp, and clean images. Therefore, the demand for 6–8 MP cameras is expected to increase during the forecast period.

During the study, two types have been found:

• 2-5 Megapixel (MP) (Larger Category)
• 6-8 Megapixel (MP) (Faster-Growing Category)

Product Insights

• The IP bifurcation category is expected to witness faster growth, with a CAGR of 9.4% from 2024 to 2030. This can be mainly attributed to the rising demand for technologically advanced IP cameras offering larger coverage and cloud connectivity.
• On the other hand, the analog category holds a larger market share of around 75% in 2023. This is mainly ascribed to its high penetration across the world for traffic surveillance applications.

Further, products are differentiated as:

• Analog (Larger Category)
• Internet Protocol (IP) (Faster-Growing Category)

Geographical Analysis

• Globally, Europe is the largest market, with a revenue share of around 55% in 2023. In the region, many countries have developed traffic control systems to monitor the movement of vehicles along the road network.
• This typically involves looking at historical data, estimates, observations, and statistics, such as car park usage, pedestrian crossing usage, number of vehicles along a road area of low and high congestion, frequency, location, and cause of road works.
• In this regard, the U.K. government has worked with Siemens (Siemens Mobility) for the development and maintenance of traffic monitoring systems.
• Unlike the U.S., where regulations are implemented on a state-by-state basis, regulations in Europe need to be approved at the EU level before their implementation in countries across the region.
• During the forecast period, more regulations regarding road safety are expected to be implemented in Europe, thus benefiting the intelligent traffic camera market in the region.
• Whereas, APAC is the fastest-growing regional market, advancing at a CAGR of 9.7% from 2024 to 2030. This growth can be because the region is home to some of the most populous countries in the world, including China and India, which have a massive road network.
• 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, improvements in traffic infrastructure in developing nations are expected to further boost the demand for intelligent traffic cameras in the APAC region during the forecast period.

Further, these regions and countries were analyzed for this report:

• North America
  • U.S. (Larger Country Market)
  • Canada (Fastest-Growing Country Market)
• Europe (Largest Regional Market)
  • Germany
  • U.K. (Largest Country Market)
  • France
  • Russia (Fastest-Growing Country Market)
  • Italy
  • Spain
  • Rest of Europe
• APAC (Fastest-Growing Regional Market)
  • China (Largest Country Market)
  • Japan
  • India (Fastest-Growing Country Market)
  • South Korea
  • Australia
  • Rest of APAC
• Latin America (LATAM)
  • Brazil (Largest Country Market)
  • Mexico (Fastest-Growing Country Market)
  • Rest of LATAM
• Middle East and Africa (MEA)
  • Saudi Arabia
  • South Africa (Largest Country Market)
  • U.A.E. (Fastest-Growing Country Market)
  • Rest of MEA

Intelligent Traffic Camera Market Share

The global intelligent traffic camera market is moderately fragmented, with the presence of several global players and a few domestic players. In recent years, major players have taken several strategic measures, including product launches, partnerships, and facility expansions, to gain a competitive edge in the industry. Hangzhou Hikvision Digital Technology Co. Ltd. is the key supplier in the market and the VSaaS industry. By integrating advanced technologies into its operations and assets, the company continues to offer new products to its customers and meet their specific supply chain needs.

Intelligent Traffic Camera Industry News

• In January 2024, ITIS Holding acquired Vitronic Group to increase the strengths of both organizations and this strategy would deliver innovative services to meet the needs of clients.
• In December 2023, Allied Vision Technologies GmbH expanded its Alvium camera series by incorporating Sony’s latest SenSWIR sensors IMX992 and IMX993.
• In November 2023, Canon Inc. revealed the world’s first super-telephoto zoom lens, which can reach up to 800 mm.
• In October 2023, Teledyne FLIR LLC expanded its Lepton thermal camera series by launching Lepton UW with an ultrawide 160-degree field of view.