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Intelligent Traffic Camera Market To Have Size of $24,465.6 million by 2030

Published Date:   July 2020

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. Intelligent traffic cameras play a critical role in averting such crashes and reducing the likelihood of serious injuries, through the detection and classification of vehicles. Due to these factors, the global intelligent traffic camera market was valued at $10,087.8 million in 2019, and it is projected to grow at a CAGR of 8.5% during the forecast period, to reach $24,465.6 million by 2030.

Surveillance Category Held Largest Share in Intelligent Traffic Camera Market

The intelligent traffic camera market, on the basis of application, is categorized into surveillance, toll management, traffic management, and others. Among these, the surveillance category accounted for the largest market size, in terms of volume, in 2019. This can be mainly ascribed to the rising concerns about road safety and increasing government initiatives for the development of smart cities with improved security.

Further, the intelligent traffic camera market is classified into 2–5 megapixel (MP), 6–8 MP, and others, based on type. The 6–8 MP category is expected to be the fastest-growing category during the forecast period. This would mainly be due to the increasing demand for high-resolution 6–8 MP cameras with wide-angle features, enabling the capturing of images from multiple traffic lanes, in a single shot.

Globally, Europe held the largest share, in terms of volume, in the intelligent traffic camera market in 2019. In Europe, many countries have developed traffic control systems, to monitor the movement of vehicles. This typically involves looking at the historical data, such as car park usage, pedestrian crossing usage, number of vehicles in low- and high-congestion areas, frequency, location, and roadworks.

The initial effects of COVID-19 began in January 2020, as China was put under lockdown to stop and contain the virus. As the COVID-19 pandemic spread across the world, economies came to a halt, as a partial or full closure was ordered for all types of businesses and organizations. The International Monetary Fund (IMF) has already sounded alarm bells for ‘deep recession’, with markets crashing ~30%, globally. This has created a trust deficit in the minds of investors, which was of crucial importance for industries such as transportation and logistics (including intelligent transportation system). The negative impact of the pandemic on intelligent transportation system has also impacted Intelligent traffic camera market in short term.

Introduction of Technologically Advanced Products Is Strongest Strategic Measure Taken by Players

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 in the market have taken several strategic measures, including product launches and partnerships, to gain a competitive edge in the industry. For example, in March 2020, FLIR Systems Inc. announced the launch of the FLIR Ranger HDC MR, a new high-definition midrange surveillance system. It can detect activities even in difficult weather conditions, utilizing embedded analytics and image processing to reduce the cognitive workload, and enable operators to quickly distinguish between true and false traffic-related threats/conditions.

Browse report overview with detailed TOC on "Intelligent Traffic Camera Market Research Report: By Application (Surveillance, Toll Management, Traffic Management), Type (2–5 Megapixel, 6–8 Megapixel), Product (Analog, Internet Protocol) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/intelligent-traffic-camera-market

Similarly, in March 2019, Hangzhou Hikvision Digital Technology Co. Ltd. (Hikvision) launched a new 4 MP 32Xnetwork IR PTZ Camera, DS-2DF9C435IH-DLW, which has double the resolution of the previous model, for more clarity in dark places. The camera combines two images to create one image, with both color and clarity. It also offers higher resolution, smarter event detection, and a clear image, to enable facial recognition.

Some of the major players operating in the global intelligent traffic camera market are Canon Inc., FLIR Systems Inc., Hangzhou Hikvision Digital Technology Co. Ltd., Genetec Inc., Kapsch TrafficCom AG, Pelco Inc., ARH Inc., Sony Corp., VITRONIC GmbH, and Nedap N.V.