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Smart Traffic Camera Market Outlook 2024 : Expected Market Growth Rate, Major Driver And Segments | Axis Communications AB, Jenoptik AG, Teledyne FLIR LLC, Hangzhou Hikvision Digital Technology Co Ltd
Smart Traffic Camera Global Market Report 2024
The smart traffic camera market size is expected to see rapid growth in the next few years. It will grow to $24.64 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. The growth in the forecast period can be attributed to government initiatives for smart cities, road safety and accident prevention, global events impacting traffic patterns, urban mobility solutions, evolving regulatory environment. Major trends in the forecast period include integration of artificial intelligence (ai), advanced video analytics for traffic monitoring, traffic flow optimization and congestion management, real-time incident detection and response, smart parking solutions, data privacy and ethical considerations. .
Market Overview -
Smart traffic cameras are devices used for monitoring intersections and improving pedestrian safety. These can be integrated with various technologies to reduce distractions and increase road safety by catching drivers using their phones or other electronic devices while driving. These cameras have high resolution and sensors for collecting real-time information and optimizing the traffic flow of vehicles.
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Government Initiatives Fuels The Smart Traffic Camera Market
The increase in government concerns related to public safety is expected to drive the smart traffic camera market forward. The government is deeply concerned about the growing number of road accidents, injuries, and fatalities. Smart traffic cameras are devices that monitor intersections between roads and improve pedestrian safety. For instance, in June 2022, according to the World Health Organization, a United Nations government body based in Switzerland and responsible for international public health, launched the Second Decade of Action in October 2021 with the publication of the Global Plan for the Decade of Action for Road Safety 2021-30. Therefore, the increase in government concerns related to public safety is driving the growth of the smart traffic camera market.
Competitive Landscape -
Major companies operating in the smart traffic camera market report are Axis Communications AB; Jenoptik AG; Teledyne FLIR LLC; Hangzhou Hikvision Digital Technology Co Ltd.; Tattile S.r.l.; Sensys Gatso Group AB; Kapsch TrafficCom AG; Allied Vision Technologies GmbH; ARH Inc.; Bluecard Technologies Corp.; Canon Inc.; FLIR Systems Inc.; Hanwha Techwin Co. Ltd.; Pelco by Schneider Electric; Bosch Security Systems; Hikvision Digital Technology Co. Ltd.; VIVOTEK Inc.; Dahua Technology Co. Ltd.; Avigilon Corporation; Genetec Inc.; March Networks Corporation; IndigoVision Group plc; Verint Systems Inc.; Honeywell International Inc.; Siemens AG; Schneider Electric; Rockwell Automation Inc.; Emerson Electric Co.; Delta Electronics Inc.; Legrand North America LLC; Omron Corporation; Beckhoff Automation GmbH & Co. KG
Technological Advancements In The Smart Traffic Camera Landscape
Technological development is a key trend in the smart traffic camera market. Major companies operating in the smart traffic camera market are concentrating on creating innovative technology solutions to strengthen their position in the market. For instance, in July 2023, Mobileye Global Inc., an Israel-based system software company, launched the world's first camera-only Intelligent Speed Assist (ISA) solution, which has been tested and certified in Europe. The camera-only system is designed to help global automakers meet the new EU General Safety Regulation (GSR) standards, which require the automatic sensing of speed limits in all new vehicle models without relying on third-party maps and GPS data. The ISA system uses computer vision and machine learning to detect traffic signs and other visual signals in the surrounding environment without the need for additional sensors or map data.
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Key Segments -
The smart traffic camera market covered in this report is segmented -
1) By Component: Hardware, Software, Service
2) By Camera Type: Fixed Cameras, Mobile Speed Camera, Red Light Camera, Surveillance Camera, Traffic Monitoring Camera, ANPR Camera, Other Camera Types
3) By Deployment Model: Traffic Monitoring, Traffic Enforcement
4) By Application: Surveillance And Traffic Management, Toll Management, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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