In 2020, the smart traffic camera market size was more than the US $7.36 billion. The global smart traffic camera market is forecast to grow at a compound annual growth rate (CAGR) of more than 12.7% during the forecast period from 2021-2027.
The primary purpose of a smart traffic camera is to improve safety, keep people safe, and keep traffic flowing smoothly. Optical fiber connections connect smart cameras to freeways, expressways, highways, and arterial roads. They contain a sensing device that captures a video stream in real-time and sends it to a network node then to the monitoring center in compressed form. Cameras present in the market include speed detection cameras, red-light cameras, and traffic violation cameras.
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Factors Affecting the Market
Growing government concerns regarding public safety coupled with an increase in the number of vehicles and insufficient infrastructure are key factors contributing to the global smart traffic camera market’s growth. In addition, the development of smart cities in many countries contributes to the market’s growth.
The smart traffic camera market is likely to face several challenges, including high installation costs and security threats & hacker challenges.
During the forecast period, smart traffic cameras will benefit from an increase in analytics software penetration.
A release on June 8th, 2021, by the Bureau and Economic Analysis and U.S. Census Bureau reports the recovering of the U.S. market. The report also described the recovery of U.S. International Trade in July 2021.In April 2021, exports in the country reached $300 billion, an increase of $13.4 billion. In April 2021, imports amounted to $294.5 billion, increasing by $17.4 billion. COVID19 is still a significant issue for economies around the globe, as evidenced by the year-over-year decline in exports in the U.S. between April 2020 and April 2021 and the increase in imports over that same period of time. The market is clearly trying to recover. Despite this, it means there will be a direct impact on the Healthcare/ICT/Chemical industries, resulting in a large market for Smart Traffic Camera Market.
Impact Analysis of COVID-19
During the COVID-19 pandemic, smart traffic cameras have experienced stable growth due to the increasing adoption of cameras for tracking people without masks.
In addition, the growing number of COVID-19 patients has increased the need for social distance to contain the spread of the disease. Thus, governments in various countries have taken strict action against those in violation of COVID-19 regulations.
While the COVID-19 pandemic was underway, a Melbourne University professor installed cameras to monitor traffic flow in Carlton and study things like traffic volume, near-misses between vehicles and cyclists, and the transit time for pedestrians.
Thus, the rise in such developments across the globe contributed significantly to the growth of the smart traffic camera market.
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Regional Overview of the Asia-Pacific Market
Asia-Pacific is experiencing technological developments that are driving the growth of the smart camera market. In addition, the region is also becoming a hub for manufacturing smart traffic cameras. During the forecast period, the Asia-Pacific smart traffic camera market for security & surveillance will grow in three application segments: public spaces, military & defense, and transit facilities. Asia-Pacific is a large market for smart traffic cameras for security and surveillance, driven by several countries such as China, Japan, South Korea, and others.
According to Statista, as of 2021 data, the United States held over ~36% of the global market share for information and communication technology (ICT). With a market share of 16%, the EU ranked second, followed by 12%, China ranked third. In addition, according to forecasts, the ICT market will reach more than US$ 6 trillion in 2021 and almost US$ 7 trillion by 2023. In today’s society, continuous growth is another reminder of how ubiquitous and crucial technology has become. Over the next few years, traditional tech spending will be driven mainly by big data and analytics, mobile, social, and cloud computing.
This report analyzes the global primary production, consumption, and fastest-growing countries in the Information and Communications Technology(ICT) market. Also included in the report are prominent and prominent players in the global Information and Communications Technology Market (ICT).
The leading prominent companies profiled in the global smart traffic camera market are:
E Com Systems
Other Prominent Players
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Aim of the Report
The global smart traffic camera market segmentation focuses on Component, Application, Deployment Model, Camera Type, and Region.
Segmentation based on Component
Traffic Management Software
Automatic Number/License Plate Recognition
Incident Detection & Response Software
Implementation & Integration Services
Support & Maintenance Services
Segmentation based on Application
Surveillance and Traffic Management
Segmentation based on Deployment Model
Segmentation based on Camera Type
Mobile Speed Camera
Red Light Camera
Traffic Monitoring Camera
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Segmentation based on Region
Rest of Western Europe
Rest of Eastern Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America
What is the goal of the report?
• The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
• During the forecast period, the report analyzes the growth rate, market size, and market valuation.
• The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
• The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance
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