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2024-2033 Smart Traffic Camera Market: What Growth Rate is Predicted?

In recent years, the market size of smart traffic cameras has experienced rapid growth. Expected to rise from $11.94 billion in 2023 to $13.77 billion in 2024, it’s growing at a compound annual growth rate (CAGR) of 15.4%. The growth in the past years can be linked to factors such as urbanisation and population increase, issues regarding traffic congestion, decision-making based on data, public knowledge and education, economic development and a rise in vehicle ownership.

The market size of intelligent traffic cameras is predicted to witness a swift expansion in the forthcoming years. The value is anticipated to escalate to $24.64 billion by 2028, with a compound annual growth rate (CAGR) of 15.7%. The growth during the predicted period can be ascribed to the government-led initiatives towards smart cities, enhancement of road safety and accident deterrence, worldwide occurrences affecting traffic behavior, urban movement solutions, and a changing regulatory backdrop. The key trends for this projected period encompass the incorporation of artificial intelligence (AI), development of sophisticated video analytics for traffic surveillance, optimization of traffic flow and congestion control, instantaneous incident recognition and reaction, intelligent parking solutions, and considerations for data privacy and ethics.

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What Aspects Are Driving the Expansion of the smart traffic camera Market?

The heightened apprehension from governmental bodies regarding public security is anticipated to propel the advancement of the smart traffic camera market. This apprehension originates from the escalating incidents of road collisions, casualties, and mortalities. Smart traffic cameras serve as devices that oversee cross-sections of roads to enhance the safety of pedestrians. In particular, the World Health Organization, a Switzerland-based United Nations governmental entity dedicated to global public health, initiated the Second Decade of Action in October 2021 through the dissemination of the Global Plan for the Decade of Action for Road Safety 2021–30 in June 2022. As such, the escalating governmental apprehension about public security is fueling the expansion of the smart traffic camera market.

Which Key Segments Comprise the Smart Traffic Camera Market?

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

What Trends Are Influencing the Evolution of the Smart Traffic Camera Market?

The rise of technological advancements is a prime trend in the sphere of smart traffic cameras. The prominent entities in the smart traffic cameras arena are investing their resources in developing avant-garde technological solutions to fortify their market stance. For instance, Mobileye Global Inc., a software system firm based in Israel, unveiled in July 2023 the first-ever camera-only Intelligent Speed Assist (ISA) solution worldwide. This innovation has undergone testing and received certification in Europe. Its design caters to helping worldwide automakers comply with the General Safety Regulation (GSR) standards mandated by the European Union. These standards necessitate automatic detection of speed limits in all novel vehicle models without depending on maps from third-party sources and GPS data. The ISA solution, with the aid of computer vision and machine learning, identifies traffic signs and other visual cues in the surrounding milieu, eliminating any need for extra sensors or map data.

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Which Geographic Areas Are Influencing the Growth of the Smart Traffic Camera Market?

North America was the largest region in the smart traffic camera market in 2023. The regions covered in the smart traffic camera market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Smart Traffic Camera Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the smart traffic camera market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Smart Traffic Camera Market Include

1. Smart Traffic Camera Market Executive Summary

2. Smart Traffic Camera Market Segments

3. Smart Traffic Camera Market Size And Template Market Growth Rate

4. Key Smart Traffic Camera Market Trends

5. Major Smart Traffic Camera Market Drivers

……

25. Key Mergers And Acquisitions In The Smart Traffic Camera Market

26. Top Smart Traffic Camera Companies

27. Smart Traffic Camera Market Opportunities And Strategies

28. Smart Traffic Camera Market, Conclusions And Recommendations

29. Appendix

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