As per a report by P&S Intelligence, the global intelligent traffic camera market is expected to generate a revenue of $24,465.6 million by 2030, increasing from $10,087.8 million, advancing at an 8.5% CAGR during the forecast period (2020–2030). The market is growing due to the surging traffic congestion in developing countries and the increasing number of road accidents and growing safety and security concerns across the globe. The accident rate is quite high in emerging economies, owing to which, they are widely employing intelligent traffic cameras.
On the basis of application, the intelligent traffic camera market is divided into traffic management, toll management, and surveillance, out of which, the surveillance division held the major share of the market in 2019, both in terms of value and volume. The surging concerns regarding road safety and rising government initiatives for developing smart cities with enhanced security are leading to the growth of this division. The traffic management division is projected to register the highest CAGR during the forecast period.
In terms of product, the market is bifurcated into IP and analog, between which, the IP category is projected to register the faster growth during the forecast period. The requirement for technologically advanced IP cameras that offer larger coverage along with cloud connectivity is rising across the globe. Geographically, the Asia-pacific region is expected to witness the highest CAGR during the forecast period, owing to the increasing investments in traffic management solutions.
The surging number of road accidents is a major driving factor of the intelligent traffic camera market. As the population in various countries is rising rapidly, the need for improving safety on roads is growing as well. Intelligent cameras can capture video sequences and images, and can also perform high-level image processing, including face recognition and motion analysis. These cameras can further transmit the captured video or image to concerned authorities for further analysis, via a network.
The intelligent traffic camera market is also being driven by the urban transport crisis and surging traffic congesting in developing countries. Traffic congestion is inevitable in large and expanding metropolitan areas in various countries, such as Mexico, India, China, and Brazil. Because of this, emerging economies all over the globe are adopting smart traffic management solutions, including intelligent traffic camera, for managing the traffic flow and decreasing congestion in a better way.
In conclusion, the market is being driven by the surging congestion on roads, rising concerns regarding road safety, and urban transport crisis.