Global Smart Traffic Camera Market Report and Forecast 2024-2032

Global Smart Traffic Camera Market Outlook

The global smart traffic camera market size reached approximately USD 12.9 billion in 2023. The market is further projected to grow at a CAGR of 12.5% between 2024 and 2032, reaching a value of USD 38.3 billion by 2032.

Key Trends in the Market

Smart traffic cameras refer to traffic management devices that are based on information and communication technologies and aid in enhancing the commuting experience in urban areas. The integration of cameras with smart traffic systems optimises the flow of traffic and provides real time traffic insights.

• Increasing road safety concerns and rising number of vehicles is aiding the smart traffic camera market growth. Growing investments on road network development and increasing urbanisation and motorisation are propelling the requirement for smart traffic cameras for traffic, surveillance, and toll management.

• The development of smart cities for promoting economic growth and optimising city functions by using data analysis and smart technologies is bolstering the demand for smart traffic cameras. These cameras aid in enhancing the pedestrian safety effectiveness and monitoring intersections. With the ability to cover field of view in a greater detail, the cameras optimise traffic flow of vehicles and provide real time insights.

• Increasing green initiatives in traffic management operations is providing lucrative growth opportunities to the market. Advanced systems such as automated number plate recognition detects violators while enabling driving behaviours that aid in reduction of emissions generated by vehicles.

Global Smart Traffic Camera Market Analysis

On the basis of component, the market is divided into hardware, software, and service. Hardware is sub-divided by type into camera and accessories. Software is sub-divided by type into traffic management software, automation/ license plate recognition, incident detection and response software, and enforcement software, among others.

Service is sub-divided by type into support and maintenance services, implementation and integration services, and consulting services. Based on camera type, the smart traffic camera market segmentation includes fixed cameras, mobile speed cameras, surveillance camera, and red light camera, among others.

On the basis of deployment mode, the market is bifurcated into traffic monitoring and traffic enforcement. Based on application, the market is classified into surveillance and traffic management and toll management, among others. On the basis of region, the market is segregated into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the smart traffic camera market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Axis Communications AB 

• Hangzhou Hikvision Digital Technology Co., Ltd.

• Motorola Solutions, Inc.

• Teledyne FLIR LLC

• IDEMIA France SAS 

• Vetro Verkehrselektronik GmbH

• Jenoptik AG

• Others

Market Share by Application

Surveillance and traffic management is expected to account for a significant smart traffic camera market share. The utilisation of smart traffic cameras for traffic management and surveillance helps in avoiding traffic collisions. Surveillance aids in deterring road hazards as the continuous recording increases the attentiveness of the drivers and they are more likely to obey traffic laws. The smart cameras compute traffic information, capture video streams, and transfer traffic information and compressed video streams to a network node.

Market Share by Region

The Asia Pacific is anticipated to witness significant growth over the forecast period. This growth can be attributed to the increasing investments by various governments of developing countries including China and India towards advanced traffic management solutions for eliminating the problem of traffic congestion and identifying traffic violators. Increasing incidences of accidents is propelling the requirement for smart traffic monitoring and managing solutions, boosting the smart traffic camera market demand.

Competitive Landscape

Axis Communications AB is one of the leading manufacturers of smart traffic cameras, network audio devices for video surveillance and physical security companies, and network cameras, among others. The company was founded in 1984 and is headquartered in Lund, Sweden.

Hangzhou Hikvision Digital Technology Co., Ltd., headquartered in Zhejiang, China, is one of the leading suppliers and manufacturers of video surveillance equipment for military and civilian applications. The company aims to create better connectivity through their comprehensive machine perception technologies.

Motorola Solutions, Inc. is involved in the creation of critical communication services and solutions for commercial customers and public safety. The company specialises in public safety software, video analytics, smart traffic cameras, and Land Mobile Radios (LMR), among others.

Other smart traffic camera market key players include Teledyne FLIR LLC, IDEMIA France SAS, Vetro Verkehrselektronik GmbH, and Jenoptik AG, among others.

Key Highlights of the Report