Some of the key factors propelling the global market for intelligent surveillance cameras for traffic is the rising demand for intelligent transportation systems (ITS). Governments all across the world are making significant investments in these systems because they are necessary for effective vehicle circulation. Additionally, governments are enacting stricter laws that also call for the installation of surveillance cameras to monitor and enforce them in response to the growth in security concerns and stricter traffic regulations. The market for intelligent road traffic surveillance cameras is growing significantly as a result. The requirement for these systems is being further increased by the incorporation of cutting-edge technologies like artificial intelligence (AI) in these systems for better decision-making abilities, increased accuracy in identifying violators, and improved communication between multiple surveillance cameras. The expansion of this industry is also being significantly fueled by expanding urbanization and increased public investment in infrastructure.
The market for road traffic intelligent surveillance cameras is crucial since it lowers the frequency of collisions and fatalities on the roads. The adoption of cutting-edge technology like AI and machine learning contributes to better decision-making, enhanced accuracy, and improved device connectivity. As a result, traffic laws are enforced more effectively and authorities are able to rapidly detect offenders. In addition, security cameras are helpful for seeing items on the roadway and minimizing time lost in accidents or traffic congestion. The use of CCTV cameras for observing private automobiles and public transportation further increases the need for this industry.
The Road Traffic Intelligent Surveillance Camera is a system that enables authorities to track traffic offences quickly, precisely, and effectively. It does this by utilising cutting-edge technology like AI, machine learning, and CCTV cameras. These systems are also used to monitor public transportation and private automobiles, as well as to detect items on highways to help save time lost due to accidents or traffic jams. They also assist in more successfully enforcing traffic laws and decreasing the incidence of deadly accidents and traffic fatalities.
The market for road traffic intelligent surveillance cameras is expected to reach an estimated value of USD 8.6 billion in 2021 and USD 15.5 billion by 2031, growing at a CAGR of over 10% during the forecast period 2021–2031. Factors like rising security concerns and demand for intelligent transportation systems are fueling the expansion of this industry (ITS). Furthermore, governments everywhere are enacting stricter traffic regulations, which is encouraging the installation of surveillance cameras to monitor and enforce these regulations.
The market for road traffic intelligent surveillance cameras has some limitations. First off, social opposition to these systems in some places can impede the development of this industry due to privacy-related concerns with surveillance cameras. Second, the price of purchasing and installing these cameras is relatively high, which can have a negative impact on how well the market performs overall. Due to technological developments and government measures aimed at cutting costs, these difficulties are predicted to be resolved over the projected timeframe.
Zhejiang Uniview Technologies Co. is one of the leading companies in the industry for road traffic intelligent surveillance cameras. Ltd., Dahua Technology Co. Ltd., Flir Systems, Inc., Hanwha Techwin Co. Ltd., Axis Communications AB, Robert Bosch GmbH, Pelco by Schneider Electric Neology, LLC, and other companies. To stay competitive in the market, these businesses are using tactics like product launches, partnerships, and collaboration.
The Surveillance Camera Segment emerged as the Most Lucrative Type
The market for road traffic intelligent surveillance cameras is segmented into many types, such as mobile speed cameras, red light cameras, and surveillance cameras. Due to the widespread use of surveillance cameras in monitoring public transportation, and private automobiles, and spotting items on roads, this category is anticipated to have the biggest market share.
The Most Prominent Application is the Traffic Monitoring Segment
Traffic enforcement and monitoring are two applications in the market for road traffic intelligent surveillance cameras. Due to its widespread use in the identification of objects on highways, monitoring traffic offences, and enforcing traffic regulations, the traffic monitoring segment is expected to have a significant market position.
The North American Region to render Ample Financing Opportunities
North America, South America, Europe, Asia Pacific, and the Middle East & Africa make up the five primary geographic segments of the global market for road traffic intelligent surveillance cameras. Due to the existence of several vendors and rising government spending on infrastructure, North America is predicted to dominate the industry. An expected to boost in the global for these devices is also being caused in this area by strict traffic regulations.
COVID-19 Impact and Market Status
Due to travel and transportation constraints brought on by the COVID-19 pandemic, there has been a substantial influence on the market for road traffic intelligent surveillance cameras. In addition, the market growth has been negatively impacted by the supply chain disruption because, during the lockout, the production of security cameras was stopped or drastically reduced. The industry is anticipated to grow quickly in the next years as a result of the fact that many nations are increasingly loosening their travel restrictions.
Recent Developments in the Road Traffic Intelligent Surveillance Camera Market
• Austin, Texas' automated enforcement system was equipped with traffic cameras in March 2019.
• Axis Communications, a well-known international provider of network video solutions, stated in June 2019 that it had provided its IP cameras and encoders to the German traffic monitoring project of FIS Brodersen.
• By assisting with automatic ticketing and real-time monitoring, Huawei's intelligent safety camera series, which was introduced in May 2020, is anticipated to increase road safety. The widespread deployment of road traffic intelligent surveillance camera systems is being facilitated by ongoing technological breakthroughs and their features.
• With Core Technology Co., Ltd., Flir Systems, Inc. launched the new "TrafficVisionTM" traffic camera solution in Taiwan in July 2021. Local governments and transportation organisations may now monitor traffic flow more precisely and effectively than ever before thanks to this ground-breaking solution.
• Neology Inc., a US-based business, teamed up with Verra Mobility in February 2020 to install red light cameras and speed enforcement systems throughout Pennsylvania. It is anticipated that the increasing use of cutting-edge technologies like artificial intelligence (AI) would present a profitable potential for market expansion.
• The city of Abu Dhabi in the United Arab Emirates announced intentions to put speed cameras on motorways in January 2021.
Road Traffic Intelligent Surveillance Camera Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 15.5 billion|
|Growth Rate||CAGR of 10% during 2022-2031|
|Segment Covered||by Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||road traffic intelligent surveillance cameras. Ltd., Dahua Technology Co. Ltd., Flir Systems, Inc., Hanwha Techwin Co. Ltd., Axis Communications AB, Robert Bosch GmbH, Pelco by Schneider Electric Neology, LLC, and other companies.|
Key Segments of the Road Traffic Intelligent Surveillance Camera Market
Type Overview, 2021-2031 (USD Billion)
- Surveillance Camera
- Red Light Camera
- Mobile Speed Camera
Application Overview, 2021-2031 (USD Billion)
- Traffic Monitoring
- Traffic Enforcement
Regional Overview, 2021-2031 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa