Fueled by Rising Incidence of Road Accidents, Sales of Intelligent Traffic Cameras to Generate Over $20,000.0 Million Revenue in 2030
The rising prevalence of road
accidents is rapidly becoming a serious issue in several countries around the
world. Moreover, road accidents are claiming more and more lives all over the
world every year, owing to which, traffic regulatory authorities in various
countries are increasingly adopting intelligent traffic cameras. These cameras
capture video sequences and images of vehicles and then analyze this data with
the help of face recognition, motion analysis, and other high-level image
processing techniques.
The compressed video data and information are then transferred to
the concerned authorities via a secure network for further video analysis. The
soaring population levels in several emerging economies such as China, Brazil,
and India are pushing up the incidence of road accidents, which is, in turn,
boosting the demand for higher road safety. Due to this reason, the sales of
intelligent traffic cameras are surging sharply in these countries.
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Apart
from mitigating the occurrence of road accidents, these cameras also help in
managing road traffic and reducing road congestion in the urban areas. The
better management of road traffic reduces the traveling time and leads to fuel
conservation. In various major cities, such as those in China, India, Mexico, and
Brazil, intelligent traffic cameras are being increasingly used by traffic
authorities for managing the flow of traffic and reducing congestion.
The intelligent traffic camera market is predicted to grow, in valuation, from $10,087.8 million to $24,465.6 million from 2019 to 2030, exhibiting a CAGR of 8.5% from 2020 to 2030. Based on application, the market is categorized into toll management, surveillance, and traffic management. Out of these, the surveillance category recorded the highest volumetric growth in the market in the past, due to the launch of various smart city development programs by several governments around the world.
The smart cities are equipped with ITSs and traffic surveillance
systems, owing to which, the rapid development of these cities positively
impacted the sales of surveillance systems during the last few years. However,
in the future years, the traffic management category is predicted to register
the highest CAGR in the intelligent traffic camera market. The
advancement of this category is being driven by technological innovations such
as the development of AI-powered traffic management systems, that include
intelligent traffic cameras.
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Some prominent market players are ARH Inc., Pelco Inc., FLIR Systems Inc., Nedap N.V., Sony Corp., Kapsch TrafficCom AG,Canon Inc.,Genetec Inc., Hangzhou Hikvision Digital Technology Co. Ltd., and VITRONIC GmbH.
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