What are Main Factors Pushing Up Global Sales of Intelligent Traffic Cameras?
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.
In India, a pilot project for the country’s first intelligent traffic system (ITS) was launched in February 2019. Under this project, several smart traffic systems equipped with intelligent traffic cameras and smart traffic signals were installed at as many as four locations in the areas where the road traffic remains high throughout the day. Thus, with the growing usage of intelligent traffic cameras in several countries, the global intelligent traffic camera market will demonstrate rapid expansion in the future.
The 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.
Additionally, because of the rapid urbanization, rising road congestion levels in major cities and urban areas, and the rising prevalence of road accidents, the governments of several developing nations of APAC such as China and India are making huge investments in road traffic infrastructure and traffic management solutions, including the installation of intelligent traffic cameras for catching the violators. These factors would augment the usage of intelligent traffic cameras in this region in the coming years.
Thus, with the rising incidence of road crashes and increasing road congestion, the requirement for intelligent traffic cameras will shoot-up across the world in the upcoming years.
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