The Latin America, Middle East and Africa Smart Traffic Camera Market would witness market growth of 13.8% CAGR during the forecast period (2021-2027).
Smart traffic cameras are integrated with artificial intelligence technology which assists the traffic controlling department to manage the traffic smoothly through real-time data capturing and processing. With the help of these smart traffic cameras, the traffic controlling department can better manage and maintain traffic jam and ensure the safety of people. These cameras are majorly utilized in monitoring traffic jam, enhancing the safety of people, and maintaining a smooth flow of traffic. These smart cameras find their applications at several places like arterial roads, freeways, expressways, and highways. Moreover, these cameras contain a sensor device, which records the real-time traffic and transmits the data in a compressed form to the monitoring center.
Various cities are evolving and getting urbanized due to which, road congestion levels have also increased in such cities that have led to an increase in the number of road accidents. Keeping the safety of people in mind, the governments of various emerging countries, are investing a large amount in road traffic infrastructure and traffic management solutions, including the installation of smart traffic cameras to identify the people who are violating government rules. Thus, these factors are likely to unlock the growth prospects of the smart traffic camera market in the upcoming years.
The smart traffic camera market is witnessing gradual growth in LAMEA. The prevalence of road accidents has increased in this region and has become a major concern for the regional government to take appropriate action. LAMEA is a developing region and various nations are gradually witnessing rapid rate of digitalization and urbanization, due to which, the congestion on roads is significantly increasing. To resolve these issues, the regional government is focusing on installing smart cameras at various places.
Moreover, smart cameras help in continuous monitoring of traffic, face recognition, and detecting cars that are parked in unauthorized areas or no parking zones. The advanced smart cameras are fully rotatable and can detect vehicles that violate traffic rules and send alerts to the driver via its speaker. If no action is taken after the announcement, the camera will send the car information to the government officials or nearby traffic police. The camera takes a few seconds to complete this procedure. Thus, these cameras are very helpful in ensuring security, safety, and curbing traffic violations & crimes. These factors are indicative for the future growth of the regional smart traffic camera market.
The Brazil market dominated the LAMEA Services Smart Traffic Camera Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $118.5 million by 2027. The Argentina market would witness a CAGR of 15.8% during (2021 - 2027). Additionally, The UAE market is expected to witness a CAGR of 14.9% during (2021 - 2027).
Based on Component, the market is segmented into Hardware, Software and Services. Based on Camera Type, the market is segmented into Fixed Cameras, Surveillance Camera, Red Light Camera, Mobile Speed Camera, and Others. Based on Deployment Type, the market is segmented into Traffic Monitoring and Traffic Enforcement. Based on Application, the market is segmented into Surveillance & Traffic Management and Toll Management & Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Global Smart Traffic Camera Market is Predict to reach $18.1 Billion by 2027, at a CAGR of 13.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Motorola Solutions, Inc., Canon, Inc., Teledyne Technologies, Inc., Siemens AG, Jenoptik AG, Sensys Gatso Group AB, Kapsch TrafficCom AG (Datax Handelsgmbh), Hangzhou Hikvision Digital Technology Co., Ltd., IDEMIA SAS (Advent International, Inc.), and Allied Vision Technologies GmbH.
By Component
By Camera Type
By Deployment Type
By Application
By Country
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