The North America Smart Traffic Camera Market would witness market growth of 12.9% 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.
A surge in the number of road accidents has become a serious issue across various nations in the world. Additionally, this increased road accidents have taken the lives of many people, as a result forcing traffic regulatory authorities in several nations to adopt smart traffic cameras. These cameras assist traffic regulatory authorities by capturing images of vehicles and video sequences and the collected data is examined with help of motion analysis, face recognition, and other high-level image processing techniques.
The smart traffic camera market is anticipated to witness strong growth in North America. The growth of the regional market is attributed to increasing number of cars along with the lack of infrastructure and growing government concerns related to public safety. Additionally, smart cities across the world are rapidly developing and are creating new growth opportunities for the regional market. However, the major challenges for the regional market are hacking issues, high installation costs along with expensive equipment, and security concerns.
On contrary, smart cameras are utilized in the continuous monitoring of the road traffic, helpful in enhancing people safety on the road and maintaining the smooth flow of the traffic. These cameras are equipped with sensing devices and are highly applicable at arterial roads, freeways, expressways, and highways. The equipped sensor device helps in monitoring real-time traffic information through recorded video. North America is a highly developed region and the demand for smart traffic cameras is growing in this region, which is anticipated to escalate the growth of the smart traffic camera market in the coming years.
The US market dominated the North America Smart Traffic Camera Surveillance Camera Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $956.7 million by 2027. The Canada market is experiencing a CAGR of 14.7% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 13.7% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Smart Traffic Camera Market is Estimated 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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