Traffic camera is a device which is equipped with sophisticated smart electronic hardware component capable of delivering high quality image and videos in challenging condition and short exposure time. Traffic cameras are installed on expressways, highways, freeways, tunnels, and arterial roads for surveillance and are interlinked with optical fibers.
These traffic cameras
contain a sensing device that collects real-time information by recording a
video and transmitting it to a network node that is then passed to a monitoring
center in a compressed format. Different types of traffic cameras are available
in the market which includes traffic violation cameras, surveillance camera,
average speed cameras, speed detection cameras, and red-light cameras.
The global traffic camera market size is expected to grow from USD XX billion in
2022 to USD XX billion by 2027, at a CAGR of XX%. are the key factors boosting
the growth of the market. Some of the key factors propelling the market growth
includes increasing number of smart city project in developing economies,
concerns among the government related to public safety and rise in number of
vehicles coupled with insufficient infrastructure.
Moreover, an increase in
the penetration of analytics software is expected to offer remunerative
opportunities for the expansion of the market during the forecast period. High
expenses associated with equipment installation, and security threats and hacker
challenges are expected to restrain the market growth.
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Drivers: Several
benefits and advantages associated with deploying traffic camera
Traffic cameras provides
highly accurate automated reading of vehicles’ plates, limit human manual
review, and automate the processing of traffic monitoring tasks. Traffic
monitoring cameras can be used for many purposes such as tracking the movement
of criminals (as a crime deterrent), preventing dangerous situations,
collecting data for activities like vehicle insurance control, vehicle
tracking, and traffic analysis among others.
Traffic monitoring
cameras are equipped with Automatic Number Plate Recognition (ANPR) which is an
AI-based technology capable of reading and recording vehicle license plates
without the need for human assistance. ANPR solutions are used for traffic big data
collection, tolling management, enforcement, access control, security, and
traffic management including plate reading, vehicle identification &
classification.
Opportunities:
Innovative red light camera systems for combined speed and red-light
enforcement
The red-light camera
systems are based on state-of-the-art radar technology and induction loops
combined with high-resolution cameras. The systems enable multiple lanes to be
monitored simultaneously.
Different speed limits
can also be set for different vehicle types, e.g., cars and trucks.
Manufacturers are offering devices that can be used flexibly for various
purposes and at different types of location.
Red light violations, illegal turning, driving in the wrong lanes and speeding are the main causes of fatal road traffic accidents, especially at junctions. By deploying innovative and individually adapted red light camera systems, traffic can be monitored efficiently, and infringements can be prosecuted while saving on resources. Intelligent red light camera systems are being increasingly deployed for speed enforcement and increasing traffic safety.
Challenges: High upfront
cost of advanced traffic camera systems
Modern traffic cameras
are integrated with artificial intelligence technology, various sensors, and
various other advanced technologies. These sensors and technologies allow the
camera to capture and record images and videos with more clarity.
The sensors integrated
into these cameras can even detect motion and automatically turn towards the
source of the movement. Due to integration of number of smart devices in
traffic camera for real time monitoring and analysis the upfront cost of
installation is on higher side. This in turn is expected to act as a
restraining factor for the growth of traffic camera market in short to medium
term.
Key Market Players
The traffic camera
market is highly competitive, with the presence of several giant companies, and
small and startup companies. Major
players operating in the traffic camera market have witnessed consistent
revenue growth from 2016 to 2021. Various companies are deploying different
strategies to excel in the traffic camera market.
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