New York City, NY -- (SBWIRE) -- 08/24/2020 -- The increasing prevalence of road accidents around the world is an important factor driving the growth of the global intelligent traffic camera market. The market generated $10,087.8 million revenue in 2019 and is expected to attain a value of $24,465.6 million in 2030, exhibiting a CAGR of 8.5% from 2020 to 2030.

According to the World Health Organization (WHO), almost 1.3 million road crashes occur annually all over the world. This road accident rate is much higher in the developing nations such as China, India, and Brazil, on account of the poor conditions of the roads and the high population and road congestion levels. Intelligence traffic cameras help majorly in curbing the incidence of road accidents and preventing deaths caused because of these crashes by capturing videos or images sequences and conducting face recognition and motion analysis of the same. Furthermore, these systems help in monitoring the road traffic levels with the help of vehicle detection and classification.

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Based on application, the intelligent traffic camera market is classified into traffic management, toll management, and surveillance categories. Out of these categories, the surveillance division recorded the highest market growth, by volume, in the past few years. This is attributed to the increasing concerns raised over road safety and the surging implementation of various policies by the governments of many countries for developing smart cities that will have enhanced road security.

However, the COVID-19 pandemic has caused massive disruptions in the market. This is due to the lockdowns imposed on several countries for curbing the spread of the disease in the last few months. For instance, the Chinese government imposed a complete lockdown across the country in January 2020 for containing the spread of the virus. Due to the imposition of lockdowns in many countries, markets are crashing at alarming levels (~30%) across the globe, as per the International Monetary Fund (IMF). This has severely affected the development of intelligent transportation systems, which has, in turn, put a halt on the advancement of the intelligent traffic camera market.

Geographically, Europe had the highest market share, by volume, during the last several years. This is ascribed to the fact that many European nations have developed intelligent traffic systems for monitoring the road traffic conditions. This is done via the analysis of historical data pertaining to various parameters such as the usage of pedestrian crossings and car parks, the total number of automobiles in high- and low-congestion regions, roadworks, location, and frequency.

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The intelligent traffic camera market is not dominated by any single player. In fact, it is fragmented, with many global players and some domestic players operating in it. The major market players have taken numerous strategic measures such as partnerships and product launches for gaining a foothold in the global market. For instance, FLIR Systems Inc. launched a high-definition midrange surveillance system called the FLIR Ranger HDC MR in March 2020. This system can detect traffic activities and function properly in harsh weather conditions by using image processing and embedded analytics for reducing the cognitive workload and allowing the users to swiftly differentiate between the false and true traffic conditions and threats.

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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