The rising incidence of road accidents is fueling the demand for intelligent traffic cameras across the world. According to the World Health Organization (WHO), road accidents claim the lives of around 1.3 million people every year. The organization also found that road traffic injuries are the leading cause of deaths for young adults aged between 5 and 29 years and children. Owing to this reason, the demand for improved road and vehicle safety is rising sharply.
As intelligent cameras capture video sequences or images and perform image processing with the help of face recognition and motion analysis, they are being increasingly used by traffic managing authorities for ensuring smooth traffic flow, thereby causing the expansion of the global intelligent traffic camera market. As per the estimates of the market research company, P&S Intelligence, the revenue of the market will rise from $10,087.8 million in 2019 to $24,465.6 million by 2030. Furthermore, the market is expected to register a CAGR of 8.5% from 2020 to 2030 (forecast period).
Moreover, these systems assist public and private organizations in leveraging both existing and new video assets and provide the information required for preventing road accidents and reducing road congestion. This is why they are being deployed in large numbers in emerging economies for better managing the traffic flow. For instance, a pilot project for the first intelligent traffic system (ITS) of India was launched in February 2019. This project was continuously monitored and evaluated for 6 months. Smart traffic systems and signals equipped with intelligent traffic cameras were deployed at four locations in various heavy-traffic areas.
Toll management, surveillance, and traffic management are the major application areas of intelligent traffic cameras. Amongst these, the requirement for these devices was found to be the highest in surveillance applications in 2019. This is credited to the increasing concerns over road safety and the surging implementation of government initiatives aimed at developing smart cities all over the world. The demand for these cameras was observed to be the highest in Europe in the years gone by.
This was because of the rapid advancements that were made in the camera technology and its higher accessibility, which supported its deployment in the transportation ecosystem. According to the European Commission, the ITS is necessary to increase road safety and tackle emission and road congestion issues in the region. However, during the forecast period, the sales of these cameras are expected to rise at the fastest pace in the Asia-Pacific (APAC) region. This is ascribed to the presence of several populous countries in the region, such as India and China, which are witnessing a massive rise in road congestion and accidents.
Thus, it can be safely deduced that the demand for intelligent traffic cameras will surge sharply in the coming years, mainly because of the rising incidence of road accidents and the burgeoning requirement for improved road safety and better flow of road traffic across the world.
