In India, the surveillance system and intelligent traffic management is the essential requirement for smart city improvement. But nowadays, the number of accidents on the road rises every year due to more vehicles on the road. Vehicle speed is only one reason for road accidents. So that traffic management authority needs a better surveillance system. Due to the significant expense of radar and less precision, the radar system is not able to become popular in the traffic surveillance system. And the inductive loops technique also needs high support. Therefore it is necessary to propose some mechanisms to overcome such problems. This paper proposed a novel computer vision-based automated system for multi-vehicle detection, tracking, and estimation of vehicle speed in a video sequence by using image processing. This proposed method contains several steps for vehicle speed estimation. In the first step, pre-processing is applied to extracted frames to reduce noise. And then, the gradient edge detection algorithm is used for moving vehicle edge extraction. The next step is template matching by using a normalized cross-correlation method. In this proposed system, detected vehicles tracked by using the vehicle's frame coordinates. Finally, speed is estimated using the number of frames and frame rate. The detection and tracking accuracy achieved by the proposed approach is about 97.33% and 97.2%. Overall precision, error rate, F1_score, sensitivity, kappa value is 98.19%, 0.0267, 97.43, 96.68% and 0.9466 respectively.