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Global Traffic Sign Recognition Market - By Mode of Display, Solution Type, Applications, Geography and Vendors - Forecasts, Trends and Shares (2017 - 2022)

  • February 2017
  • 134 pages
  • Mordor Intelligence LLP
Report ID: 3627755

Summary

Table of Contents

Increased integration of driving automation, to decrease the margin for human error in several functions, has all but replaced human intervention. Even that is not far off, with companies like General Motors and Google committing to manufacturing fully autonomous cars in the near future. However, most manufacturers, taking after automation employed by luxury brands through cost effective means, are installing sensor enabled road signs/pedestrian detection systems one incremental technology at a time.

Intelligent Transport Systems (ITS), an umbrella to describe systems which ease the processes of traffic and driving through automation, have evolved to include Traffic Recognition Systems, or TSR – automatic traffic signs detection and recognition. These systems represent applied computer vision techniques wherein traffic signals for situations like allow right-of-way, forbid or grant certain roadways, caution about dangers ahead, automatically cap automobile speeds in conditions, and so on. Given the rate of deaths and casualties resulting from human errors on the roads, employment of this technology in combination with effective human-machine interfaces, will dramatically reduce accident rates.

The global traffic sign recognition market was worth US$ XX.XX mn in 2014, and is expected to reach US$ XX.XX mn by 2020, at CAGR of X.XX%. The global market for sensors, critical for pedestrian detection by automobiles, is ever expanding. The largest market for automotive sensors is Europe, while the highest growth market is the Asia Pacific, with a CAGR of over 7%.

Harsh weather conditions like fog and mist are the other restraining factors which may affect the efficacy of the system. Thus, the technology will take some time to achieve high success rates before large scale commercialization takes place.

While most manufacturers are integrating sensors and cameras for traffic sign detection and recognition in new cars, other sensors based companies are offering add-on sensors which can be used in cars without pre-installed pedestrian detection systems and include names like MobilEye, among others. Some of the major vendors of this technology mentioned in the report are Ford, DENSO, TRW, Bosch, Toshiba and Daimler.

Drivers

Stringent regulations mandating reduction of vehicular pollution and usage of enhanced technologies for road safety by governments, advancements in research into sensors, cameras and other automobile technologies, set up and scaling of manufacturing of sensor based technologies across the world, rising disposable income and demand for cars with such luxury features are some of the drivers for traffic sign recognition systems enabled vehicles.

Challenges

High cost of systems and associated components making it impossible to integrate sensors for pedestrian detection in mass market cars, ongoing research, inadequate research in updating existing research, and a few others factors contribute to the bottlenecks in this market.

Report Contents

Report gives complete market insights, the driving forces of the market, the challenges it faces, traffic signal recognition technologies and their applications
A complete market breakdown has been done by different geographies to give a detailed picture of the market in that particular region
The report also gives information of major vendors of traffic sign recognition technology in automobiles, strategies they adopt along with the major products, financials, recent developments and profile of these vendors
Who should be interested in this report?

Vendors who are into manufacturing of these products, so that they may acquire an overview of what competitors are doing and also which markets they can look forward to expand their operations
Investors who are willing to invest in this market
Consultants who can have readymade analysis to guide their clients
Anyone who wants to know about this industry

Please note: this report requires certain updates. We have all the information available but require 2 business days to complete the process and ensure it is as up-to-date as possible.


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