 |
| Traffic Sign Recognition System Market |
The global Traffic Sign Recognition System Market is estimated to be valued at US$ 5.82 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Traffic sign recognition systems help in identifying traffic
signs such as speed limits, stop signs, yield signs, among others using image
processing technologies. These systems play a vital role in advancing
autonomous driving technology by providing necessary inputs for navigation.
Market key trends: One of the key trends in the traffic sign recognition system
market is the adoption of deep learning technologies. Deep learning allows
machines to automatically learn and improve from patterns and features present
in large amounts of data without being explicitly programmed. Deep learning
algorithms are being widely used to develop high performing traffic sign
recognition systems. These algorithms can recognize complex traffic signs with
high accuracy even in adverse conditions like darkness, heavy rain or poor
visibility. This helps advance autonomous driving capabilities.
Segment Analysis
The global traffic sign recognition system market is segmented based on
component, type, application, and region. By component, the market is segmented
into hardware and software. The hardware segment dominates the market and is
expected to continue its dominance over the forecast period, owing to the need
for physical components like cameras, processors, sensors for traffic sign
recognition.
By type, the market is divided into colour-based detection, shape-based
detection, and symbol-based detection. The colour-based detection segment
accounts for the largest share as colour plays a vital role in traffic signs
for better visualization and recognition.
Key Takeaways
The global Traffic
Sign Recognition System Market Growth is expected to witness high
growth, exhibiting a CAGR of 12%
over the forecast period, due to increasing road safety concerns backed by
rising accidents.
The North American region dominates the traffic sign recognition system market
currently and is expected to continue its dominance over the forecast period.
This is attributed to the presence of major manufacturers and early adoption of
advanced driver assistance systems in the U.S and Canada.
Key players operating in the traffic sign recognition system market are
Continental, Daimler, Delphi Automotive, Bosch, Denso, Itseez, Toshiba,
Mobileye, ZF Friedrichshafen, Magna International. Continental dominates the
market currently owing to its wide product portfolio and strategic partnerships
with automotive OEMs.
For more insights, read- https://www.ukwebwire.com/traffic-sign-recognition-system-market-trends-size-and-share-analysis/
0 Comments