July 25, 2024
Traffic Sign Recognition System Market
Ict

Growing Urbanization To Boost The Growth Of 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 system recognizes and interprets traffic signs like speed limits, no entry signs, stop signs etc using sophisticated cameras and sensors. It helps the driver by displaying the recognized signs on the instrument console or head-up display. These systems use infrared or laser technology along with image recognition software to detect traffic signs even under difficult lighting conditions. They improve road safety by alerting drivers about upcoming signs and speed limits.

Market key trends:

One of the key trends in the traffic sign recognition system market is adoption of deep learning technology. Deep learning algorithms can recognize complex patterns in image recognition tasks much better than traditional algorithms. Leading system manufacturers are focusing on developing systems based on convolutional neural networks (CNN) which mimic the human brain’s visual cortex for recognizing objects in images. CNN based systems offer higher accuracy even under changing lighting and weather conditions. Their ability to continuously learn from large data sets also makes them well-suited for traffic sign recognition tasks.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as significant capital investment is required for R&D to develop new technologies for traffic sign recognition. However, support from governments for autonomous driving technologies can attract new players in the market.

Bargaining power of buyers: The bargaining power of buyers is high due to the presence of several vendors supplying traffic sign recognition systems. Buyers can negotiate on price and demand additional features from suppliers.

Bargaining power of suppliers: A few large suppliers dominate the market for key components used in traffic sign recognition systems like cameras, processors, and software. This gives them moderate bargaining power over manufacturers.

Threat of new substitutes: There is low threat from substitutes as traffic sign recognition serves a unique purpose in vehicle navigation and safety that cannot be replaced.

Competitive rivalry: The traffic sign recognition system market is competitive with the presence of global as well as local players. Companies compete based on technology, features, and pricing.

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 safety concerns and government mandates for advanced driver assistance systems.

Regionally, North America is the largest market for traffic sign recognition currently due to mandatory deployment of ADAS in new vehicles. Asia Pacific is expected to witness the fastest growth owing to rising vehicle production and sales led by China and India. China’s “Made in China 2025” initiative focuses on autonomous driving to transform the domestic automobile industry.

Key players operating in the traffic sign recognition system market are Continental, Daimler, Delphi Automotive, Bosch, Denso, Itseez, Toshiba, Mobileye, ZF Friedrichshafen, and Magna International. Continental leads the global market with its front camera and driver assistance technologies used across major automakers. Daimler has partnered with Bosch to integrate traffic sign recognition in Mercedes vehicles. Itseez and Mobileye provide vision processing software to camera manufacturers.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it