The 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 refer to advanced driver-assistance systems developed to recognize and understand traffic signs using image processing techniques. These systems use cameras installed on vehicles to capture images of traffic signs and use deep learning algorithms for sign recognition. They play a crucial role in driver assistance by communicating vital traffic information to the driver or autonomous vehicle.
Market key trends:
One of the major trends in the traffic sign recognition system market is the increasing adoption of deep learning based recognition technologies. Deep learning uses artificial neural networks inspired by the human brain for efficient visual perception and decision making. Deep learning algorithms can recognize complex patterns in huge volumes of unstructured image data and are being widely used in the development of next-gen traffic sign recognition systems. Advancements in deep learning are enabling high accuracy in various challenging conditions like detecting partially occluded signs, worn out signs, or signs in bad weather conditions. This is driving the demand for new deep learning based traffic sign recognition systems.
Porter’s Analysis:
Threat of new entrants: The high capital requirement and proprietary technology to operate in this market pose as a barrier for new players to establish.
Bargaining power of buyers: The presence of many vendors provides buyers with options to negotiate on price and quality of services.
Bargaining power of suppliers: Established technology companies have the advantage in negotiating with suppliers for chips and other components.
Threat of new substitutes: Alternate technologies for autonomous driving are emerging but high R&D costs limit alternatives in the short run.
Competitive rivalry: Major players compete on technology, integration and price to gain market share.
SWOT Analysis:
Strengths: Advanced computer vision and deep learning algorithms enable accurate recognition. Integrated solution approach for self-driving functions.
Weaknesses: High component costs and iterative development affect margins. Dependence on a few Tier 1 suppliers for components.
Opportunities: Increasing need for advanced driver assistance systems and autonomous vehicles boosts demand. Collaboration for developing smarter cities presents new areas.
Threats: Stringent regulations for autonomous driving and data privacy pose compliance challenges. Technology obsolescence risks due to rapid innovation.
Key Takeaways:
The global Traffic Sign Recognition System Market Growth is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing demand for advanced driver assistance systems and autonomous driving technology. Regionally, North America dominates currently due to presence of major automakers and technology companies. Asia Pacific is expected to be the fastest growing market attributed to initiatives for smart infrastructure and rising vehicle production in countries like China and India.
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, Bosch and Mobileye hold majority share due to integrated solutions approach and global customer base. New entrants are focusing on computer vision and deep learning to offer cost effective alternatives.
For more insights, read- https://www.pressreleasebulletin.com/traffic-sign-recognition-system-market-trends-size-and-share-analysis/
