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/
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