Industry Background:
Traffic sign recognition system is defined as the vehicles which can easily recognize traffic signs. Numerous sign can be easily recognized by traffic sign recognition system such as recognize speed limit, turn head of traffic, human in the road among others. This system designed in such a way that it will reduce the number of the road accident. For instance, in August 2017, as per an article published by World Health Organization, more than 1.25 million due to road accident. Hence, rising number of road accident across the worldwide and technology advancement in the traffic sign recognition system are projected to drive the global traffic sign recognition system market over the forecast period.
According to AMA, the market for Traffic Sign Recognition System is expected to register a CAGR of 4.2% during the forecast period to 2026. This growth is primarily driven by Rising Urban Population and High Demographic Rates across the World, Government Initiative Regarding the Safety Rating of a Vehicle and Growing Number of Road Accident in both Developed and Developing Countries.
Globally, a noticeable market trend is evident One of the latest trends of this market is Rising Requirement for Real-Time Information Systems. The Automobiles sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Ford Motor Company Ltd (United States), Denso Corporation (Japan), ZF Friedrichshafen AG (Germany), Robert Bosch GmbH (Germany), Toshiba Electronic Devices & Storage Corporation (United States), Daimler AG (Germany), HELLA Aglaia Mobile Vision GmbH (Germany), Continental AG (Germany), Škoda Auto a.s. (Czech) and dSPACE GmbH (Germany) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In April 2017, the Robert Bosch GmbH (Germany) Company has partnered with Mercedes-Benz (Germany) Company for the manufacturing of self-driving cars. It will benefit for the passenger to improve the road safety by the usage of the traffic sign recognition system. Hence, this partnership will strengthen the company presence in the traffic sign recognition system across the globe.
In June 2019, the Mapillary Company has launched traffic sign recognition dataset. It also helps autonomous vehicles understand road signage. In addition, it can easily recognition more than 300 traffic signal. Hence, this launched will increase the product portfolio of the company.
Market Drivers
- Rising Urban Population and High Demographic Rates across the World
- Government Initiative Regarding the Safety Rating of a Vehicle
- Growing Number of Road Accident in both Developed and Developing Countries
Market Trend
- One of the latest trends of this market is Rising Requirement for Real-Time Information Systems
Restraints
- The problem regarding the Lack of Standardized and Uniform Technologies in Developing Countries
Opportunities
Rising Demand from Emerging Economics such as China, India, Brazil, among others, Rise of IoT as well as Sensor Technologies in Traffic Signal Controller and Growing Demand for Driver Assistance Systems in Automotive Sector Globally
Challenges
Issue related to Lack of Awareness of Traffic Sign Recognition System
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Traffic Sign Recognition System Study Sheds Light on
The Traffic Sign Recognition System Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Traffic Sign Recognition System industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Traffic Sign Recognition System industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.