The Asia-Pacific market for traffic sign recognition systems was estimated to be worth USD 135 million in 2015 and is expected to reach USD 240 million by 2020, at a CAGR of 12.20%. Computers offering increased processing power have made the goal of real-time traffic sign detection and recognition achievable. The new models of premium vehicles are equipped with these types of driver assistance systems that offer automated detection and recognition of certain classes of traffic signs.
Traffic sign detection and recognition is becoming critical with the advent of autonomous vehicles. Every road needs to be periodically checked and updated for any missing or damaged signs as such signs pose safety threats. These checks are usually done by driving a car down the road and recording the observed problem by hand. This tedious task of manually checking the state of every traffic sign is also prone to human error. Traffic sign recognition techniques using computer vision technologies to detect traffic not only make the task automated but are also carried out more frequently, resulting in greater road safety.
The traffic sign recognition systems are usually developed in two specific phases. The first phase relates to the detection of traffic signs in a video sequence or image using image processing techniques. The second phase is related to the recognition of these detected signs, which is directly related to the performance of an artificial neural network. The detection algorithms are normally based on the shape or the color segmentation. The segmented potential regions are extracted to be input in the recognition stage.
The efficiency and speed of the detection play a critical role in the system. These traffic sign recognition systems represent applied computer vision techniques wherein the driver is cautioned about the dangers ahead and the system can even automatically take control of the vehicle’s speed, depending on the traffic signals. Given the rate of casualties resulting from human error on the roads, employment of this technology in combination with effective human-machine interfaces will dramatically reduce accident rates.
Asia-Pacific Traffic Sign Recognition Market- Drivers
While most manufacturers are integrating sensors and cameras for traffic sign detection and recognition in new cars, other sensor-based companies are offering add-on sensors that can be used in cars without pre-installed pedestrian detection systems, including names like Mobileye. Among applications, color-based detection systems are expected to have the highest share in the traffic sign recognition control systems.
Some of the key market players are:
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