Europe’s traffic sign recognition market is expected to grow at a CAGR of 10.45% by 2020. These recognition systems are an integrated form of detection techniques in which the traffic signs are detected in an image format through an onboard road-facing camera. The traffic sign images are then stored in the repository and later processed by an augmented computerized system in the vehicle to acknowledge the sign, based on the color or shape, using advanced algorithms.
The regulation norms of the Euro NCAP provide consumers with an assessment of the safety level of the popular cars sold in Europe. With the European Commission’s efforts to increase the safety of drivers and passengers in vehicles, the demand for cost-effective sensor-enabled road signs/pedestrian detection systems has increased significantly. The combination of sensor-enabled technology along with effective human-machine interfaces will be effective in reducing road accident rates significantly.
Europe’s Traffic Sign Recognition Market- Drivers
However, some functional defects associated with the systems in harsh weather conditions pose a threat in terms of acceptability of these systems and thereby, the growth of the market. Among the traffic sign detection types, the demand for color-based detection is expected to attract a greater market share over the forecasted period.
Some of the key market players are:
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