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
Increased automation of vehicles
Growing demand for integrated connected systems in vehicles
Development of sensor-based technologies
High rate of casualties resulting from driver negligence on the roads
Europe’s economic recovery, leading to demand for the advanced luxury features in the vehicles
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:
What the Report Offers
Market analysis for Europe’s Traffic Sign Recognition Market, with region-specific assessments and competition analysis on the global and regional scale.
Market definition along with the identification of key drivers and restraints.
Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
Identification and analysis of the macro and micro factors that affect market on both global and regional scale.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.
Insights on the major countries/regions where this industry is blooming and to also identify the regions that are still untapped.
1.1 Key Findings
1.2 Research Methodology
2. Executive Summary
3. Market Insights
3.1 Market Overview
3.2 Factors Driving the Market
3.2.1 Increasing Stringent Norms Related to Driving
3.3 Factors Restraining the Market
3.3.1 Technology is Error Prone
3.3.2 No Set Standards Regarding Traffic Signs
3.3.3 Costs are High
3.4 Industry Value Chain Analysis
3.5 Industry Attractiveness – Porter’s Five Forces
3.5.1 Bargaining Power of Suppliers
3.5.2 Bargaining Power of Consumers
3.5.3 Threat of New Entrants
3.5.4 Threat of Substitute Products or Services
3.5.5 Competitive Rivalry among Existing Competitors
3.6 Current Opportunities in Market
3.7 Industry Policies
4. Technology Overview
4.1 Technology Snapshot
4.2 Types of Traffic Sign Detection
4.2.1 Colour-based detection
4.2.2 Shape-based detection
4.2.3 Feature-based detection
4.3 Upcoming Technologies
5. Traffic Sign Recognition Market by Regions – Forecasts (2015 - 2020)
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