Increased integration of driving automation to reduce the margin for human error in several functions has all but replaced human intervention. Even that is not far off, with companies like General Motors and Google committing to manufacturing fully autonomous cars in the near future. However, most manufacturers, taking after the automation employed by luxury brands through cost effective means, are installing sensor enabled road signs/pedestrian detection systems one incremental technology at a time.
Intelligent Transport Systems (ITS), an umbrella to describe systems that ease the processes of traffic and driving through automation, have evolved to include Traffic Recognition Systems which enable automatic traffic sign detection and recognition. These systems represent applied computer vision techniques wherein traffic signals like those that allow right-of-way, forbid or grant certain roadways and caution about dangers ahead, automatically cap automobile speeds in these conditions. 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.
The global traffic sign recognition market was estimated to be worth USD XX million in 2017 and is expected to reach USD XX million by 2022,at a CAGR of X.XX%. The global market for sensors, critical to pedestrian detection by automobiles, is ever expanding. The largest market for automotive sensors is Europe, while the highest growth market is the Asia-Pacific region, with a CAGR of over 7%.
Stringent regulations mandating reduction of vehicular pollution, use of enhanced technologies for road safety by governments, advancements in research into sensors, cameras and other automobile technologies, set up and scaling of manufacturing of sensor based technologies across the world and rising disposable income and demand for cars with such luxury features are some of the drivers for traffic sign recognition systems enabled vehicles.
High cost of systems and associated components making it impossible to integrate sensors for pedestrian detection in mass market cars, ongoing research and inadequate research in updating existing research contribute to the bottlenecks in this market. Harsh weather conditions like fog and mist are some of the restraining factors that may affect the efficacy of the system. Thus, the technology will take some time to achieve high success rates before large scale commercialization can take place.
While most manufacturers are integrating sensors and cameras for traffic sign detection and recognition in new cars, other sensor based companies like Mobileye are offering add-on sensors which can be used in cars without pre-installed pedestrian detection systems. The report segments the market by geography.
Some of the major vendors of this technology mentioned in the report are:
Who should be interested in this report?