Market Size of Traffic Signal Recognition Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 3.50 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Traffic Signal Recognition Market Analysis
The traffic signal recognition market is anticipated to register a CAGR of over3.5% during the forecast period, (2020-2025).
- Traffic Sign Assist detects traffic signs with a multifunction camera and assists the passenger by displaying detected speed limits and overtaking restrictions in the instrument cluster. If the system detects that passenger is driving onto a section of road in the wrong direction, it triggers a warning. The camera also detects traffic signs with a restriction indicated by an additional sign.
- Intelligent transport systems (ITS), an umbrella term to describe policies that ease the processes of traffic and driving through automation, have evolved to include traffic recognition systems (TSR), which enable automatic traffic signs detection and recognition.Given the rate of deaths and casualties resulting from human errors on the roads, the employment of this technology in combination with active human-machine interfaces is likely to reduce the accident rates dramatically.
- While most manufacturers are integrating sensors and cameras for traffic sign detection and recognition in new cars, other sensors-based companies are offering add-on sensors, which can be used in cars without pre-installed pedestrian detection systems, including Mobileye.
