North America market for traffic sign recognition systems was worth US$ 175 million in 2015, and is expected to reach US$ XX.XX million by 2020, at CAGR of 16.77%. North America is one of the largest market for automotive sensors because of the increasing demand for luxury vehicles, which are a major application for these systems. In addition, the increase in stringency for safety regulation by NHTSA, would also help to manoeuvre the demand of the traffic recognition systems.
Traffic Sign Recognition is a driver support function, which is used to notify and warn the driver about the restrictions that are effective on the road. Examples for such restrictions are ‘speed limit zones’ or ‘no-overtaking’ indications. The system can help the driver to maintain a permissible speed, obey the local traffic instructions, or any other urban restrictions. The system recognizes and interprets various traffic signs, both fixed signs on the road side and the overhead LED signs, using vision-only information. Detection stage is accountable for finding the region of interest from the picture frame that is captured by a video camera mounted on top of a vehicle. The region is the probable part of the image, which contains traffic symbols. The second stage of automatic detection is the recognition of traffic symbol. Thereby the system is suited to study the traffic scene image captured by the camera, obtain the traffic symbol and make the necessary decisions.
The alarming rate of deaths and casualties resulting from human errors on the roads has increased considerable in US. Thereby, an employment of the technology in combination with other effective human-machine interfaces that falls in the category of safety systems, would help to vividly reduce accident rates. In addition the convenience that these system brings to the table, would continue attracting a lot of adoption. BMW is one of the early adopters of this technology followed by Mercedes, Audi, and Volvo.
The advancement in the sensor and automotive camera technologies would help to augment the demand and adoption of these systems. However, the effectiveness of the sensors to adapt to the real time information sensitivity, makes it difficult to integrate these systems in the vehicle for challenging situations. High cost of systems and associated components makes it further difficult to integrate these sensors in mass market vehicles, making the market stagnated to a reasonable extent. Among application, Shape-based detection systems would have the highest growth rate in the traffic sign recognition control systems for North America. Some of the major vendors of the traffic sign detection systems technology mentioned in the report are DENSO, TRW, Mobileye, Bosch, and Daimler.
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