Global Traffic Sign Recognition System Market: Overview

Technology has penetrated every aspect of human life. From cars to smartphone innovation has its stronghold to the very core of these domains. Automotive industry in particular has adopted technologies that can easily transform cars into smart cars. Similarly, road assistance systems have evolved in recent past. Today these systems use technologies such as IoT, AI, and automations that can provide the results to both user and authorities in real-time. Because of these developments in technology, the global traffic sign recognition system market is experiencing a consistent growth in the forecast period of 2019 to 2027.

A report by Transparency Market Research, offers actionable insights that can help the readers to understand the current dynamics of the global traffic sign recognition system market. The Report covers facets such as novel developments, challenges, and major drivers of the market.

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Global Traffic Sign Recognition System Market: Notable Developments

The technology has impacted the traffic sign recognition system market highly intelligent. Businesses today are incorporating technologies like IoT and its solutions such as smart sensors, software platforms, and services to maintain their data banks with updated data. With these implementations, companies are able to derive major success in highly competitive landscape of the global traffic sign recognition market. Moreover, automotive giants are partnering with businesses of technology domain to develop solutions that help their vehicles smartly understand the road signs. This strategy further helps the players of global traffic sign recognition systems market to maintain their dominance in the market.

  • In 2019, Volkswagen joined hands with Intel and Mobileye to improve the driver safety of its vehicle. With this partnership, the vehicle manufacturer will be incorporating high resolution cameras, sensors and AI platform in the cars that shall assist the driver to understand the traffic condition and potential danger up ahead.
  • In 2018, Robert Bosch GmbH announced its partnership with Mercedes Benz to install its latest traffic sign recognition systems in the cars. As a result of this partnership, Bosch can demonstrate its expertise in the domain luring more customers. This allows Bosch to emerge as a leader in the global traffic sign recognition systems market.

Some of the prominent players of global traffic sign recognition system market are:

  • Robert Bosch GmbH
  • Toshiba
  • Continental AG
  • Mobileye Corporation

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Global Traffic Sign Recognition System Market: Key Drivers

Customer’s safety as the Prime Focus of the Manufacturers

Traffic conditions are changing drastically these days. Accidents happen all the time altering the lives in an instant. To reduce the loss of life in these accidents, it is essential to follow traffic regulations and rules. However, majority of the accidents occurs when a driver fails to follow or understand the traffic signs. Keeping these scenarios in mind vehicle manufacturing are designing the cars that can keep drivers (and Passenger’s) safety at top most priority. As a result the vehicle manufacturers are implementing traffic sign recognition systems in their vehicles. Due to the growing focus on driver’s safety, the global traffic sign recognition systems market is experiencing a substantial growth in the forecast period of 2019 to 2017.

Stringent Government Regulations Further Accelerates the Growth

Looking at the growth in the number of road accidents, governments of various countries like U.S. and China has made it mandatory to implement traffic sign recognition systems in the vehicles. These mandatory regulations further support the growth of global traffic sign recognition system market in the forecast period of 2019 to 2027.

Global Traffic Sign Recognition System Market: Regional Analysis

North America based on number of automotive players and technology service providers, continue to dominate other regions of the global traffic sign recognition system market. The dominance of the region is further attributed to rising vehicle safety regulations in the U.S. Also, widespread acceptance of advanced driver assistance systems (ADAS) in the region plays an important role in the growth of North America in global traffic sign recognition market from 2019 to 2027.

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The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

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Traffic Sign Recognition System Market

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