Vehicle Occupancy Detection System Market Future Growth

Transparency Market Research delivers key insights on the global vehicle occupancy detection system market. In terms of revenue, the global vehicle occupancy detection system market is estimated to expand at a CAGR of 18.5% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global vehicle occupancy detection system market.

𝐆𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐃𝐞𝐭𝐚𝐢𝐥𝐬-https://www.transparencymarketresearch.com/vehicle-occupancy-detection-system-market.html

The global vehicle occupancy detection system market is broadly affected by several factors, including usage of artificial intelligence (AI) technology in vehicle occupancy detection systems in the automotive sector. Thus, expanding application of vehicle occupancy detection systems in automotive sectors is propelling the global market for vehicle occupancy detection systems.

Vehicle Occupancy Detection System Market: Dynamics

Vehicle occupancy detection systems are electronic systems used for vehicle identification, detection, and for counting passengers inside a vehicle. The vehicle occupancy detection system plays a vital role in law enforcement to control and operate high occupancy vehicle (HOV) lanes and high occupancy toll (HOT) lanes. These systems are mounted on top of the HOV lanes with the help of racks at specific distances throughout the HOV lanes or at HOV toll booths. Another form of these systems is the mobile vehicle occupancy detection system wherein the system components are mounted on rack arrangement, and the complete arrangement is mounted on a mobile trolley, which can be moved from point to point as per local traffic conditions.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐀 𝐒𝐚𝐦𝐩𝐥𝐞-https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=73783

A standard vehicle occupancy detection system consists of vehicle detector, camera system, and video analytics systems. The system activates through the detection of vehicles. The camera system captures images (or video) of the vehicle passing through, and the image or video analytics software processes the image or video. If the number of passengers inside a vehicle is equal to the minimum passenger number defined for the lane, the vehicle is exempted from toll charges; if not, the data about the violator is forwarded to the appropriate law enforcement authority.

In recent years, demand for more accurate, automated, and high tolerance to low visibility condition passenger occupancy detection system has increased. Leading manufacturers are focusing on development of passenger occupancy detection systems with technologically advanced functions and features in order to respond to changing market needs. In addition, some manufacturers are integrating artificial vision and deep learning technologies to ensure the highest overall system accuracy rate. This is expected to help companies meet the minimum level of accuracy criteria set by various metropolitan transportation commissions and authorities. Moreover, companies are focusing on highly reliable and non-intrusive passenger occupancy detection systems for automatic real-time detection of the front and rear occupants. Key players in the passenger occupancy detection system market are already engaged in the development and introduction of advanced passenger occupancy detection systems. For instance, in February 2019, Indra Sistemas, S.A. tested the High-Occupancy Vehicle Detection System (DAVAO) on a HOV lane in San Francisco. This system uses artificial vision and deep learning to achieve the highest overall system accuracy rate of around 88%. Thus, the introduction and development of advanced products in the passenger occupancy detection system market is expected to accelerate the implementation of new sustainable mobility policies. This is further expected to have a positive impact on the adoption of passenger occupancy detection systems during the forecast period.

𝐀𝐬𝐤 𝐅𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧-https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=73783

Vehicle Occupancy Detection System Market: Prominent Regions

The vehicle occupancy detection system market in North America is expected to expand during the forecast period, owing to the presence of key market players, technological advancements, and growth of the automotive sector in the region. The vehicle occupancy detection system market in North America is projected to witness favorable growth during the forecast period due to the significant rise in the adoption of vehicle occupancy detection systems to detect passenger occupancy in a vehicle. This system plays an important role in reducing traffic congestion during peak time, owing to which the market is projected to reach US$ 106.15 Mn by 2030 in the region. The vehicle occupancy detection system market in Europe is likely to expand at the highest CAGR of ~20% during the forecast period, owing to the presence of a significant number of players manufacturing vehicle occupancy detection systems in the region.

𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠-https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=73783

Vehicle Occupancy Detection System Market: Key Players

Key players operating in the global vehicle occupancy detection system market are Siemens, Conduent Inc., Fortran Traffic System Limited, Indra Sistemas, S.A, Invision AI, NEC Corporation of America, TransCore, and Xerox Corporation.

𝐀𝐛𝐨𝐮𝐭 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡

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