Drowsiness Monitoring System Market to grow at a CAGR of 10.4% during 2024-2028
The Drowsiness Monitoring System Market is expected to grow at a CAGR of 10.4% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 519.07 thousand. The global drowsiness monitoring system market is experiencing a noteworthy trend with leading vendors introducing innovative and advanced solutions to adhere to stringent safety regulations and augment the overall performance of driver monitoring systems. At CES 2024, Seeing Machines, a pioneer in computer vision technology, announced the launch of the Guardian Generation 3. This upgraded aftermarket Driver Monitoring System (DMS) has been independently certified to comply with the European Commission's General Safety Regulation for Drowsiness Detection, which becomes mandatory for all new European vehicles from July 2024. The Guardian Gen 3 showcases enhanced microsleep detection and eye-gaze tracking capabilities, significantly improving its ability to identify distracted driving and ensuring enhanced road safety.
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Technavio analysts predict that the Hardware devices subsegment will lead the Type segment during 2024 and 2028 The Drowsiness Monitoring System market is experiencing significant growth due to the increasing demand for road safety and productivity in various industries. These systems utilize advanced technologies, such as eye-tracking and EEG sensors, to identify signs of driver fatigue and alert the driver accordingly. Companies are investing heavily in research and development to create more accurate and user-friendly solutions, making this a lucrative business opportunity. The market is expected to expand at a steady CAGR over the next five years, driven by growing awareness and regulatory support.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish escalating concerns about road safety
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The Drowsiness Monitoring System market is witnessing significant growth due to the increasing demand for vehicle safety systems that prevent tiredness-related accidents. These systems use advanced algorithms, sensors, and sophisticated technologies like Facial Recognition and Sensor Technology for distraction and drowsiness detection. Commercial vehicle operations and corporate fleet management are major sectors adopting these systems to ensure road safety and prevent accidents. Vehicle safety systems employ sensors to monitor steering patterns, eye movements, and vehicle position for signs of driver drowsiness. Real-time monitoring using cameras and sensors helps provide timely warnings to drivers, allowing them to take necessary safety measures. Advanced algorithms, Machine Learning, and Artificial Intelligence are increasingly being used in these systems to improve accuracy and effectiveness. The market for Drowsiness Monitoring Systems is expanding to include Automotive Safety Technology in Autonomous Vehicles and Electric Vehicles. Public awareness campaigns and safety measures are also driving the market growth. The ultimate goal is to reduce traffic accidents and promote road safety awareness.
The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by automotive components and equipment manufacturers. Key growth drivers for the automotive parts and equipment industry include the surge in electronic components utilization in automobiles, fueled by the rising sales of EVs, motorcycles, and PCs, which has significantly boosted the demand for electronic control units (ECUs) and other electrical components over the past decade.
The Drowsiness Monitoring System Market is experiencing significant growth, fueled by the escalating concerns about road safety. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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