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Drowsiness Monitoring System Market to Grow by USD 0.51 Million (2024-2028) as Road Safety Concerns Rise, AI-Redefined Market Landscape Report – Technavio

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NEW YORK, Oct. 30, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global drowsiness monitoring system market size is estimated to grow by USD 0.51 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  10.4%  during the forecast period. Escalating concerns about road safety is driving market growth, with a trend towards increasing emphasis by vendors on launching new products. However, high likelihood of generating false alarms  poses a challenge.Key market players include AISIN CORP., Aptiv Plc, Continental Engineering Services, DENSO Corp., Faststream Technologies, Harman International Industries Inc., HELLA GmbH and Co. KGaA, Infineon Technologies AG, Magna International Inc., Mitsubishi Electric Corp., NVIDIA Corp., OMRON Corp., Optalert Australia Pty Ltd, Panasonic Holdings Corp., Robert Bosch GmbH, Seeing Machines Ltd, Smart Eye AB, Tobii AB, Valeo SA, and Visteon Corp..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Drowsiness Monitoring System Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 10.4%

Market growth 2024-2028

USD 519.07 th

Market structure

Fragmented

YoY growth 2022-2023 (%)

10.2

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

North America at 35%

Key countries

US, Germany, China, France, and Japan

Key companies profiled

AISIN CORP., Aptiv Plc, Continental Engineering Services, DENSO Corp., Faststream Technologies, Harman International Industries Inc., HELLA GmbH and Co. KGaA, Infineon Technologies AG, Magna International Inc., Mitsubishi Electric Corp., NVIDIA Corp., OMRON Corp., Optalert Australia Pty Ltd, Panasonic Holdings Corp., Robert Bosch GmbH, Seeing Machines Ltd, Smart Eye AB, Tobii AB, Valeo SA, and Visteon Corp.

Market Driver

The drowsiness monitoring system market is experiencing a notable trend with key vendors introducing advanced products to comply with safety regulations and enhance driver monitoring systems. In January 2024, Seeing Machines launched the Guardian Generation 3, an upgraded aftermarket Driver Monitoring System (DMS) verified to meet the European Commission’s General Safety Regulation for Drowsiness Detection. This system boasts improved microsleep detection and eye-gaze tracking capabilities. In June 2023, Smart Eye showcased its innovative DMS metric, integrating vital sign detection for remote monitoring of drivers’ heart and respiration rates. This feature enhances road safety and driver well-being by detecting sudden illnesses or unresponsive behavior. Both companies utilize AI and non-contact, camera-based methods for accurate detection under various lighting conditions. Vendors’ focus on new product launches continues to drive market growth, ensuring technological advancements and compliance with evolving safety standards. 

The Drowsiness Monitoring System market is experiencing significant growth due to increasing road safety concerns and the integration of advanced driver monitoring technologies in electric and autonomous vehicles. These systems use sophisticated sensors like infrared, steering angle, and vehicle speed sensors, along with algorithms and machine learning, to detect driver distraction and tiredness. False alarms are minimized through multi-modal detection systems, including facial recognition and eye-tracking. Real-time monitoring and alerts help prevent accidents, making vehicle safety systems a priority for fleet management solutions. Road safety awareness is crucial, and traffic accidents caused by tiredness or distraction can be reduced through these advanced technologies. The future of automotive technology lies in driver assistance systems, artificial intelligence, and machine learning, all working together to ensure safer journeys for all. 

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 Market Challenges

The drowsiness monitoring system market encounters substantial challenges, primarily due to the high occurrence of false alarms. These false alerts can be disruptive and distracting for drivers, potentially compromising road safety instead of enhancing it. Accurately detecting driver drowsiness is intricate and can be influenced by various factors, including environmental conditions and individual differences. Technical challenges include reliably capturing facial and eye features, which can be affected by external factors like bright lights, sudden movements, or changes in posture. These conditions can trigger false alarms, making it difficult for the system to accurately assess the driver’s state. Moreover, the limitations of current systems can lead to malfunctions or failures. For instance, bumpy roads or traffic congestion can inadvertently increase driver alertness, while smooth, low-traffic environments may increase driver comfort and the likelihood of drowsiness. This variability poses a significant risk, as the system may either fail to detect drowsiness or generate unnecessary alerts, leading to driver frustration and potential disengagement from the system. Individual differences also impact the effectiveness of drowsiness monitoring systems. Variations in facial features, eye movements, and behavioral patterns can affect the system’s ability to accurately detect drowsiness across different drivers. This reliance on technology can sometimes give drivers a false sense of security, leading them to overly depend on system alerts without remaining adequately vigilant. To overcome these challenges, ongoing technological advancements and refinements are necessary to improve the accuracy and reliability of these systems. Ensuring that they effectively enhance road safety without causing undue distraction or annoyance to drivers is crucial. By addressing these issues, the drowsiness monitoring system market can provide a valuable solution to combat driver fatigue and improve overall road safety.The Drowsiness Monitoring System market is gaining significant traction due to the increasing road safety awareness and the rising number of traffic accidents caused by drowsiness. Safety measures such as public awareness campaigns, automotive technology, and driver assistance systems are being employed to combat this issue. Advanced technologies like Artificial Intelligence (AI) and Machine Learning (ML) are being integrated into sensor technologies and real-time monitoring systems to detect drowsiness in drivers. Electric and autonomous vehicles, fleet management solutions, and passenger cars are all adopting Drowsiness Monitoring Systems (DMS) to prevent drowsiness-related accidents. These systems use image processing and driver monitoring technologies to detect physiological indicators such as eye movements and steering patterns. However, challenges such as false alarms and the integration of hardware and software components remain. Great Wall Motor and other automotive production companies are investing in DMS to improve automotive safety technology and reduce accidents. The transportation and logistics industries also stand to benefit from these systems, ensuring the health and safety of their corporate fleet and commercial vehicle operations.

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Segment Overview 

This drowsiness monitoring system market report extensively covers market segmentation by  

Type 1.1 Hardware devices1.2 Software systemsApplication 2.1 Passenger vehicles2.2 Commercial vehiclesGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Hardware devices-  The Drowsiness Monitoring System market is growing due to increasing road accidents caused by driver fatigue. These systems use sensors to detect signs of drowsiness and alert drivers, preventing potential accidents. Companies like Bosch, Honeywell, and Texas Instruments lead the market with innovative solutions. Growing demand from automotive and transportation industries drives market growth. Government regulations and consumer awareness further boost the market.

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Research Analysis

The Drowsiness Monitoring System market is gaining significant traction due to the increasing road safety awareness and the alarming number of traffic accidents caused by drowsiness-related drivers. To mitigate this issue, automotive technology companies are developing advanced driver assistance systems (ADAS) that utilize artificial intelligence (AI) and machine learning algorithms to monitor driver behavior and detect signs of drowsiness. These systems use sophisticated sensors, including cameras and eye movement sensors, to track driver eye movements, steering patterns, and vehicle position. In real-time, the system analyzes this data to determine if the driver is showing signs of drowsiness and issues timely warnings to prevent potential accidents. Corporate fleet management and commercial vehicle operations are also adopting these technologies to ensure the safety of their drivers and reduce the risk of accidents. The integration of facial recognition technology further enhances the system’s ability to detect driver fatigue accurately. Electric and autonomous vehicles are also expected to incorporate drowsiness monitoring systems as part of their safety features. Overall, the market for drowsiness monitoring systems is poised for growth as the importance of vehicle safety continues to be a top priority.

Market Research Overview

The Drowsiness Monitoring System market is gaining significant traction due to the increasing road safety awareness and the rising number of traffic accidents caused by drowsiness. These systems use advanced technologies like Artificial Intelligence (AI) and Machine Learning (ML) to detect drowsiness in real-time. Sensor technologies such as infrared sensors, steering angle sensors, and vehicle speed sensors are integrated into these systems to monitor driver behavior and vehicle conditions. DMS or Driver Monitoring Systems are becoming essential components of Automotive Technology, particularly in the context of Driver Assistance Systems (ADAS) and Autonomous Vehicles. These systems use sophisticated sensors and algorithms to detect physiological indicators like eye movements, steering patterns, and vehicle position to issue timely warnings to prevent drowsiness-related accidents. The market for Drowsiness Monitoring Systems is expanding to include Electric Vehicles (EVs) and Commercial Vehicles, with fleet management solutions being a significant application area. The integration of Multi-Modal Detection Systems and Real-Time Monitoring Alerts is expected to further enhance the market’s growth. Road safety, corporate fleet management, and commercial vehicle operations are some of the key areas where these systems can make a significant impact on public health and preventive measures. However, the challenge of minimizing false alarms remains a significant concern for the market’s growth. The automotive industry, transportation, logistics, and Great Wall Motor are some of the sectors investing in Drowsiness Monitoring Systems to ensure vehicle safety and reduce accidents.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeHardware DevicesSoftware SystemsApplicationPassenger VehiclesCommercial VehiclesGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Technology

MOIN Successfully Complete POC for Cross-Border Tuition Payments, Paving the Way for Solution Commercialization

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October 31, 2024

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SEOUL, South Korea, Oct. 30, 2024 /PRNewswire/ — MOIN, a leading cross-border remittance service provider, has successfully collaborated with Visa to address a long-standing challenge in cross-border payments: the inability to seamlessly transmit detailed non-financial data alongside financial transactions. The Proof of Concept (POC), developed in collaboration with Visa, enables enhanced transparency and efficiency in tuition payments for international students. Following the POC’s success, MOIN is now working towards the commercialization phase of the solution.

MOIN, known for its innovative approach to remittance services, has long specialized in offering cross-border payment solutions tailored to individuals and businesses. By combining MOIN’s expertise with Visa’s real-time money movement platform, Visa Direct, the POC sought to resolve the critical issue of limited data transmission in international payments. Currently, when cross-border payments are sent through traditional banking systems, the sender is restricted by the limited text field available within the SWIFT network, which often fails to capture vital information, such as student identification numbers or the purpose of payment. These limitations create inefficiencies in payment reconciliation and financial management, particularly for educational institutions that rely on accurate data for administrative processes.

The Solution: Comprehensive Data Transfer with Payments

The POC successfully demonstrated a new solution that allows for the transmission of comprehensive, detailed non-financial data alongside the financial transaction itself. For example, when an international student sends a tuition payment to a university, the transaction is now accompanied by essential details such as the student’s ID number, a description of the payment purpose (e.g., tuition, dormitory fees, meal plans), the expected delivery date, the exact amount, the applied foreign exchange (FX) rate, and the status of the transfer. This not only facilitates smoother and quicker financial management for universities but also improves the student’s administrative experience by minimizing payment-related delays.

MOIN acts as both the originating remittance service provider and the reconciliation entity, ensuring that the right data reaches the right parties at each step. Visa Direct’s secure and fast network plays a critical role in the transmission of both the funds and the associated data, overcoming the data transmission restrictions previously faced by the SWIFT network.

Addressing a Growing Market Need

With over 6.4 million international students globally and an estimated tuition payment volume of approximately $128 billion(Source : Project Atlas, 2023), there is a clear need for more efficient and transparent payment solutions. This newly tested POC addresses a significant market gap, providing universities with all the necessary information they need to accurately and efficiently reconcile incoming tuition payments. The benefits extend beyond educational institutions, offering improvements across various sectors where cross-border payments are crucial, including healthcare, housing, and business transactions.

MOIN’s Role and Expertise: A Dual Function in the POC

MOIN’s expertise and experience in cross-border remittance played a pivotal role in this POC, particularly in managing transactions involving international students. MOIN not only facilitated the sending of payments from students but also took on the additional responsibility of validating and reconciling the received payments at universities. Specifically, MOIN’s system allows universities to easily access transaction details tied to a unique reference ID through a user-friendly dashboard. This provides clear visibility into which student made the payment and the exact purpose of the funds, enabling universities to manage and reconcile payments efficiently. This dual role showcases MOIN’s ability to manage both sides of the transaction process—sending and receiving—while ensuring transparency and efficiency.

Visa Direct was integral to this success. It enabled faster, more cost-effective cross-border payments with the added benefit of carrying detailed transaction data. MOIN’s deep understanding of the needs of international students and educational institutions, particularly in Korea—one of the world’s largest markets for study abroad—helped tailor the solution to meet these unique requirements. As a result, the POC has proven that MOIN’s technical capabilities are not only on par with global payment industry standards but also lead the field in innovative remittance solutions.

Looking Ahead: Global Commercialization

Following the successful completion of the POC, MOIN is now focused on bringing this solution across markets with high penetration of overseas students. While the initial test was conducted between Korea and Europe, the commercialization phase will extend to markets in North America, Asia, and beyond. The POC has already attracted the interest of major global acquirers, who are preparing to join the new reconciliation payment network, further expanding its reach.

MOIN will continue to play a key role as both a sending and reconciliation partner in this network, demonstrating its ability to handle large-scale cross-border transactions with unmatched efficiency and accuracy. The company’s technological prowess has been solidified through this partnership, setting the stage for future collaborations with global payment and remittance firms.

A Word from MOIN’s CEO

MOIN’s CEO, ILSEOK SUH, expressed his enthusiasm for the success of the POC, stating, “This collaboration with Visa has allowed us to solve a critical issue in cross-border remittances and payments. The ability to seamlessly transmit detailed non-financial data alongside payments is a major step forward, not only for students and educational institutions but for the entire remittance and payments industry. We are excited to build on this success and continue expanding our global partnerships.”

SUH further added that MOIN is now positioned to broaden its partnerships globally, collaborating with a diverse range of companies and payment networks across different regions.

As the demand for more efficient, transparent, and cost-effective payment solutions continues to grow, MOIN’s expertise will remain at the forefront of this evolution.

View original content:https://www.prnewswire.com/news-releases/moin-successfully-complete-poc-for-cross-border-tuition-payments-paving-the-way-for-solution-commercialization-302291198.html

SOURCE Moin

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Technology

Just Flow Events & Marketing Grows Team with the Addition of Three New Staff Members

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52 mins ago

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October 31, 2024

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Just Flow Events & Marketing, a full-service strategic marketing agency, has expanded its Manchester-based team with the addition of three new staff members.

MANCHESTER, N.H., Oct. 30, 2024 /PRNewswire-PRWeb/ — Just Flow Events & Marketing, a full-service strategic marketing agency, has expanded its Manchester-based team with the addition of three new staff members.

The positive impact of having Mairead, Sarah and Heather on board is already noticeable. They each bring deep expertise, strategic marketing approaches and insightful ideas to the table. We are excited to elevate our client services with the addition of these integral team members.

Mairead Fregeau of Manchester serves as Account Manager, working closely with the agency’s clients to manage their marketing plans and strategies from inception to completion. She brings more than a decade of experience in public relations, social media and multichannel ad campaign content development to the role. Fregeau holds a Bachelor of Arts degree in Communications, with specializations in advertising and digital media, from Loyola University Maryland.

Sarah Harkness is Just Flow Events & Marketing’s Social Media Specialist. The Epsom resident executes and manages the social media marketing campaigns of the agency’s clients, including strategic development, graphic design and analytics. She has nearly five years of experience as a freelance social media specialist for local hospitality companies, in addition to serving as a kindergarten teacher. Harkness is a graduate of Plymouth State University with a Master of Education in Special Education. She also earned a Bachelor of Arts in Communications from Southern New Hampshire University.

Heather Lockwood of Auburn is the agency’s Marketing Coordinator. She supports the team by leveraging data-driven marketing strategies and executing the tactics that make them successful. She has more than 15 years of marketing experience, most recently as a Marketing Manager for a multi-rooftop dealership. Lockwood graduated from Southern New Hampshire University with Master of Science and Bachelor of Science degrees in Marketing.

“The positive impact of having Mairead, Sarah and Heather on board is already noticeable. They each bring deep expertise, strategic marketing approaches and insightful ideas to the table,” says Ami D’Amelio, CEO & President of Just Flow Events & Marketing. “We are excited to elevate our client services with the addition of these integral team members.”

To learn more about Just Flow Events & Marketing, visit justflownh.com.

About Just Flow Events & Marketing
Supporting clients since 2010, Just Flow provides event planning and management, strategic marketing and branding, social media management, website design development, graphic design, copywriting, and other related corporate communication services. Just Flow offers extensive experience in a variety of industries, including education, fine arts, healthcare and medical, high tech, hospitality and dining, manufacturing, membership organizations, professional services and more. With headquarters in downtown Manchester, the full-service agency provides services for clients across New Hampshire and throughout the Northeast. For more information, visit justflownh.com.

Media Contact

Ami D’Amelio, Just Flow Events & Marketing, 603-703-5588, ami@justflownh.com, https://justflownh.com/

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SOURCE Just Flow Events & Marketing

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BRICS Summit safeguards the stability of greater BRICS collaboration

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October 31, 2024

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BEIJING, Oct. 30, 2024 /PRNewswire/ — A news report by China.org.cn on the 16th BRICS Summit:

 

Recently, the 16th BRICS Summit concluded in Kazan, an ancient city by the Volga in Russia. As the bloc’s first meeting since its expansion of five new members in BRICS, the event drew attendees from more than 30 countries, safeguarding the stability of greater BRICS collaboration in the long run.

BRICS, first proposed as the term “BRICs” in 2001, has been evolving along the way. But the enlargement of BRICS membership last year, and the beginning of the greater BRICS cooperation have garnered much more attention from the international community than any previous iterations. Among them, many developing countries have spoken highly of it, which can be proven by over 30 countries wishing eagerly to join BRICS.

Data and examples speak for themselves. Nine years into the establishment of the New Development Bank, it has approved about 35 billion USD worth of loans. It was exactly such loans that funded over 100 projects including urban railway tracks in India and green wind power facilities in Brazil. Under the BRICS cooperation mechanism, Shanghai customs has opened “green lanes” for tangerines from South Africa, enabling clearance into China on the day of arrival; China launched the MisrSat-2 for Egypt, which has been fulfilling the latter’s needs in agriculture, forestry, urban construction and so on. The BRICS mechanism has achieved fruitful results in advancing South-South Cooperation and improving global governance.

After BRICS expanded its membership, the ten members together account for about 30% of global GDP, and one-fifth of global trade volume, and they sure will continue to function as a powerful driver of global economic growth.

China Mosaic 
http://chinamosaic.china.com.cn/index.htm
BRICS Summit safeguards the stability of greater BRICS collaboration
http://www.china.org.cn/video/2024-10/30/content_117515649.htm

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SOURCE China.org.cn

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