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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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XTransfer and OCBC Jointly Announce Comprehensive Partnership

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“Global Multi-Currency Accounts” Empowers SMEs with New Market Opportunities

SHANGHAI, Dec. 23, 2024 /PRNewswire/ — XTransfer, the World’s Leading & China’s No.1 B2B Cross-Border Trade Payment Platform, and OCBC, the second largest financial services group in Southeast Asia, jointly announced the comprehensive partnership. OCBC China will leverage the OCBC Group’s extensive regional network and resources in its key markets of Singapore, Hong Kong SAR, Malaysia and Indonesia to collaborate with XTransfer to provide small and medium-sized enterprises (SMEs) engaging in international trade with one-stop innovative cross-border financial solutions, including payment, FX, risk control and wealth management. The Memorandum of Understanding was signed on 18 December 2024 by Bill Deng, Founder and CEO of XTransfer, and Ang Eng Siong, CEO of OCBC China.

Bill Deng, Founder and CEO of XTransfer, stated, “This collaboration marks a significant milestone for XTransfer, greatly enhancing our global payment capabilities. By leveraging OCBC’s extensive global payment network, XTransfer saves a substantial amount of market costs and accelerates our business expansion in Southeast Asia, saving on local expansion efforts. XTransfer looks forward to expanding its business with OCBC in the future in a variety of areas, including wealth management and lending, and is looking forward to working with them to capture the vast opportunities in Greater China and ASEAN.”

Ang Eng Siong, CEO of OCBC China, said, “OCBC uses Singapore and Hong Kong as our twin-hubs, radiating out to Greater China and ASEAN regions. XTransfer’s business development plans in these areas align closely with our network layout. As XTransfer’s global account manager, OCBC China will support XTransfer and its clients in facilitating cross-border settlements through close collaboration with various business subsidiaries of the group. This will help meet the growing demand for cross-border development and business growth, helping them achieve their aspirations in Greater China and ASEAN.”

XTransfer and OCBC collaborate in several areas of cross-border business. In particular, XTransfer leverages the strong banking networks and service capabilities of OCBC to offer its customers the “Global Multi-Currency Account” provided by OCBC Hong Kong, allowing clients to make payments and collect funds globally. The Global Multi-Currency Account supports not only major currencies, such as the Renminbi, US Dollar, British Pound, Euro, etc., but also currencies from ASEAN and various countries and regions. This will benefit SMEs in foreign trade settlement in the corresponding countries and enhance global cross-border trade efficiency. The partnership will provide XTransfer’s over 550,000 clients and their buyers with more payment and collection options. Additionally, clients can make payments and collect funds through CHATS or FPS, the local clearing network in Hong Kong, offering convenience similar to local bank transfers.

In recent years, trade exchanges between China and ASEAN have become increasingly close. According to data from XTransfer, from January to September 2024, the amount received by small and medium-sized foreign trade enterprises on the XTransfer platform from ASEAN grew by 80% compared to the previous year. The partnership between XTransfer and OCBC will address this growth in international trade by SMEs, and help them capture opportunities in trade and capital flow between China and ASEAN.

XTransfer continues to build its global payment infrastructure for foreign trade through partnerships with renowned international banks and financial institutions. This partnership with OCBC brings XTransfer a new upgrade in its global payment infrastructure, offering substantial benefits to global cross-border traders. By utilising the Global Multi-Currency Account provided by OCBC Hong Kong, buyers can easily make payments in various currencies to overseas suppliers and collect funds from worldwide customers. This partnership is expected to enhance cross-border trade by significantly broadening the payment methods and scope for SMEs.

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SOURCE XTransfer

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TECHTRONIC INDUSTRIES JOINS THE UN GLOBAL COMPACT

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DEMONSTRATES TTI’S COMMITMENT TO SUSTAINABLE PRODUCTS AND PRACTICES

FORT LAUDERDALE, Fla., Dec. 23, 2024 /PRNewswire/ — Global cordless power tool, outdoor power equipment and floorcare company Techtronic Industries Co. Ltd. (“TTI” or the “Company”) (stock code: HK:0669, ADR symbol: TTNDY) today announced that it has joined the United Nations Global Compact, reaffirming its dedication to sustainability and social responsibility. With over 25,000 signatories in over 160 countries, the UN Global Compact is the world’s largest voluntary corporate sustainability reporting initiative. By joining, TTI is committing to communicating its progress to stakeholders annually through our ESG Report and UN Global Compact’s website. 

TTI’s CEO Steve Richman remarked: “As the industry pioneer in lithium-ion battery-powered, energy efficient power tools and outdoor power equipment, TTI’s commitment to sustainable products and business practices has long been a fundamental part of the way we do business. We began publishing ESG reports in 2015 and we aligned our goals and targets with the UN Sustainable Development Goals in 2018. Every year we make progress in areas including safety solutions, noise reduction, supply chain traceability, decarbonization, and governance. While we have demonstrated our commitment, by joining the UN Global Compact, we have officially aligned our sustainability strategy with the Ten Principles in the areas of human rights, labor, environment, and anti-corruption.”

As part of TTI’s ongoing sustainability efforts, our objective is to implement initiatives that deepen our support of the UN’s Sustainable Development Goals (SDGs) while fostering an inclusive and equitable workplace culture. We are dedicated to advancing our sustainability journey, setting measurable goals, and continuously monitoring our progress.

Learn more about TTI’s efforts by reading our latest ESG publications here. Our 2024 ESG report will be published in March 2025.

About TTI

Techtronic Industries Company Limited (“TTI” or the “Company”), founded in 1985 by German entrepreneur Horst Julius Pudwill, is a world leader in cordless technology. As a pioneer in Power Tools, Outdoor Power Equipment, Floorcare and Cleaning Products, TTI serves professional, industrial, Do It Yourself (DIY), and consumer markets worldwide. With more than 50,000 employees globally, the company’s relentless focus on innovation and strategic growth has established its leading position in the industries it serves.

MILWAUKEE is at the forefront of TTI’s professional tool portfolio. With global research and development headquartered in Brookfield, Wisconsin, the historic MILWAUKEE brand is renowned for driving innovation, safety, and jobsite productivity worldwide. The RYOBI brand, headquartered in Greenville, South Carolina, remains the top choice for DIYers and continues to set the standard in DIY tool innovation. TTI’s diverse brand portfolio also includes trusted brands like AEG, EMPIRE, HOMELITE, and leading floorcare names HOOVER, ORECK, VAX, and DIRT DEVIL (based in Charlotte, North Carolina).

TTI’s international recognition and renowned brand portfolio are supported by a strong ownership structure that underscores the company’s global reach and stability. The Pudwill family remains the company’s largest shareholder, with the remaining ownership held largely by institutional investors at North American and European-owned firms. TTI is publicly traded on the Hong Kong Stock Exchange and is a constituent stock of the Hang Seng Index, operating globally with a strong commitment to environmental, social, and corporate governance standards. For more information, visit www.ttigroup.com.

All trademarks listed other than AEG and RYOBI are owned by the Company. AEG is a registered trademark of AB Electrolux (publ.) and is used under license. RYOBI is a registered trademark of Ryobi Limited and is used under license.

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SOURCE Techtronic Industries Co. Ltd.

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New 2025 ezPaycheck Paycheck Payroll Software Is Now Available from Halfpricesoft.com

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REDMOND, Wash., Dec. 23, 2024 /PRNewswire/ — Halfpricesoft.com has just announced the release of 2025 ezPaycheck payroll software for support for small businesses, freelancers, and sole proprietors as well as many other clients. The new ezPaycheck includes 940, 941, W2 and W3 forms and 2025 tax tables.

 

Clients can still acquire the 2024-2025 bundle version at a cost reduction for a limited time. For those utilizing the 2024 ezPaycheck please note:

Do NOT install this new version before you complete 2024 paychecks. ezPaycheck 2025 installation will update the tax tables. With ezPaycheck 2025, you can still access your 2024 paychecks, view reports and print 2024 W2 forms.

Dr. Ge stated, “The software, ezPaycheck 2024 and 2025 is still available for purchase to those clients that need to process year-end tax forms.”

Priced at just $169 per installation for a single installation of 2025 ezPaycheck software. The bundle 2024-2025 version is $199 for a limited time. ezPaycheck payroll software is affordable for any business. With paycheck software, business owners can easily calculate taxes, deductions, and other payroll-related tasks. Potential clients are welcome to download ezPaycheck free demo version with no obligation and no risk at halfpricesoft.com

Despite its cost and ease of use, Accountants, CPA and Tax Professionals should not assume ezPaycheck 2024 runs short on features. ezPaycheck 2025 is packed with all the features a business needs to run payroll quickly and easily, including:

Supports daily, weekly, biweekly, semimonthly and monthly payroll periods. Features report functions, print functions, and pay stub functions.Automatically calculates Federal Withholding Tax, Social Security, Medicare Tax and Employer Unemployment Taxes.Includes built-in tax tables for all 50 states and the District of ColumbiaEasily calculates differential payPrints miscellaneous checks as well as payroll calculation checksPrints payroll checks on blank computer checks or preprinted checksCreates and maintains payroll for multiple companies, and does it simultaneouslyPrints Tax Forms NEW 943 Form, 940, 941, W2, and W3 (Copy A preprinted form required)Supports multiple accounts at no additional chargeSupports network access to share data from different computers and locations (additional cost)30 day no cost trial. No registration required and absolutely no obligation

ezPaycheck is compatible with Windows 11, 10, 8, 7, and other Windows systems. We also sell a MAC version separately.

ezPaycheck payroll software is affordable for any size business. Customers seeking a way to simplify payroll processing with more accuracy to start the no-obligation 30-day test at https://www.halfpricesoft.com/index.asp

About halfpricesoft.com

Halfpricesoft.com is a leading provider of small business software, including online and desktop payroll software, online employee attendance tracking software, accounting software, in-house business and personal check printing software, W2, software, 1099 software, accounting software, 1095 form software, and ezACH direct deposit software. Software from halfpricesoft.com is trusted by thousands of customers and will help US Business owners simplify payroll processing and streamline business management.

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