Yahoo Finance Automatic Number Plate Recognition (ANPR) Market Estimated to Garner USD 5.6 Billion at a 9.5% CAGR by 2030 - Report by Market Research Future (MRFR)
Integration of Latest Technologies like IoT and AI to Boost ANPR Market Growth
New York, US, May 25, 2022 (GLOBE NEWSWIRE) -- Automatic Number Plate Recognition Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Automatic Number Plate Recognition Market” information By Component, by Type, By Application, by End User and Region – Forecast to 2023” market size to reach USD 5.6 billion, to Grow Approximately at 9.5% CAGR, by 2030.
Report Scope:
Report Metric | Details |
Market Size | USD 5.6 Billion |
CAGR | 9.5% |
Base Year | 2019 |
Forecast Period | 2020-2030 |
Historical Data | 2018 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type, Component, Application, End-User |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | Siemens AG, Kapsch TrafficCom AG, Vigilant Solutions, Tattile SRL, Leonardo Company, Neology Inc., Genetec Inc., Jenoptik Group, Conduent Inc., Financial Overview, Bosch Group |
Key Market Opportunities | Substantial increase in the use of cloud-based software in the ANPR system. |
Key Market Drivers | · Deployment of ANPR systems in security and surveillance and traffic enforcement applications. |
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Market USP Exclusively Encompassed:
ANPR Market Drivers
Artificial intelligence & the Internet of Things are now being linked into ANPR systems, allowing the systems to perform more efficiently and take more photographs in less time. ANPR devices and software that are connected with AI & IoT technology are currently available from a variety of vendors. This will boost market growth during the forecast period.
ANPR Market Opportunities:
Increasing Adoption in Electronic Toll Collection to offer Robust Opportunities
The surging adoption of automatic number plate recognition in electronic toll collection will offer robust opportunities for the market over the forecast period. With increased road connection, toll booths have increased around the world. There is a growing desire for automated solutions to reduce overcrowding and improve vehicle monitoring and detection at toll booths, which is pushing the use of such systems for tolling. Scams and frauds can be avoided with ANPR technology, and road charging systems can be more accurate.
ANPR Market Restraints
Lack of Consistency to act as Market Restraint
The lack of consistency in the plate design may act as a market restraint over the forecast period. Number plates generally are versatile. They have variations with regards to sizes, pattern, and colors of such plates. Besides, the designs across the globe differ. These factors make them hard for the number plate recognition in reading the numbers.
Challenges
Lack of Awareness to act as ANPR Market Challenge
The lack of awareness about automatic number plate recognition and privacy concerns about stored records and images may act as market challenges over the forecast period.
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ANPR Market Segmentation:
The automatic number plate recognition market is bifurcated based on end user, application, component, and type.
By type, fixed will lead the automatic number plate recognition market over the forecast period.
By component, software will dominate the ANPR Market over the forecast period.
By application, traffic management will spearhead the automatic number plate recognition market over the forecast period.
By end user, government will have the lions share in the market over the forecast period.
COVID-19 Analysis
Many businesses are affected by COVID-19. The market for automatic number plate identification is facing certain difficulties. In many areas, the use of road cameras is decreasing. Vehicles on the road are subject to limitations. The demand for automatic number plate identification is dwindling as a result of restrictions and lockdowns. The megacities, in particular, are enjoying decreased traffic congestion. Furthermore, the market's supply chain is severely disrupted. Numerous end-users have decreased their demand for ANPR systems. During this time, the use of ANPR is decreasing. The amount of traffic on the roadways is predicted to increase dramatically in the following year. In the future years, road restrictions will be reduced. In addition, ANPR will become more widely used in the next years. Governments are increasing their expenditures on these technologies. Regions such as Asia Pacific, in particular, are seeing an increase in demand for the commodity. All of these will benefit the market for automatic number plate recognition.
Automatic Number Plate Recognition Market Regional Analysis
North America to Rule ANPR Market
North America will rule the automatic number plate recognition market over the forecast period for the rapid industrialization of various traffic monitoring devices on tunnels, bridges, and highways. Over the forecast period, an IoT-enabled solution for configuring ANPR equipment with a traffic monitoring device will gain a lot of popularity. In the forecast period, the need for human-free intervention especially in traffic monitoring devices will have an impact on regional market growth. The market for fixed systems is projected to be driven by ongoing R&D activities in North America for the creation of radar-based ANPR systems. The North American ANPR system market is expected to gain traction through 2027, thanks to rising use for a variety of parking management applications, such as smart parking and traffic monitoring. The regional market will develop due to the rapid digitalization of the traffic monitoring systems, namely on highways, bridges, and tunnels.
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APAC to Have Admirable Growth in Automatic Number Plate Recognition Market
Over the next six years, the APAC region is expected to be the fastest-growing regional market. In nations like China, Indonesia, Vietnam, and South Korea, ANPR systems are rapidly being used for traffic management, enforcement, and parking laws. Furthermore, the fast growth of various smart cities is driving up demand for this technology. The market for portable ANPR systems is likely to rise as these economies place a greater emphasis on highway patrolling. During the projected period, the market is expected to grow the most. The region's growing population and urbanization have led to an increase in the number of automobiles on the road. Governments around the region are aggressively adopting & implementing infrastructure development projects, many of which are geared at modernizing roadways. In addition, the number of commercial centres, recreational and sports facilities, malls and multiplexes, & car parks in the region is rapidly increasing. Furthermore, solutions for efficient border control and car theft prevention are in high demand. APAC has turned into the fastest-growing markets for the ANPR systems as a result of these considerations. The Asia Pacific ANPR system market is predicted to grow at the quickest rate in the forecast period, for the rapid infrastructure development and rising government support for traffic congestion management. In addition, law enforcement organizations' increasing demand for ANPR devices to combat criminal activity is driving market expansion.
Dominant Key Players on ANPR Market Covered are:
Kasich TrafficCom AG
Vigilant Solutions
Siemens AG
Leonardo Company
Tattile SRL
Neology Inc.
Jenoptik Group
Genetec Inc.
Conduent Inc.
Financial Overview
Bosch Group
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