The global automatic number plate recognition system market is projected to reach USD 3.0 billion by 2025 and projected to grow at a CAGR of 6.8% during the forecast period, according to a new report by Million Insights. Technological advancements in traffic monitoring have raised the need for mass surveillance technology that helps to detect the license number and capture the vehicle images. Further, this technology is widely to detect stolen and lost vehicles.
Government across countries are focusing on smart city development across the globe. Under smart city projects, the development of intelligent transportation systems plays a vital role. Thus, several government across countries are implementing strategies such as partnerships with companies including AT&T; IBM Corporation; Siemens; and Honeywell International, Inc. Moreover, governing bodies are also emphasizing on the introduction of automated fuel-stations and EV charging stations. In Europe, countries such as France, Germany, and U.K. are operated in self-service mode during day time.
Heavy traffic in cities has enforced the civic bodies to implement advanced solutions to sort road safety issues. This factor is expected to propel the demand for implementation of (ANPR) system to maintain traffic violations and crime incidence. Over the past few years, the incidence of automobile crimes like carjacking, vehicular homicide reckless driving, and hit and run has been increased which has enforced the law enforcement agencies to install the ANPR system for vehicle recognition. The major factor for road accidents is excessive speed has been fount across the world. The speed camera has some limitations, as it is not able to identify speeding vehicles accurately. Hence, the need for technologically advanced ANPR systems along with analytical solutions are projected to boost the ANPR system market growth during the forecast period.
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Further key findings from the report suggest:
• The portable ANPR system is expected to register the fastest CAGR during the forecast period due to introduction of Micro electro mechanical Systems (MEMS) technology that helps to miniaturization of devices.
• Rising demand for mobile based application and advent of cloud computing technology, software segment is expected to grow with the fastest CAGR over the forecast period.
• Among applications. Toll collection segment is projected to emerge with high growth rate over the forecast period due to rising demand for Electronic Toll Collection (ETC) by road transport agencies.
• Asia Pacific automatic number plate recognition system market is expected to exhibit with the highest CAGR from 2019 to 2025 due to increasing focus on digitalization and expansion of its road networks by regional government.
• ARH, Inc.; Robert Bosch GmbH; VAXTOR TECHNOLOGIES; NDI Recognition Systems Ltd.; Siemens, Selex ES Inc.; Axis Communications AB; Tattilesrl, Genetec Inc.; and Kapsch Group are the key players operating in this market.
Million Insights has segmented the global ANPR system market based on type, component, application, end use, and region:
Automatic Number Plate Recognition System Type Outlook (Revenue, USD Million, 2014 - 2025)
• Fixed ANPR Systems
• Portable ANPR Systems
Automatic Number Plate Recognition System Component Outlook (Revenue, USD Million, 2014 - 2025)
• ANPR Computer/Processor
• Frame Grabber
• Relay Cards
• Installation & Deployment
• Training & Consulting
• Testing Service
Automatic Number Plate Recognition System Application Outlook (Revenue, USD Million, 2014 - 2025)
• Security & Surveillance
• Toll Management
• Parking Management
• Traffic Management
Automatic Number Plate Recognition System End-use Outlook (Revenue, USD Million, 2014 - 2025)
Automatic Number Plate Recognition System Region Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Latin America