According to a new market research report published by Acute Market Reports “Automatic Number Plate Recognition (ANPR) System Market (Security & Surveillance, Toll Enforcement, Vehicle Parking, and Traffic Management) - Growth, Future Prospects, and Competitive Landscape, 2023-2030”, automatic number plate recognition system market is estimated to grow with a CAGR of 11.8% from 2023 to 2030.
The complete report is available at https://www.acutemarketreports.com/report/automatic-number-plate-recognition-system-market
Market Insights
The automatic number plate recognition (ANPR) system market is majorly governed by the increasing number of on-road vehicles worldwide. Issues related to vehicles such as car theft, traffic management as well as vehicle parking, are rising hand in hand with an increase in on-road vehicles. The ANPR system is one of the most effective ways to curb the aforementioned instances. Apart from regulating traffic and crime control, the ANPR system also serves other applications such as automatic toll collection, red light control, automatic car parks, and others. An ANPR system helps to automate overall traffic management. Consequently, the demand for the ANPR system has witnessed strong growth over a period of time.
The automatic number plate recognition (ANPR) system market is segmented on the basis of application types and end-use. On the basis of application type, the market has been segmented into security and surveillance, toll enforcement, vehicle parking, and traffic management. Currently, the market is dominated by the security and surveillance segment accounting for more than 50% of the total market revenue. The automatic number plate recognition system is mostly used for security and surveillance to curb car thefts, traffic monitoring, and other crimes. Security and surveillance systems (especially in parking spaces) are installed by both governments as well as private organizations, leading to a large room for ANPR system penetration. Hence, the segment is expected to hold its dominant position in the market throughout the forecast period.
Further, on the basis of end-use applications, the market has been broadly segmented into government and commercial. In 2021, the ANPR system market was dominated by the government application segment. ANPR systems have witness profound adoption across the different government sectors over the period of time and hence the dominance. Automatic number plate recognition systems are being accepted progressively for government sectors such as the traffic enforcement department, defense application as well as the homeland security department. The market for the ANPR system in the commercial segment is majorly governed by the ever-increasing need for effective traffic management and car parking facilities. Consequently, the ANPR system market in the commercial application segment is expected to grow consistently during the forecast.
Competitive Insights:
The automatic number plate recognition system market is quite fragmented in nature with a large number of international as well as regional players operating in the market. The international players such as 3M, Bosch Security Systems, ARH Inc., SensysGatso, NDI Recognition Systems Ltd, and others face substantial competition from the regional players. This has significantly increased the competition among the ANPR system manufacturers over a period of time. Companies are striving continuously to develop a sophisticated image capturing hardware and efficient and fast software paired with hardware.
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