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Automatic Number Plate Recognition (ANPR) System Market is expected to reach $4.7 billion at the CAGR of 6.50% between 2022 and 2032
Published : April 2022

According to a market report, published by Sheer Analytics and Insights, the total Automatic Number Plate Recognition (ANPR) System Market was valued at $2.3 billion in 2021 and it is expected to reach $4.7 billion at a CAGR of 6.50% through the forecast period. The ANPR system plays an essential role in identifying the exact location of a car or any vehicles that have been stolen, involved in criminal offenses, and has expired its insurance policies. In addition, the rising cases of crimes, thefts, road accidents, breaking traffic rules, and others are expected to boost the market growth over the forecast period from 2022 to 2032. Moreover, the adoption of modern technologies such as IoT, cloud-based services, artificial intelligence, and others is also expected to fuel the ANPR system market in the upcoming years. However, instability in designs, font, color, style, and others can hinder the market growth over the next few years, because it becomes very difficult to make an algorithm that can read and identify all the number plates. 

Based on components, the ANPR system market is segmented into hardware and software. In addition, the hardware is segmented into frame grabbers, ANPR cameras, triggers, and others. Increasing adoption of ANPR cameras due to law enforcement and traffic rules is expected to gain market growth during the forecast period.  Based on type, the ANPR system market is segmented into mobile, portable, and fixed. Among these, the fixed ANPR system is dominating the market due to the increasing demand for fixed ANPR monitoring traffic and collecting location data in places such as bridges, highways, parking spaces, and others. On the other hand, the demand for mobile ANPR systems is growing due to the adoption of these facilities by various security and surveillance agencies across several regions. Based on applications, the ANPR system market is segmented into law enforcement, electronic toll collection, parking management, and traffic management among others. Electronic toll collection is estimated to dominate the global market due to the increased adoption of cars and strict governmental rules over traffic in many countries.

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Several companies such as EFKON and Intelligent integrated Video (I2V) are providing ANPR systems along with artificial intelligence software and new integrated technologies. Therefore, it helps to detect license plates through cameras to recognize the alphabets and numeric characters in nameplates that are stolen or listed as suspicious. Moreover, the ANPR system along with artificial intelligence provides more than 90% accurate detection and identification of number plates. The system can work 24x7 hours with fast video processing ability. Thus, it is expected to drive the growth of the market through the forecast period. The Asia-Pacific region is projected to witness the highest growth in the market through the upcoming years. The overall population of this region is increasing every year; therefore, the adoption of vehicles is also rising in numbers. Hence, the government of several countries is adopting ANPR systems in order to maintain safety and security on roads. 

Key players such as Kapsch TrafficCom (Australia), HikVision (China), Q-Free ASA (Norway), Conduent Inc (U.S), Genetec Inc (Canada), Axis Communications (Sweden), Jenoptik Group (Germany), Robert Bosch GMBH (Germany), NDI recognition Systems Limited (U.S), VAXTOR Technologies (Spain), 3M Company (U.S),  and others are dominating the global ANPR system market.  

The ANPR System Market Has Been Segmented Into:

The ANPR System Market – By System Type:

  • Portable ANPR System
  • Fixed ANPR System

The ANPR System Market – By System Component:

  • Hardware
  • Software
  • Services

The ANPR System Market – By Applications:

  • Parking Management
  • Security and Surveillance
  • Toll Management
  • Traffic Management
  • And Others

The ANPR System Market – By End-User:

  • Government
  • Commercial

The ANPR System Market – By Regions:

North America

  • U.S.
  • Canada
  • Mexico

Europe

  • Germany
  • France
  • Italy
  • U.K.
  • Russia
  • Rest of Europe Countries

Asia-Pacific

  • India
  • China
  • Japan
  • South Korea
  • North Korea
  • Rest of Asian Countries

LAMEA

  • Brazil
  • Saudi Arabia
  • Rest of LAMEA

Click full report at https://www.sheeranalyticsandinsights.com/market-report-research/automatic-number-plate-recognition-system-market-21

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