Pune, India., Nov. 27, 2023 (GLOBE NEWSWIRE) -- The global automatic Number Plate Recognition system market size was valued at USD 2.51 billion in 2022. The industry is expected to expand from USD 2.79 billion in 2023 to USD 4.64 billion by 2030, exhibiting a CAGR of 7.6% over the study period.
An optical character recognition engine is deployed in the Automatic Number Plate Recognition (ANPR) system technology for reading the vehicle license plates or registration plates from captured images or videos to develop vehicle location data, which is stored in its database. The market expansion can be credited to the rapid deployment of data analytics and IoT in urban cities. Moreover, the requirement for physical representation can be eliminated by incorporating sensor-based technologies and IoT.
Market Drivers & Restraints-
Incorporation of ANPR technology in Smart Parking to Escalate Market Growth
One of the major factors propelling the Automatic Number Plate Recognition (ANPR) system market growth is the uptake of ANPR technology in smart parking. Since they offer real-time data monitoring of parking spaces and vehicles, ANPR cameras prove highly advantageous in parking management systems. However, increased risks related to security and data breaches may impede market growth.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 7.6% |
| 2030 Value Projection | USD 4.64 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 2.79 Billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 200 |
Competitive Landscape-
Leading Players Focus on Product Innovations to Gain a Competitive Edge
Some of the largest product manufacturers include Axis Communications, Siemens, Hikvision, and Motorola Solutions. Several companies in the Automatic Number Plate Recognition (ANPR) system industry are focusing on different competitive strategies such as mergers and acquisitions, joint ventures, and others. Product innovation strategies are also being adopted by top companies to outshine the competition.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/automatic-number-plate-recognition-anpr-system-market-108615
Segments-
Steep Labor Costs Related to Hardware Systems to Proliferate Segment Growth
By component, the market is bifurcated into software and hardware. The hardware segment accounted for the largest market share in 2022. The high labor costs related to hardware systems are driving the segment growth.
Rising Deployment of ANPR Cameras at Tolls to Impel Fixed Segment Growth
On the basis of type, the market is divided into fixed and mobile. The fixed segment accounted for the largest Automatic Number Plate Recognition (ANPR) system market share in 2022. The surging deployment of ANPR cameras at different tolls, highways, signals, and other locations is boosting the fixed segment growth.
Surging Government Focus on Introducing Traffic Management Systems to Fuel Segment Growth
With respect to application, the market is classified into traffic management, toll collection, law enforcement, and others. The traffic management segment registered the major share in 2022. The growing focus of governments of different countries globally on introducing traffic management systems across metropolitans drives segment growth. From the regional perspective, the market is classified into North America, Europe, Asia Pacific, and the rest of the world.
| Segmentation | By Component
|
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Regional Insights-
Asia Pacific Registered Largest Share Owing to Launch of ANPR
Asia Pacific market for Automatic Number Plate Recognition (ANPR) system captured the largest share in 2022. ANPR is being actively introduced by major Asian economies for the reduction of road congestion and addressing traffic violations. This factor is bolstering regional growth.
Europe market is anticipated to expand at the second-highest growth rate during the forecast period owing to the surging emphasis of European countries on deploying smart city solutions in their urban areas.
Report Coverage:
The global Automatic Number Plate Recognition (ANPR) system market research report encompasses the latest trends and key industry developments. It further highlights the significant driving and restraining factors impacting market growth. Other aspects of the report include the strategic initiatives implemented by top companies.
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A list of prominent Automatic Number Plate Recognition System manufacturers operating in the global market:
- Hikvision (China)
- Axis Communications AB (Sweden)
- Zhejiang Dahua Technology Co., Ltd. (China)
- Hanwha Group (China)
- Siemens AG (Germany)
- Motorola Solutions, Inc. (U.S.)
- Efkon (India)
- Omniq Corp (U.S.)
- IntelliVision (U.S.)
- Smart Parking Inc. (U.K.)
COVID-19 Impact:
Slow Uptake of ANPR Technology Due to Suspension of International Trade Operations Hampered Market Growth
The COVID-19 pandemic witnessed the temporary closure of all minor and major sectors, excluding the healthcare industry, to reduce the spread of the virus and retain its impact. This led to a halt in manufacturing industries and the suspension of work-related operations by several countries across the globe.
Notable Industry Development:
• May 2023: Hanwha Vision launched an AI-enabled high-speed ANPR camera for license plate detection applications. The camera possesses the ability to identify number plates and vehicles even having a moving speed of 200 km/hr across two traffic lanes.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments - Mergers, Acquisitions & Partnerships
- Latest Technological Advancements
- Porters Five Forces Analysis
- Impact of COVID-19 Pandemic on Global Automatic Number Plate Recognition (ANPR) System Market
- Global Automatic Number Plate Recognition (ANPR) System Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definition
- 5.1. Market Analysis, Insights and Forecast - By Component
-
- Hardware
- Software
- Market Analysis, Insights and Forecast - By Type
- Mobile
- Fixed
- Market Analysis, Insights and Forecast - By Application
- Law Enforcement
- Traffic Management
- Toll Collection
- Others
- Market Analysis, Insights and Forecast - By Region
- North America
- Europe
- Asia-Pacific
- Rest of the World
-
- North America Automatic Number Plate Recognition (ANPR) System Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast - By Component
- Hardware
- Software
- Market Analysis, Insights and Forecast - By Type
- Mobile
- Fixed
- Market Analysis, Insights and Forecast - By Application
- Law Enforcement
- Traffic Management
- Toll Collection
- Others
- Market Analysis, Insights and Forecast - By Country
- U.S.
- Market Analysis, Insights and Forecast - By Component
- Canada
- Market Analysis, Insights and Forecast - By Component
- Mexico
- Market Analysis, Insights and Forecast - By Component
- U.S.
- Market Analysis, Insights and Forecast - By Component
- Europe Automatic Number Plate Recognition (ANPR) System Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast - By Component
- Hardware
- Software
- Market Analysis, Insights and Forecast - By Type
- Mobile
- Fixed
- Market Analysis, Insights and Forecast - By Application
- Law Enforcement
- Traffic Management
- Toll Collection
- Others
- Market Analysis, Insights and Forecast - By Country
- Germany
- Market Analysis, Insights and Forecast - By Component
- U.K.
- Market Analysis, Insights and Forecast - By Component
- France
- Market Analysis, Insights and Forecast - By Component
- Rest of Europe
- Market Analysis, Insights and Forecast - By Component
- Germany
- Market Analysis, Insights and Forecast - By Component
- Asia-Pacific Automatic Number Plate Recognition (ANPR) System Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast - By Component
- Hardware
- Software
- Market Analysis, Insights and Forecast - By Type
- Mobile
- Fixed
- Market Analysis, Insights and Forecast - By Application
- Law Enforcement
- Traffic Management
- Toll Collection
- Others
- Market Analysis, Insights and Forecast - By Country
- China
- Market Analysis, Insights and Forecast - By Component
- Japan
- Market Analysis, Insights and Forecast - By Component
- India
- Market Analysis, Insights and Forecast - By Component
- South Korea
- Market Analysis, Insights and Forecast - By Component
- Rest of Asia Pacific
- Market Analysis, Insights and Forecast - By Component
- China
- Market Analysis, Insights and Forecast - By Component
- Rest of the World Automatic Number Plate Recognition (ANPR) System Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast - By Component
- Hardware
- Software
- Market Analysis, Insights and Forecast - By Type
- Mobile
- Fixed
- Market Analysis, Insights and Forecast - By Application
- Law Enforcement
- Traffic Management
- Toll Collection
- Others
- Market Analysis, Insights and Forecast - By Component
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