The global Automatic Number Plate Recognition System Market is anticipated to grow at a significant rate owing to raid advancements and technological developments in the sector. The report offers strategic recommendations to the businesses and investors to capitalize on the lucrative growth opportunities of Automatic Number Plate Recognition System Market. It also covers mergers and acquisitions, joint ventures, product launches, brand promotions, collaborations, agreements, and partnerships, among others. It also offers insights into the manufacturing processes, revenue estimations, R&D advancements, and industrial penetration of Automatic Number Plate Recognition System Market.
The global Automatic Number Plate Recognition (ANPR) system market size is expected to reach USD 3.20 Billion in 2022 and register a steady revenue CAGR of 9.3 % over the forecast period, according to the latest analysis by Emergen Research. Increasing investments by federal organization for technological advancements is a major factor driving market revenue growth. ANPR has emerged as a valuable asset for enhancing efficiency and security across diverse domains. These systems play a pivotal role in traffic management by monitoring average speeds, identifying traffic infractions, and facilitating toll collection or congestion charges enforcement. ANPR technology can streamline parking operations, enabling ticketless entry and exit, managing parking space occupancy, and detecting parking violations. The introduction of FASTags during the years 2020-21 and 2021-22 has notably reduced average vehicle waiting times to just 47 seconds.
In addition, ANPR finds application at border checkpoints and high-security zones, facilitating the monitoring of vehicle movements and identification of suspicious or unauthorized vehicles. Thus, numerous government organizations worldwide are increasingly investing in the integration of ANPR technology, particularly in areas such as toll plazas. For instance, on 13 September 2021, the government of India is undertaking pilot initiatives to substitute traditional toll plazas with an ANPR system. Moreover, the government is exploring alternative solutions, including a satellite-based toll system equipped with Global Positioning System (GPS) in vehicles for direct toll deduction from passengers' bank accounts, as well as toll payment through number plates.
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Some Key Highlights from the Report
- In March 2020, Genetec announced introduction of AutoVu SharpZ3, which is a mobile automotive number plate recognition system that offers innovative insight in situational awareness and vehicle analytics.
- ANPR cameras find extensive use in pay and display parking, maximum stay car parks, or electronic permit schemes. ANPR can automatically read number plates of vehicles and maintain a record of entry and exit time of vehicles and helps in issuing a parking charge notice to vehicles for breach of terms & conditions.
- Fixed ANPR systems offer a range of cameras to meet the requirement of various applications. A fixed ANPR system provides several benefits such as continuous high-traffic area surveillance, monitoring high criminal activity areas at a safe distance, and identification and immediate enforcement of recurrent toll violators.
Key players in the market include Siemens AG, ARH Inc., Neology Inc., Kapsch TrafficCom, Genetec Inc., TagMaster, Conduent Inc., Bosch Ltd., Q-Free ASA, and Vigilant Solutions Inc.
The research study sheds light on the key growth opportunities and market trends along with other vital market dynamics, including the drivers and restraints on the industry growth. With this report, the prospective buyers can be sure to become capable of adapting to the changes in the Automatic Number Plate Recognition industry.
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The study has been conducted on the basis of inputs from the industry leaders. Thus, a conscious effort to dive deep and unearth hard to find information pertaining to the growing market landscape and growth prospects over the next few years is clearly visible in the study. The market intelligence report further comprises of discussions about the major vendors operating in the Automatic Number Plate Recognition.
Segmentation:
Emergen Research has segmented the global ANPR system market on the basis of component, type, application, and region:
Component Outlook (Revenue, USD Billion; 2018–2028)
- Hardware
- Software
Type Outlook (Revenue, USD Billion; 2018–2028)
- Fixed ANPR System
- Mobile ANPR System
- Portable ANPR System
Application Outlook (Revenue, USD Billion; 2018–2028)
- Traffic Management
- Electronic Toll Collection
- Law Enforcement
- Access Control
- Parking Management
Regional Analysis:
The report sheds light on the region expected to dominate the Automatic Number Plate Recognition market in the coming years. The report estimates the market size in terms of volume and value and offers an accurate estimate of the market share each region is anticipated to hold during the forecast period. The report analyzes the spread of the Automatic Number Plate Recognition market in key geographies covering North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The regional analysis offers an idea about the production and consumption pattern, import/export, supply and demand ratio, revenue contribution, market share and size, and the presence of prominent players in each region.
The report addresses the following key points:
- The report provides a forecast of market drivers, restraints, and future opportunities for the Automatic Number Plate Recognition market
- The report further analyses the changing market dynamics
- Regional analysis and segmentation of the Automatic Number Plate Recognition market with analysis of the regions and segments expected to dominate the market growth
- Extensive competitive landscape mapping with profiles of the key competitors
- In-depth analysis of business strategies and collaborations such as mergers and acquisitions adopted by the key companies
- Revenue forecast, country scope, application insights, and product insights
The study elaborates on the crucial information pertaining to the regional Automatic Number Plate Recognition share. It simultaneously focuses on the significant details about the growth patterns of each regional market.
Moreover, the report encases an exhaustive geographical study of the market, emphasizing the business growth prospects and market barriers for each of the key market regions.
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