A recent report published by
Infinium Global Research on ANPR system market provides in-depth analysis of
segments and sub-segments in the global as well as regional ANPR system market.
The study also highlights the impact of drivers, restraints, and macro
indicators on the global and regional ANPR system market over the short term as
well as long term. The report is a comprehensive presentation of trends,
forecasts, and dollar values of the global ANPR system market. According to the
report, the global ANPR system market is projected to grow at a CAGR of 10.13%
over the forecast period of 2020-2026.
The global ANPR system market was
valued around USD 2,074 million in 2019 and is projected to reach near USD
4,035million by 2026, growing at a CAGR of 10.13% from 2020 to 2026. Automatic
Number Plate Recognition (ANPR), also named automatic license plate
recognition, is a technique to read alphanumeric characters on the license
plates of vehicles by using the optical character recognition method. ANPR is
considered one of the most effective methods for tackling traffic problems.
Furthermore, the overall system is characterized into two phases; the first one
is to capture images of a license plate and the second stage includes image
processing to recognize characters on the license plate with the aid of
software. In addition, an automatic number plate recognition system is quickly
becoming a vital part of maintaining security and order in traffic management.
Apart from this, ANPR is also applied for numerous applications such as car
park management, journey time analysis, weighbridges as well as automatic
tolling system.
Accelerating infrastructure growth
in the emerging economies is pouring the demand for automatic number plate
recognition system market during the forecast period. Increasing penetration of
automatic number plate recognition systems in traffic management, law
enforcement, parking management, electronic toll collection, and access control
is helping to grow the market. Furthermore, technological advancement is
helping to enhance the ANPR software by making it compatible with mobile
systems, adding portability, and providing the cloud storage database which is
propelling the market growth of the ANPR system during the projected timeframe.
However, the lacking consistency in the designs of the number plates and wrong
interpretation of unclear characters on the number plate can hamper the ANPR
system market growth. On the other hand, an increase in the usage of
cloud-based storage services provides lucrative opportunities to the market. As
a result of the COVID-19 outbreak, millions of people stay at home as part of
lockdown measures to mitigate the spread of the novel virus. As more people
stay at home, traffic congestion in megacities has reduced compared to 2019.
Further, restrictions on travel owing to the COVID-19 epidemic are boosting ANPR
system market growth, as this system permits law enforcement professionals to
keep an eye on the roads. The adoption of these systems will also upsurge the
implementation of social distancing norms at toll collection booths, borders,
and other places. In addition, in the COVID-19 situation, the need for traffic
monitoring to ensure road safety has risen owing to an increase in illegal
activities. As such, demand for ANPR systems has increased across regions.
Among the geographies, the North
America region is expected to hold the largest share in the global ANPR system
market. The industry is expected to offer huge opportunities for ANPR system
market growth on account of the presence of numerous key players. Also, the
North American region has a strong base of technology which boosts the market
growth. Furthermore, the Asia Pacific region is anticipated to witness high
growth in the ANPR system market during the forecast period. ANPR systems are progressively
being deployed for traffic control, enforcement of traffic, and parking
regulations in countries such as China, Indonesia, Vietnam, and South Korea
which is further augmenting the demand for the ANPR system in this region.
The report on the global ANPR system
market covers segments such as type, component, and application. On the basis
of type, the sub-markets include fixed ANPR systems, mobile ANPR systems, and
portable ANPR systems. On the basis of component, the sub-markets include
hardware, software, and service. On the basis of application, the sub-markets
include traffic management, law enforcement, electronic toll collection,
parking management, and access control.
The report provides profiles of
the companies in the market such as Siemens, ARH, Inc., Robert Bosch GmbH, Axis
Communications AB, Kapsch Group, Genetec Inc., NDI Recognition Systems Ltd.,
Vaxtor Technologies, Tattile Srl, and Selex ES Inc.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of ANPR system market. Moreover, the study highlights current market
trends and provides forecast from 2020-2026. We also have highlighted future
trends in the market that will affect the demand during the forecast period.
Moreover, the competitive analysis given in each regional market brings an
insight into the market share of the leading players.