At 9.5% CAGR, Global ANPR System Market Size & Share to Surpass USD 5.2 Billion by 2028 | ANPR System Industry Trends, Demand, Price, Analysis & Forecast Report by Zion Market Research
NEW YORK, Aug. 18, 2022 /PRNewswire/ -- As per Zion Market Research study, The global ANPR system market was at a market value of $2.8B in 2021 and is projected to grow over $5.2B by 2028 at a CAGR of 9.5% during the forecast period.
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Zion Market Research published the latest report titled as "ANPR System Market By Type (Fixed, Mobile, and Portable), By Application (Traffic Management, Law Enforcement, Electronic Toll Collection, and Parking Management), By Component (ANPR Camera, ANPR Software, Triggers, and Frame Grabbers, ), By End-User (Government, Commercial, and Institutions), and By Region: Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028." into their research database.
ANPR System Market: Overview
ANPR is the acronym for automatic number plate recognition. ANPR is an advanced technology that reads the vehicle registration number. ANPR system converts the text written on number plates into machine language and assists in generating data for vehicle location. The ANPR system utilizes optical technology for its functioning & is extremely accurate in capturing images of vehicles moving at high speed. Owing to growth in technology, certain technologically advanced ANPR systems function in no-lights situations as well.
ANPR systems are widely used by law enforcement agencies to track vehicles associated with criminal activities along with their use in traffic management. The global ANPR system market has seen a significant rise in the past few years because of the economic and technological development of various nations.
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ANPR System Market: Growth Drivers
Authorities responsible for maintaining law & order in the country have started using ANPR systems extensively for surveillance purposes and are anticipated to propel the global market growth during the forecast period. Emerging economies like India & China along with other countries are investing heavily in infrastructural development. Exhaustive investments for upgrading infrastructure are anticipated to become a key global market growth driver during the forecast period.
With an increasing number of vehicles on the road, ANPR systems have become a necessity to regulate traffic & provide for smarter parking solutions given the sheer number of vehicles. This is projected to lead the global ANPR system market during the forecast period.
The global market is expected to be driven by the rising demand for integrating video analytics in monitoring vehicles which provides an error-free vehicle management process.
ANPR System Market: Restraints
Number plates are often inconsistent in the format of the text, color, texture of the imprinted data, font size, etc. If the ANPR software system is not updated, it may lead to either no detection of the number plate or incorrect detection which poses a genuine problem in the global market. This is projected to hamper the global market growth during the forecast period.
Excessive increase in government investment in the ANPR system has caused a disruption in the overall spending budget of the country and is projected to oppose the global market growth during the forecast period.
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ANPR System Market: Opportunities
The AI-induced ANPR system is expected to be more efficient in tracking the number plates in real-time while also storing the captured information in the database.
The faster processing time of AI unified ANPR systems along with the elimination of problems arising because of inconsistent number plates is projected to provide growth opportunities in the global ANPR system market.
The rising increase of cloud technology to save data captured by ANPR systems is projected to create multiple growth opportunities in the global market during the forecast period.
Various tie-ups between market leaders for the installation and management of advanced ANPR systems are projected to generate growth opportunities in the global market.
ANPR System Market: Challenges
ANPR systems are viewed as a way of mass surveillance by the government which involves tracking movements of the general public. This is expected to generate challenging situations in the global market during the forecast period.
With new regulations related to GDPR in Europe, the difficulty in storing captured images is expected to challenge the global market growth during the forecast period.
There have been a few cases of incorrect identification because of the use of ANPR systems. Since it is technology, there is always a slight chance of error in accurately identifying the vehicles which are expected to pose a challenge in the global market.
Global ANPR System Market: Segmentation
Based on type, the global market is segmented into fixed, mobile, and portable. The fixed type is expected to lead the global market with the highest market share during the forecast period owing to increased use in traffic management.
Based on application, the global market is segmented into traffic management, law enforcement, electronic toll collection, and parking management. Electronic toll management is anticipated to lead the global market during the forecast period because of the reduced time taken to collect the toll with the help of the ANPR system.
Based on end-user, the global market is segmented into government, commercial, and institutions. The government segment is expected to grow at a higher CAGR during the forecast period because of high government expenditure on the installation of the ANPR system.
Based on component, the global market is segmented into ANPR cameras, ANPR software, triggers, and frame grabbers. The global market is projected to be dominated by the ANPR camera segment during the forecast period because of large-scale use for security purposes.
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List of Key Players of ANPR System Market:
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Europe is expected to lead the global ANPR system market. The government spends hefty amounts on traffic and security management in European territories and the use of the ANPR system has seen a growing trend over the years which assists in propelling the global market forward.
North America has witnessed growth in the use of ANPR systems for security control and smart parking solutions. North America is expected to grow with significant CAGR during the forecast period owing to infrastructural development along with the addition of multiple service providers offering innovative technology in ANPR systems.
Asia-Pacific & the Middle East are anticipated to register a higher CAGR during the forecast period because of heavy investments in infrastructure development in these regions. Countries like India, China, South Korea, and UAE, are expected to contribute heavily to the global market.
Latin America and Africa are projected to register a slightly higher market share in accordance with rising security concerns in the country and the governments' initiatives to curb them.
Global ANPR System Market is segmented as follows:
ANPR System Market: By Type Outlook (2022-2028)
ANPR System Market: By Application Outlook (2022-2028)
ANPR System Market: By End-User Outlook (2022-2028)
ANPR System Market: By Region Outlook (2022-2028)
Middle East & Africa
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