Automatic Number Plate Recognition System Market is expected to expand at an impressive CAGR of almost 10% over the 2020-2030: PMR
NEW YORK, Oct. 16, 2020 /PRNewswire/ -- Automatic number plate recognition (ANPR) systems can detect, recognize, and analyze vehicles. The video analytics software built into recognition technology also monitors in real-time, without distraction, and adds significant advantages in live-monitored and incident analysis operations. Video analytics allows improving operational performance and increased monitoring. Also, video analytics motion detection can be used to record onsite and general vehicle movement, improve security for operators and users, provide road rule enforcement, and facilitate automated control of vehicle barriers, gates, and bollards. Increasing number of vehicle thefts is also boosting the growth of the automatic number plate recognition (ANPR) system market.
As per a PMR report, the global ANPR system market generated a revenue of US 2.2 Bn in 2019, and is expected to expand at an impressive CAGR of almost 10% over the forecast period (2020-2030).
Key Takeaways from ANPR System Market Study
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"With increasing adoption of ANPR cameras for smart cities for parking management and traffic surveillances, demand for ANPR systems is increasing rapidly. These systems are used for vehicle identification, faster traffic management, smart parking, and prevention of car thefts, all of which would drive market growth over the coming years," says a PMR analyst.
Technological Advancements in Traffic Surveillance to Boost Market Growth
Adoption of ANPR systems is increasing for traffi surveillance, as these systems are used for measuring speed, and are capable of detecting traffic violations as well. ANPR cameras are primarily used for identifying stationary vehicles and capture license plate information of moving vehicles up to a speed up to 200 km/hr. ANPR cameras can also detect traffic offenses such as wrong-side directions, solid lane crossing, red light crossing, not using safety belts, exceeding speed limits, and much more.
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More Valuable Insights on Automatic Number Plate Recognition System Market
A new market research report published by Persistence Market Research (PMR) on the global automatic number plate recognition system market includes global industry analysis of 2015–2019 and opportunity assessment for 2019–2030. The report provides valuable insights on the basis of component (hardware (ANPR cameras, frame grabber cards, and triggering devices), ANPR software, and services [system integration, installation & implementation, and support & maintenance]), type (fixed ANPR and mobile ANPR), application (traffic surveillance, parking management, toll management, highway security, and others), and end user (governments [law enforcement, border control, toll booths, traffic department, and others], commercial (retail complexes, entertainment & recreational facilities, manufacturing plants, sports complexes, and others], and institutions [education campuses and business parks]), across six major regions.
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Expert analysis, actionable insights, and strategic recommendations – the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
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