ANPR System Market worth $4.8 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 11, 2022 /PRNewswire/ -- According to the new research report, the "ANPR System Market by Type (Fixed, Mobile, Portable), Component (ANPR Cameras, ANPR Software, Frame Grabbers, Triggers), Application, End-User (Government, Commercial, Institutions) & Region (North America, APAC, Europe, RoW) - Global Forecast to 2027", published by MarketsandMarkets™, the global ANPR system market is projected to reach USD 4.8 billion by 2027 from USD 3.1 billion in 2022; it is expected to register a CAGR of 9.2% from 2022 to 2027. The major factors driving the growth of the ANPR system market include the increasing deployment of ANPR systems in security and surveillance and traffic management applications, infrastructure growth in emerging economies, increasing allocation of funds by various governments on ITS, and the growing use of video analytics technology for intelligent monitoring of vehicles. Additionally, the rapid surge in demand for smart parking solutions is a major driver for the growth of the ANPR system market. The integration of advanced technologies such as IoT, Deep Learning, and AI with the ANPR system is promoting the growth of ANPR systems across applications such as access control and road usage charging. Growing number of infrastructure development projects across the world such as the Smart Cities mission and roadways modernization projects are promoting the growth of the ANPR system market. Moreover, surging use of video analytics technology for intelligent monitoring of vehicles is enhancing the growth of the ANPR system market.
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Fixed ANPR Systems to Account for the Largest Share of the ANPR System Market During Forecast Period.
Fixed ANPR systems held the largest share of the ANPR system market in 2021. The increasing usage of fixed ANPR systems for traffic management solutions is a major driver for the sub-segment. With the increasing number of government initiatives across the world to modernize roadways infrastructure, there is a rising demand for improving the monitoring of vehicles and for automated solutions for tolling, which are promoting the growth of the fixed ANPR system market. Fixed ANPR systems are effectively deployed in areas where heavy congestion and traffic are owing to their capability of capturing images in high-speed and high-density traffic environments. Increasing demand for automated parking management solutions is also driving the demand for fixed ANPR systems in airports, car parks, shopping centers, etc. The use of fixed ANPR systems helps reduce the wastage of fuel and time and enhances productivity by reducing excess manpower at toll booths and parking facilities.
ANPR Software to Register Highest CAGR in the ANPR System Market During Forecast Period.
ANPR software is an integral part of the system. The integrated image processing software automatically scans the stream of incoming images for any vehicle and its number plate. ANPR software enables the conversion of captured images into a digital format for electronic storage and future reference. Technological advancements have enabled increased rates o detection and have enhanced accuracy by many folds. Increasing demand for automated solutions such as red-light enforcement, speed detection & enforcement, barrier control, vehicle color, model & build recognition, and several such solutions are promoting the growth of advanced ANPR software.
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Electronic Toll Collection Application to Register Highest CAGR in ANPR System Market During Forecast Period
The market for the electronic toll collection application is expected to register the highest growth during the forecast period. With an increase in road connectivity, there is an increase in the number of toll booths across the world. To avoid overcrowding and to improve monitoring & detection of vehicles at toll booths, there is an increasing demand for automated solutions, which, in turn, is promoting the usage of ANPR systems for tolling. ANPR systems enable the prevention of scams & frauds and improve the accuracy of road charging systems. Also, the use of ANPR systems helps in reducing the wastage of fuel and the time and excess manpower involved in road charging activities.
ANPR System Market in APAC to Witness Highest CAGR During Forecast Period.
The market in APAC is expected to register the highest growth during the forecast period. The growing population and urbanization in the region have resulted in an increasing number of vehicles. The governments in the region are actively adopting and implementing infrastructure development projects, several of which are aimed at roadways modernization. In addition, there is a rapid growth in the number of shopping centers, recreational & sports facilities, malls & multiplexes, and car parks, etc. in the region. Furthermore, there is an increasing demand for solutions for effective border control and vehicle theft prevention. Owing to these factors, APAC has become one of the fastest-growing markets for ANPR systems.
Kapsch TrafficCom (Austria), Siemens (Germany), Conduent, Inc. (US), HikVision (China), Q-Free ASA (Norway), Genetec, Inc. (Canada), Adaptive Recognition (Hungary), Jenoptik Group (Germany), Axis Communications (Sweden), and Nedap (Netherlands) are a few major players in global ANPR System Market.
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