Automatic Number Plate Recognition (ANPR) Market worth USD 5.6 Billion by 2030 growing at 9.5% CAGR.
Automatic Number Plate Recognition Market size to exceed USD 5.6 Billion with a healthy CAGR of 9.5% from 2020 to 2030 (forecast period). Technological advancements in the automobile sector are leading to more automation. The automatic number plate recognition is helpful to detect the vehicle. It is useful for security purposes. These are best in class solutions that gain high recognition among customers. Today, many people are breaking the traffic rules.
It is leading to many accidents on road. Due to these reasons the investment for the automatic number plate recognition. Mainstream adoption of technologies on road is leading to high demand for the market. The data gathered by automatic number plate recognition is utilized for many purposes. There is speed control effective traffic management and preventing road accidents are possible with it. There is plenty of safety when using these devices on the road.
Detecting any suspicious vehicle on road is possible. Illegal activities on the road can be prevented through these. Today, the ANPR market is fragmented into many segments. There are fixed, portable and mobile segments in the market. Further, the traffic management industry is witnessing the highest growth. Automatic Number Plate Recognition Market Forecast shows positive growth.
Covid 19 is impacting many businesses. The automatic number plate recognition market is facing a few challenges. The use of cameras on road is reducing in many regions. The vehicles on road have restrictions. Due to lockdowns and restrictions, the demand for the automatic number plate recognition market is declining. Especially the megacities are experiencing less traffic congestion. Further, supply chain disruption of the market is huge. There are plenty of end-users who have reduced their demand for number plate recognition.
The adoption of automatic number plate recognition is reducing in this period. In the upcoming year, traffic on roads is expected to be massive. Road restrictions will reduce in the upcoming years. Also, the adoption of number plate recognition will rise in the next few years. The governments are raising their investments in these technologies are rising. Especially, regions such as the Asia Pacific are raising their demand for the product. All these will have a positive impact on the automatic number plate recognition market.
The rising deployment of surveillance technologies on roads is a crucial driver of the market. The adoption rate of automatic number plate recognition is rising on the streets. The rising terror, illegal, fraud and criminal activities are the cause of deploying these devices. Today, vehicle settling cases are high.
These stolen vehicles are used for illegal activities. The crimes in toll collection and to check expired insurance policies these surveillance technologies are deployed. Collecting the list of vehicles that are related to crimes are useful applications of the Automatic Number Plate Recognition Market. Further, the demand from the developed nation is a key demand driver of the market. The countries such as US and UK have high investments in the ANPR systems. Security and surveillance traffic enforcement is becoming necessary in this region.
There is much more demand from these countries in the forecast period. Furthermore, the rising technologies in ANPR systems are another market driver. There are plenty of variations in these systems in recent times. The launch of surveillance cameras, sensors and alarms are other factors that increase demand. Automatic Number Plate Recognition Market Revenue is rising due to all these factors.
The rising use of cloud storage will create market growth opportunities. The automatic number plate’s recognition system is effective in cloud platforms. There are more uses of these systems when integrated with the cloud. Cloud is available in every region. Many enterprises use the cloud on daily basis. The ANPR systems can store plenty of data. There is plenty of unstructured data in this system.
However, with the cloud storing the data of ANPR systems is possible. The storage available in the cloud is scalable and reliable. The low cost, the flexible and high storage platform of the cloud offers more scope for the ANPR market. Further, the demand from the emerging economies is another growth prospect for the automatic number plate recognition market. The developing nations are allocating more investment for such technologies.
Surveillance on the roads is becoming a crucial aspect. Also, the rising roads on vehicles and crimes make the ANPR necessary. Further, governmental support is expected to be higher. In the forecast period, governments will encourage the use of these systems. More safety for citizens is achievable through technology. These are the aspects that will cause the expansion of this market. Automatic Number Plate Recognition Industry profits will rise due to these reasons.
The lack of consistency in plate designs is a restraining factor of the automatic number plate recognition market. Number plates are versatile. There are variations in terms of colours, pattern and size of these plates. Across the globe, the design of the number plates differs widely. The factors make it hard for automatic number plate recognition to read the numbers.
Detecting the vehicle can be a problem if the number plate differs. Due to font variations, the systems cannot read the number accurately. Inconsistency in the number plate can be a problem for the market. All these restraints will have a declining effect on growth.
The ANPR is a system that uses a camera and software. Like any other system, this device can also misinterpret the data. The camera of the systems captures the image of passing vehicles. With the camera image knowing about the proper vehicle number and its origin is possible. Sometimes, the system can misinterpret the image.
All these challenges in the market are declining demand. The growth of this market is affected due to these causes. Lack of awareness is another factor affecting the expansion of the automatic number plate recognition market. All these challenges can decrease the overall revenue rate.
The Automatic Number Plate Recognition Market trends are stable in the forecast period. There are plenty of factors that contribute to market growth. The rising deployment of surveillance technologies drives demand. Crime activities on the road are increasing. There is plenty of need to detect illegal vehicles on road.
Stolen vehicles are other factors that increase the need for an ANPR system. The rising demand in the developed region is another demand driving factor. Further, factors such as increasing cloud deployment are increasing market growth opportunities. However, misinterpretations and lack of consistency are some of the drawbacks. All these factors will have a huge impact on the market.
Europe is the leading market with a high Automatic Number Plate Recognition Market Share. The government initiatives to raise security on road are rising. The adoption of the ANPR is increasing due to these reasons. The efficiency in transportation is high in this region. Due to this, the demand for surveillance systems is surging.
These factors act as drivers that increase revenue in the market. Further, growth opportunities are plenty in the European market. It is a region that will market the highest expansion rate in the forecast period. All these factors will have an exceptional impact on the ANPR market.
ANPR System Market, by Type
ANPR System Market, by Component
ANPR System Market, by Application
The competition in the Automatic Number Plate Recognition market is rising. There are plenty of strategies in this market. Acquisitions, mergers, collaborations are factors leading to growth.
The Automatic Number Plate Recognition market is fragmented into Asia Pacific, Europe, and North America. Europe is a leading market with a high number of shares. The awareness about the ANPR is high in this region. Even during the lockdown, the demand for these devices is suitable in this market. The investment from key players is crucial for this market growth.
Further, Asia Pacific is the next largest market with high shares. The need for effective surveillance systems on roads is rising. The rising need for road safety is causing more demand. Also, government initiatives in the market are higher. Furthermore, North America is the early adopter of the ANPR market. There are plenty of key players in this market. Technological advancements create high growth. New product launches in the next few years will create positive growth.
The key players of the Automatic Number Plate Recognition market are
|Market Size||USD 5.6 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Component, Application, End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Siemens AG, Kapsch TrafficCom AG, Vigilant Solutions, Tattile SRL, Leonardo Company, Neology Inc., Genetec Inc., Jenoptik Group, Conduent Inc., Financial Overview, Bosch Group|
|Key Market Opportunities||Substantial increase in the use of cloud-based software in the ANPR system.|
|Key Market Drivers||
The ANPR market earning worth USD 5.6 billion by 2030.
A 9.5% CAGR is anticipated to propel the market in the coming period.
The market in the European region is leading the development of the market at a CAGR of 10.5% in the forecast period.
Application, Type, Component, and End-User are the segments in the market.
Kapsch TrafficCom AG, Vigilant Solutions, Siemens AG, Leonardo Company, Financial Overview, Neology, Inc., Genetec Inc., Tattile SRL, Jenoptik Group, Conduent Inc. and Bosch Group, are the notable opponents in the market.
The lesser pace of development in the market is expected to open up new avenues for growth.
The credibility of the surveillance provided is expected to motivate the market in the coming period.