Infinium Global Research’s recent report on the ANPR System Market (By Type (Fixed ANPR Systems, Mobile ANPR Systems, and Portable ANPR Systems) by Component (Hardware, Software, and Service) by Application (Traffic Management, Law Enforcement, Electronic Toll Collection, Parking Management, and Access Control)): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026 provides a comprehensive outline of the factors responsible for the growth of the market. ANPR system market is anticipated to witness high growth with a CAGR of 10.13% over the forecast period
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An increasing number of road accidents owing to the breaking of traffic rules has compelled law enforcement agencies to implement safety measures and set up strict management systems. Traffic departments across numerous countries are installing automatic number plate recognition (ANPR) systems for safeguarding traffic safety and mobility. Furthermore, ANPR systems allow free-flowing traffic that results in low financial loss and faster mobility. Information collected from the ANPR cameras can be utilized for numerous applications, such as speed control, journey time management, tolling, and congestion charging.
The recent COVID-19 epidemic is anticipated to impact the global ANPR system market. Owing to the COVID-19 outbreak, the manufacturing units of major players are highly hindered due to worldwide lockdown and limited availability of labour and raw material. This has resulted in postponement in ongoing transport projects to a greater extent. Some experts argue that the governments may rethink their newly announced transport project plans to control traffic congestion. Nevertheless, they may come up with a revised plan in the next 6 to 8 months. It is likely that by 2021, the business and projects will see a smooth operation once there is an ease in limitations. Infinium Global Research’s recent report on the
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Deployment of ANPR Systems in Security and Surveillance, and Traffic Enforcement Applications Boosts the Market Growth
An upsurge in the number of vehicle thefts has led to increasing demand for these systems among law enforcement agencies. Furthermore, the growing concerns regarding the usage of these vehicles for crimes such as kidnapping and robbery are pouring the ANPR system market. Improvements in the processing technologies and advances in digital cameras and recognition devices are positively contributing to the ANPR system market growth. Primarily deployed by law enforcement agencies, automatic number plate recognition systems continue to play a fundamental role in vehicle inventory management. On the other hand, inaccuracy led by automatic number plate recognition systems, resulting in false readings is likely to hamper the market growth. However, an increase in the use of cloud-based storage services can be considered as one of the major opportunities for the ANPR system market.
North America is Expected to Account for the Largest Market Size During the Forecast Period
In terms of geography, North America generated the highest revenue from the ANPR system. The rapid digitalization of traffic monitoring devices on highways, bridges, and tunnels in the region is majorly driving the ANPR system market in North America. However, the ANPR system market in the Asia Pacific is expected to grow with the highest CAGR over the forecast period. Further, the rapid development of smart cities is leading to an augmented demand for this equipment. The rising emphasis on highway patrolling in these economies is anticipated to drive the demand for handheld automatic number plate recognition systems.
Companies Operating in ANPR System Market are Adopting Numerous Business Strategies to Expand their Market Presence
The global ANPR system market is fragmented and is highly competitive owing to the presence of a number of vendors. Furthermore, to remain competitive in the market, vendors not only have to develop innovative technologies but also have to be updated with the developing technologies that can affect their product lines. 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. are some of the major market participants.
The competition in the ANPR system market is anticipated to intensify further with an upsurge in product extensions, technological innovations, and M&A. Infinium Global Research’s recent report on the global ANPR system market is an encompassment of such recent developments in the global marketplace. The report delivers insights into the recent developments by leading players that have contributed to the growth of the ANPR system market and also estimates the impact of recent developments on the global market.
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