Global Automatic Number Plate Recognition Market Overview
The key driver impacting the automatic number plate recognition market is the increasing allocation of funds by various governments for Intelligent Transportation System. For instance, Fixing America's Surface Transportation Act or FAST Act is an ITS program that offers for the research, development, and operational testing of Intelligent Transportation Systems (ITS) Around $100 M fund authorized in the fiscal year 2020. Similarly, in 2018, the Canadian Government has declared a US$5.4m funding in the modernization of Yukon's ITS technologies. This is done to allow smarter connections on the region's primary freight corridors. Moreover, the growing use of video analytics technology for intelligent monitoring of vehicles contributes to automatic number plate recognition market demand in the later years.
According to Value Market Research, the global Automatic Number Plate Recognition market size was valued at about USD 2.5 billion in 2020 and is expected to grow at a CAGR of around 11% during the forecast period 2021 to 2027.
The deployment of ANPR systems in security and surveillance will likely augment the need for automatic number plate recognition in the forecast period. In addition, the worldwide development of smart cities is positively impacting the market growth. However, inconsistency in number plate designs hampers the market in the long run. In addition, the incorrect camera, lens, or location of cameras is negatively impacting the market growth. Nevertheless, the industry trends, Integration of innovative parking technology, and tolling application rise in cloud-based storage services might provide massive market opportunities to the market's key players.
The automatic number plate recognition market is widespread, with many local and international players. The market leaders follow diverse strategies to strengthen their market, such as extending product portfolio, acquisitions, contracts, amalgamation, product upgrades to raise their market share globally. The key players taken in the report are Siemens AG, Tattile SRL, Vigilant Solutions, Leonardo Company, Jenoptik Group, Kapsch TrafficCom AG, Financial Overview, Genetec Inc., Neology Inc., Bosch Group, Genetec Inc, and Conduent Inc.
In this research report, the Automatic Number Plate Recognition market is segmented by type, component, application, and region.
Analysis by Type:
By type, the report is segmented into Fixed ANPR Systems, Mobile ANPR Systems, and Portable ANPR Systems. The fixed ANPR systems segment dominates the type segment with the highest share in 2020. It is due to the increasing demand for fixed ANPR systems for various applications, such as traffic management and toll collection. Moreover, Fixed ANPR systems are considered a cost-effective solution for monitoring parked or moving vehicles contributing to the fixed ANPR systems segment's growth in the forecast period.
Analysis by Component:
By component, the report is segmented into ANPR camera, ANPR software, frame grabber, trigger, and others. The ANPR camera segment dominates the vertical segment with the highest share of 20% in 2020. It is due to the Cameras are a key component of ANPR systems used to capture images of fast-moving vehicles. Moreover, Advances in camera technology have boosted the credibility of ANPR cameras, contributes to its growth in the forecast period.
Analysis by Application:
By application, the report is categorized into traffic management, law enforcement, electronic toll collection, parking management, and access control. The traffic management segment is dominating segment with a market share of 76% market in 2020. It is due to the increasing adoption of vehicles and stringent government regulations for implementing electronic toll collection systems that contribute to the traffic management segment's growth in the forecast period.
Analysis by Region:
In the regional outlook of the global Automatic number plate recognition market, the Europe region dominated with the largest market share of 40% in 2020. It is due to the ANPR systems are widely used for law enforcement applications. Moreover, increasing government initiatives about the adoption of ITS and the growing population in this region contribute to the tremendous efficient transportation system demand across Europe.
Market Segmentation covered in the Report:
By Type
- Fixed ANPR Systems
- Mobile ANPR Systems
- Portable ANPR Systems
By Component
- ANPR Camera
- ANPR Software
- Frame Grabber
- Trigger
- Others
By Application
- Traffic Management
- Law Enforcement
- Electronic Toll Collection
- Parking Management
- Access Control
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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