$4.8 billion ANPR systems market by 2027

CHICAGO , April 11, 2022 /PRNewswire/ — According to the new research report, the “ANPR Systems Market by Type (Fixed, Mobile, Wearable), Component (ANPR Cameras, ANPR Software, Frame Grabbers, Triggers), Application, End-User (Government, Commercial, Institutional), and Region (North AmericaAPAC, EuropeRoW) – Global Forecast to 2027″, published by MarketsandMarkets™, aims to reach the global market for ANPR systems $4.8 billion until 2027 $3.1 billion in 2022; it is expected to register a CAGR of 9.2% from 2022 to 2027. The main factors driving the growth of the ANPR systems market include the increasing deployment of ANPR systems in security and surveillance and traffic management applications, infrastructure growth in emerging markets and increasing allocation of funds from different governments to ITS and increasing deployment of video analysis technology for intelligent monitoring of vehicles. Furthermore, the rapid increase in demand for smart parking solutions is a major driver behind the growth of the ANPR systems market. The integration of advanced technologies such as IoT, deep learning and AI into the ANPR system encourages the growth of ANPR systems across applications such as access control and road pricing. A growing number of infrastructure development projects around the world, such as the Smart Cities mission and road upgrading projects are fueling the growth of the ANPR systems market. In addition, the increasing use of video analytics technology for intelligent monitoring of vehicles is fueling the growth of the ANPR systems market.

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Fixed ANPR systems accounting for the largest share of the ANPR systems market during the forecast period.

Fixed ANPR systems held the largest share of the ANPR systems market in 2021. The increasing use of fixed ANPR systems for traffic management solutions is a key driver for the sub-segment. With the increasing number of government initiatives around the world to modernize road infrastructure, there is an increasing demand for improved monitoring of vehicles and automated solutions for toll collection, fueling the growth of the fixed ANPR systems market. Fixed ANPR systems are used effectively in areas with heavy congestion and heavy traffic due to their ability to capture images in high-speed, high-traffic environments. The increasing demand for automated parking management solutions is also driving the demand for fixed ANPR systems in airports, parking garages, shopping malls, etc. The use of fixed ANPR systems helps reduce waste of fuel and time and increases productivity by reducing excess manpower at toll booths and parking facilities.

ANPR software registers the highest CAGR in the ANPR system market during the forecast period

The ANPR software is an integral part of the system. The integrated image processing software automatically searches the stream of incoming images for any vehicle and its license plate number. ANPR software allows captured images to be converted into a digital format for electronic storage and future reference. Technological advances have enabled increased detection rates and improved accuracy by orders of magnitude. The increasing demand for automated solutions such as red light enforcement, speed detection and monitoring, barrier control, vehicle color, model and body recognition, and several such solutions are fueling the growth of advanced ANPR software.

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Electronic Toll Collection Application to Register the Highest CAGR in the ANPR System Market During the Forecast Period

The largest growth during the forecast period is expected for the electronic toll application market. As road connectivity increases, so does the number of tollbooths around the world. To avoid overcrowding and to improve the monitoring and detection of vehicles at toll booths, there is an increasing demand for automated solutions, which in turn encourages the use of ANPR systems for toll collection. ANPR systems enable fraud and fraud prevention and improve the accuracy of road pricing systems. In addition, the use of ANPR systems helps to reduce fuel wastage and the time and labor required for road pricing.

ANPR systems market in APAC will register the highest CAGR during the 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 led to an increasing number of vehicles. Governments in the region are actively adopting and implementing infrastructure development projects, several of which are aimed at upgrading roads. In addition, the number of shopping centers, leisure and sports facilities, malls and multiplexes, and parking garages, etc. is growing rapidly in the region. In addition, there is an increasing demand for solutions for effective border control and vehicle theft prevention. Because of these factors, APAC has become one of the fastest growing markets for ANPR systems.

Kapsch TrafficCom (Austria), Siemens (Germany), Conduent, Inc. (USA), HikVision (China), Q-free ASA (Norway), Genetec, Inc. (Canada), Adaptive detection (Hungary), Jenoptik Group (Germany), axis communication (Sweden) and Nedap (Netherlands) are some major players in the global ANPR systems market.

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Intelligent Transportation Systems Market with COVID-19 Impact Analysis by Offering, System (Advanced Traffic Management Systems, ITS Enabled Transportation Pricing Systems and Others), Application and Geography – Global Forecast to 2026

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