ANPR systems market worth $4.8 billion by 2027
CHICAGO , April 11, 2022 /PRNewswire/ — According to the new research report, the “ANPR System Market by Type (Fixed, Mobile, Wearable), Component (ANPR Cameras, ANPR Software, Frame Grabbers, Triggers), Application, End User (Government, Commercial, Institutions), and Region (North AmericaACPA, EuropeRoW) – Global Forecast to 2027″, published by MarketsandMarkets™, the global ANPR systems market is expected to reach $4.8 billion by 2027 from $3.1 billion in 2022; it is expected to register a CAGR of 9.2% from 2022 to 2027. Key growth drivers for the ANPR systems market include increasing deployment of ANPR systems in security and surveillance and traffic management applications, growth in infrastructure in emerging economies, increasing allocation of funds by various governments on ITS, and increasing use of video analytics technology for intelligent vehicle monitoring. Moreover, the rapidly increasing demand for smart parking solutions is a major driver for the growth of the ANPR systems market. The integration of advanced technologies such as IoT, deep learning and AI with the ANPR system is driving the growth of ANPR systems in applications such as access control and road usage pricing . An increasing number of infrastructure development projects across the globe such as Smart Cities mission and pavement modernization projects are driving the growth of the ANPR systems market. Additionally, the increasing use of video analytics technology for intelligent vehicle monitoring is bolstering the growth of the ANPR systems market.
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Fixed ANPR systems account 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 major driver for the sub-segment. With increasing government initiatives across the globe to modernize road infrastructure, there is a growing demand for improved vehicle tracking and automated solutions for tolling, which is driving the growth of the fixed ANPR systems market. Fixed ANPR systems are effectively deployed in areas with heavy congestion and traffic due to their ability to capture images in high-speed, high-density traffic environments. The growing demand for automated parking management solutions is also driving the demand for fixed ANPR systems in airports, parking lots, shopping malls, etc. Using stationary ANPR systems helps reduce wasted fuel and time and improves productivity by reducing excess manpower at the toll. cabins and car parks.
ANPR software will register 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 analyzes the incoming image stream for any vehicle and its license plate. ANPR software allows conversion of captured images into a digital format for electronic storage and future reference. Advances in technology have increased detection rates and improved accuracy many times over. The growing demand for automated solutions such as red light enforcement, speed detection and enforcement, barrier control, vehicle color, pattern and construction recognition, and many of these solutions are driving the growth of advanced ANPR software.
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Electronic Toll Application to Record Highest CAGR in ANPR System Market Over Forecast Period
The electronic toll application market 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 improve vehicle monitoring and detection at toll booths, there is an increasing demand for automated solutions, which, in turn, promotes the use of ANPR systems for tolling. ANPR systems help prevent scams and fraud and improve the accuracy of road pricing systems. In addition, the use of ANPR systems helps to reduce fuel waste as well as excess time and labor involved in road pricing activities.
The ANPR System Market in APAC will witness the Highest CAGR during the forecast period.
The APAC market is expected to register the highest growth during the forecast period. Population growth and urbanization of the region have led to an increase in the number of vehicles. Governments in the region are actively adopting and implementing infrastructure development projects, many of which are aimed at road upgrades. Additionally, there is a rapid growth in the number of shopping malls, recreational and sports facilities, shopping malls and multiplexes, parking lots, etc. In the region. In addition, there is a growing demand for solutions for effective border control and vehicle theft prevention. Due to these factors, APAC has become one of the fastest growing markets for ANPR systems.
Kapsch TrafficCom (Austria), Siemens (Germany), Conduent, Inc. (USA), HikVision (China), ASA without Q (Norway), Genetec, Inc. (Canada), adaptive recognition (Hungary), Jenoptik Group (Germany), Axis Communications (Sweden), and Nedap (Netherlands) are some major players in the global ANPR systems market.
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