The automatic number plate recognition system market is estimated to generate USD 3,219.9 million in 2023, which will touch USD 6,010.8 million, propelling at a 9.5% compound annual growth rate, by 2030.
The growth of this industry is because of the increasing usage in agencies, such as parking, toll plazas, traffic management, and police force; the growing automotive sector; and the rising trend for pay-per-use roads.
Moreover, the high capital funding mainly in developing countries, coupled with the increasing acceptance of advanced systems and technology by different governments to control traffic, also boosts the industry.
In 2022, the fixed category, based on type, was the largest contributor to the industry, and it will remain the largest throughout this decade. This can be because of the increasing utilization of these systems for traffic management and the rising transformation in road infrastructure.
Moreover, this category is also driven by its high deployment in interstate areas and borders with heavy traffic, as well as the surging need for automated parking management systems.
In 2022, the hardware category, based on component, was the higher contributor to the automatic number plate recognition system market, and it will remain the higher during this decade. This can be because of the arrival of IoT devices into hardware and the speedy incorporation of hardware parts into cloud-based software solutions.
The electronic toll collection category, on the basis of application, is likely to advance at the highest rate during this decade. This is primarily because of the fact that it is an effective tool for tolling systems.
The commercial category, on the other hand, is likely to propel at a faster rate during this decade. This is mainly because of the increasing number of commercial complexes, luxury apartments, and shopping malls, where this technology is used for parking management.
In 2022, North America dominated the industry, and it will remain dominating throughout this decade. This can be because of the developments in current traffic control systems, the swift digitalization, and the increasing need for human-free involvement in traffic monitoring devices.
The report "ANPR System Market with COVID-19 Impact Analysis by Type (Fixed, Mobile, Portable), Application (Traffic Management, Law Enforcement, Electronic Toll Collection, Parking Management, Access Control), Component, and Geography - Global Forecast to 2025", is expected to grow from USD 2.3 billion in 2020 to USD 3.8 billion by 2025, at a CAGR of 10.0%.
The market growth can be attributed to several factors, such as the deployment of ANPR systems in security and surveillance, and traffic enforcement applications, infrastructure growth in emerging economies, increasing allocation of funds by various governments for ITS, and so on.
Browse 130 market data Tables and 58 Figures spread through 185 Pages and in-depth TOC on "ANPR System Market with COVID-19 Impact Analysis by Type (Fixed, Mobile, Portable), Application (Traffic Management, Law Enforcement, Electronic Toll Collection, Parking Management, Access Control), Component, and Geography - Global Forecast to 2025"Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=140920103Fixed ANPR systems to account for the largest share of ANPR system market by 2025Based on the type, the ANPR system market has been divided into fixed, mobile, and portable.
Fixed ANPR system held the highest share in 2019.
Mobile ANPR systems are widely used in police and law enforcement agencies to ensure proper security and surveillance.Traffic management application to dominate the market during forecast periodOn the basis of applications, the market is categorized into traffic management, law enforcement, electronic toll collection, parking management, and access control.
The increasing adoption of vehicles and stringent government regulations for implementing electronic toll collection systems is driving the growth of the ANPR system market.Europe is leading the market for ANPR system in 2019Europe held the largest share in the ANPR system market in 2019.
