The global automatic number plate recognition (ANPR) market is projected to reach a value of US$ 5 Bn by 2030. The automatic number plate recognition (ANPR) market is projected to expand at a CAGR of ~9% from 2020 to 2030. The expansion of the automatic number plate recognition (ANPR) market can be attributed to increasing adoption of ANPR systems for traffic enforcement and management, and rising demand for superior security in the public sector. Europe is anticipated to lead the global automatic number plate recognition (ANPR) market in terms of revenue, followed by North America during the forecast period.
Increasing Adoption of Automatic Number Plate Recognition in Parking Management and Tolling Applications: Opportunity for Market
The automatic number plate recognition (ANPR) market has experienced double-digit growth in the past few years, owing to heavy penetration of ANPR systems in security, surveillance, and traffic enforcement applications. The application of ANPR systems in both government and commercial sectors for vehicle parking has increased in recent years, and this segment is expected to offer potential opportunities in the near future. The expansion of the vehicle parking segment is primarily witnessed in North America, where ANPR is widely used in parking management applications such as parking toll collection and vehicle security.
The adoption of the ANPR technology for vehicle parking management applications is also increasing due to extensive adoption of the technology in commercial spaces across Europe, Asia Pacific, and the Middle East.
Automatic Number Plate Recognition (ANPR): Market Segmentation
The global automatic number plate recognition (ANPR) market has been segmented based on component, application, type, end user, and region. In terms of component, the automatic number plate recognition (ANPR) market has been segmented into hardware (ANPR cameras, frame grabbers, and others [illuminators, sensors, etc.]), and software (standalone ANPR software, standalone make & model recognition [MMR] software, and integrated software). In terms of application, the automatic number plate recognition (ANPR) market has been divided into security & surveillance, vehicle parking, traffic management, toll enforcement, and others.
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Based on type, the automatic number plate recognition (ANPR) market has been segmented into static ANPR systems, and portable ANPR systems. The end user segment of the automatic number plate recognition (ANPR) market has been bifurcated into government (homeland security, traffic department, defense, and others) and commercial (dedicated car parks, entertainment & recreation facilities, and others).
The research methodology adopted by analysts to combine the automatic number plate recognition (ANPR)’s market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the automatic number plate recognition (ANPR) market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the automatic number plate recognition (ANPR) market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the automatic number plate recognition (ANPR) market.
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Automatic Number Plate Recognition (ANPR) Market – Segmentation
TMR’s research study assesses the automatic number plate recognition (ANPR) market on the basis of component, application, type, end user, and region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they are influencing the growth prospects of the automatic number plate recognition (ANPR) market.
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