Automatic Number Plate Recognition System Market Outlook – 2027
Automatic number plate recognition (ANPR) system is one of the advanced technologies which reads the vehicle registration number using optical character recognition. Since, modern vehicles require data for strong tracking, the importance of automatic number plate recognition system is immense in modern vehicles. It utilizes existing closed-circuit television, road rule enforcement cameras for its functioning. Automatic number plate recognition (ANPR) captures data from the number plate with the help of cameras, infrared lights, and algorithms. Moreover, automatic number plate recognition system is also utilized in toll collection on pay-per-use roads.
COVID-19 scenario analysis:
- COVID-19 outbreak has led to downward economic progression.
- The sales of new vehicles have reduced significantly due to lockdown imposed and decreased consumer purchasing power.
- However, the market of cost-effective bikes is expected to grow during this pandemic as people won’t commute by public vehicles.
- With majority of governments mandating the adoption of automatic number plate recognition system in new vehicles, the market will grow with increasing sales of new vehicles.
- Besides, with recession due to the pandemic, the vehicle theft will increase. Moreover, this will increase the automatic number plate recognition system market growth to track and secure vehicle.
Top impacting factors: market scenario analysis, trends, drivers and impact analysis
Increase in demand for traffic monitoring and controlling is majorly driving the automatic number plate recognition system market growth. Additionally, the automatic number plate recognition system is helpful in collecting data, tracing the vehicle location which is essential step toward autonomous vehicles. Besides, rising number of vehicle thefts is propelling the market growth. Moreover, the automatic number plate recognition system is utilized in toll collection and reducing the waiting time on toll plaza, thereby increasing the demand of market. However, inconsistency in design of number plates to construct better algorithms is hindering market growth. Furthermore, government compulsion for adoption of automatic number plate recognition system is proliferating the market growth.
The Automatic number plate recognition system market trends are as follows:
Portable automatic number plate recognition system
The manufacturers of automatic number plate recognition system are heavily focusing on development and innovating of the system. Portable automatic number plate recognition system is one of the latest innovations which has proved to be extremely effective to various governments to trace the vehicle easily. For instance, Hungary police uses automatic number plate recognition system to trace the vehicle speeds. Additionally, Merseyside Police car is equipped with mobile car.
Government fueling market demand
Rising disposable income and urbanization has fueled the demand for automatic number plate recognition system. Additionally, governments like Australia, Belgium, Canada, Denmark, France, Germany, Hungary, Saudi Arabia, Sweden, Turkey, Ukraine, the U.K., the U.S.A. and India have enforced the utilization of automatic number plate recognition system by law. Police vehicles of governments like USA, England, Australia, Dubai etc. are equipped with automatic number plate recognition system. Additionally, the use of closed-circuit TV cameras and speed sensing cameras have been proliferated
Key benefits of the report:
- This study presents the analytical depiction of the automatic number plate recognition system industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of market share.
- The current market is quantitatively analyzed to highlight the automatic number plate recognition system market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the automatic number plate recognition system market research report:
- What are the leading market players active in the Automatic number plate recognition system market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Automatic Number Plate Recognition System Market Report Highlights
Key Market Players
ELSAG North America LLC, Vaxtor Technologies, Q-Free ASA, Bosch Security Systems, Inc., Viion Systems Inc., Digital Recognition Systems, Ltd., NDI Recognition Systems LLC, ARH, Inc., Siemens AG, Vigilant Solutions, Genetec, Inc.