Automatic Number Plate Recognition System Market to surpass $6.8 Bn by 2032, Says Global Market Insights Inc.
Major automatic number plate recognition system market Avigilon, Axis Communications, Bosch Security Systems, Inc., Conduent Genetec Inc., Digital Recognition, Genetec Inc., Vivotek, and Q-Free ASA, among others.
Selbyville, Delaware, June 04, 2024 (GLOBE NEWSWIRE) —
The automatic number plate recognition system market valuation is expected to reach USD 6.8 billion by 2032, as reported in a research study by Global Market Insights Inc.
The report cites that the growing need for effective traffic management solutions and heightened concerns regarding security and surveillance will accelerate industry expansion over 2023–2032. Automatic number plate recognition (ANPR) system industry play a crucial role in enhancing traffic flow, enforcing traffic regulations, and monitoring vehicle movements, addressing the pressing need for efficient traffic management. Additionally, ANPR technology helps enhance security by identifying suspicious vehicles and enforcing access control, driving the adoption of ANPR systems across various industries and sectors.
For instance, in July 2023, Mangalore airport implemented the ANPR system for smooth vehicle entry and exit. Utilizing e-payment technology such as FASTag, this system streamlines processes, ensuring convenient transactions for users traveling to and from the Mangaluru International Airport (MIA). This development highlights a growing trend towards digitization and automation in airport operations, aiming to enhance efficiency, security, and the user experience. For the global ANPR system market, this indicates increasing adoption across various sectors beyond traditional traffic management, driven by the need for seamless, secure, and convenient vehicle entry and exit processes.
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The automatic number plate recognition system market share from the toll management segment will encounter significant expansion by 2032, due to its widespread adoption in toll collection systems worldwide. ANPR technology enables efficient and accurate vehicle identification, facilitating seamless toll collection processes. With increasing investments in transportation infrastructure and the implementation of electronic tolling systems, the demand for ANPR solutions within the toll management segment will surge. Additionally, advancements in ANPR technology enhance operational efficiency and revenue generation for toll management authorities, further driving industry growth.
The automatic number plate recognition system market from the commercial sector segment will observe substantial growth by 2032, attributed to its diverse applications in parking management, toll collection, and access control. With businesses increasingly adopting ANPR technology to enhance security, streamline operations, and improve the customer experience, the demand for ANPR systems in the commercial sector has surged. Moreover, advancements in ANPR technology, such as cloud-based solutions and integration with other systems, further drive market growth within this segment.
Europe automatic number plate recognition (ANPR) system market will record a noteworthy CAGR up to 2032, propelled by stringent regulations and widespread adoption in the transportation and security sectors. As governments invest in smart city initiatives and traffic management solutions, the demand for ANPR systems rises. Moreover, technological advancements and the presence of key market players contribute to Europe’s leading position. With its significant market size and continuous innovation, Europe will emerge as a vital contributor to the global ANPR system market.
Major players in the automatic number plate recognition system market include Avigilon, Axis Communications, Bosch Security Systems, Inc., Conduent Genetec Inc., Digital Recognition, Genetec Inc., Vivotek, and Q-Free ASA, among others.
These players are augmenting their share through strategic initiatives such as product innovation, mergers and acquisitions, and geographic expansion. By introducing advanced ANPR solutions with improved accuracy, speed, and integration capabilities, companies cater to diverse end-user needs in transportation, security, and commercial sectors. Collaborations with key stakeholders and investments in research and development strengthen market presence, enabling players to capture new opportunities and gain a competitive edge in the dynamic ANPR system market landscape.
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In January 2024, the Delhi government introduced AI-powered cameras to detect traffic violations, enhancing road safety. These cameras, capable of identifying 19 violations, such as mobile phone usage while driving and invalid PUCC, aim to improve traffic management.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Automatic Number Plate Recognition (ANPR) system market 360º synopsis, 2018 – 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2024-2032
2.3 Regional trends
2.4 Component trends
2.5 Type trends
2.6 Application trends
2.7 End use trends
Chapter 3 Automatic Number Plate Recognition (ANPR) System Market Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Raw material suppliers
3.2.2 Component suppliers
3.2.3 Manufacturers
3.2.4 Technology/software providers
3.2.5 System integrators
3.2.6 Service providers
3.2.7 Distribution channel
3.2.8 End Users
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Rising deployment of ANPR systems in security, surveillance, and traffic enforcement applications
3.8.1.2 Integration of smart parking technology and tolling applications
3.8.1.3 Increasing advancements in AI and IoT and integration with ANPR systems
3.8.1.4 Surging investments in smart cities across the globe
3.8.2 Industry pitfalls & challenges
3.8.2.1 Inconsistency in number plate designs
3.8.2.2 Privacy concerns regarding stored images and records
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
4.1 Introduction
4.2 Company market share, 2023
4.3 Competitive analysis of major market players, 2023
4.3.1 Genetec Inc.
4.3.2 Bosch Security Systems, Inc.
4.3.3 Hikvision Digital Technology
4.3.4 Avigilon
4.3.5 Q-Free ASA.
4.3.6 Kapsch (Kapsch Trafficcom AG)
4.3.7 Conduent
4.4 Competitive positioning matrix, 2023
4.5 Strategic outlook matrix, 2023
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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