Global Automatic Number Plate Recognition (ANPR) System Market to Surpass a Valuation USD 6.3Billion By 2032

Pune, India, April,2019/MRFR Press Release/- Market Research Future has published a Cooked research report on the Global Automatic Number Plate Recognition Market.

Automatic Number Plate Recognition (ANPR) Market Overview:

The automatic number plate recognition (ANPR) market will witness a healthy growth from 2024 to 2032, a research report suggests. Growing at a high CAGR, the market is projected to reach US$ 6.3 Billion by 2032. Deployment of ANPR systems in security and surveillance is expected to support the market growth along with the rising adoption of ANPR systems in traffic enforcement applications. As predicted by analysts, inconsistency in number plate design will negatively affect the market’s performance from 2024 to 2032. During the forecast period, the market will be supported by increase in the use of cloud-based storage services and cost-effective and scalable storage solutions.

Misinterpretation of unclear characters on the number plate on the other hand will challenge traffic enforcement sector based organizations functioning in the global automatic number plate recognition (ANPR) market. Analysts have split the market into type, end-use, components, and applications segments based on products and services. Traffic enforcement based companies have been profiled. The lack of effective communication is set to affect the global market during the forecast period 2020 to 2030. The report also provides the market’s performance forecasts till 2023. Analysts have studied the strategy of traffic enforcement segment based organizations to help new entrants and established businesses. The traffic enforcement sector itself is supported by low cost, flexibility, and scalability as well as automation in industries. During the forecast period 2018 to 2023, the automatic number plate recognition (ANPR) market is set to witness a health growth across type, end-use, components, and applications segments as well as regional markets.

Automatic Number Plate Recognition (ANPR) Market Segmentation:The traffic enforcement sector has seen growth across type, end-use, components, and applications segments owing to rapid urbanization and technological developments. To study the market, analysts have further segmented type, end-use, components, and applications into type on the basis of mobile, fixed. The market is further segmented into components which is split into cameras, frame grabbers, and software. Additionally, the automatic number plate recognition (ANPR) market on the basis of application is segmented into electronic toll collection, law enforcement, and traffic management. The market is further segmented into end-user which is split into government and commercial.

The segmental analysis presented in the report provides traffic enforcement field based organizations insights into key growth factors such as technological advances as well as challenges such as dynamic policies and regulations the market will face from 2018 to 2023. Favorable government policies and advancements in technology are some of the key factors having an influence on traffic enforcement industry based companies, suggest analysts as per the automatic number plate recognition (ANPR) market report. But the report also identifies the lack of a developed infrastructure and low research and development budgets as major threats companies in traffic enforcement will face till 2023. 

Automatic Number Plate Recognition (ANPR) Market Regional Overview:Traffic enforcement market based companies in the automatic number plate recognition (ANPR) market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. Rapid urbanization will be a key growth driver for regional markets. However, the low demand from developing countries will turn out to be a threat. For the forecast period 2018 to 2023 each of these regional markets are studied in the report. Starting from North America, the regional market and traffic enforcement vertical based companies are spread across the United States, Canada, and Mexico. The lack of awareness will turn out to be a major challenge from 2018 to 2023. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany. The market in the region will be benefitted by the changing social behaviour as well as the presence of effective communication, suggests the report. Similarly, the traffic enforcement sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the automatic number plate recognition (ANPR) market covers the Middle East and Africa. Forecast based on the reports findings are presented for the forecast period till 2023.

Automatic Number Plate Recognition (ANPR) Market Competitive Landscape:The global automatic number plate recognition (ANPR) market research report brings a comprehensive study of type, end-use, components, and applications market segments, regional analysis, and traffic enforcement vertical based company details of key players. As the forecast period 2018 to 2023 will bring new opportunities for the market owing to the population growth and advancements in technology, the market is set to grow at a high compound annual growth rate of and is predicted to reach a value of US$1,100 million by 2023. With SWOT analysis of traffic enforcement sector based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as the increasing demand for product substitutes and high deployment and maintenance costs, companies in the traffic enforcement sector can change the way business is done.

Industry News:Motorola Solutions has purchased a company that specialises in licence plate recognition solutions. Motorola Solutions is known for offering technology to emergency responders as well as police agencies. Motorola Solutions, headquartered in Chicago, paid $445 million in cash and stock to acquire VaaS International Holdings. The transaction was completed last week. Motorola Solutions is banking on the platform's potential to help first responders respond faster and police investigations move faster, according to corporate vice president of software enterprise at Motorola Solutions. VaaS cameras are mounted on police cars or passenger trucks, and they recognise licence plate numbers and record vehicle locations.