Global Automatic Number Plate Recognition System Market, By Component (Automatic Number Plate Recognition Cameras, Automatic Number Plate Recognition Software, Frame Grabbers, Triggers and Others), Type (Fixed Automatic Number Plate Recognition Systems, Mobile Automatic Number Plate Recognition Systems and Portable Automatic Number Plate Recognition Systems), Application (Traffic Management, Law Enforcement, Electronic Toll Collection, Parking Management and Access Control), End User (Government, Homeland Security, Traffic Department, Defense, Commercial, Entertainment and Recreation Facilities and Dedicated Car Parks), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia Pacific, South Africa, Saudi Arabia, U.A.E, Israel, Egypt, Rest of Middle East and Africa) Industry Trends and Forecast to 2029
Market Analysis and Insights of Automatic Number Plate Recognition System Market
Data Bridge Market Research analyses that the automatic number plate recognition market would exhibit a CAGR of 7.30% for the forecast period of 2022-2029. Growing number of passengers cars on the roads especially in the developing economies, increased focus towards strengthening the security systems, growth and expansion of automotive industry especially in the developing economies and rising number of road accidents, signal breaks and other such incidents on the roads are the major factors attributable to the growth of automatic number plate recognition market. Therefore, the market value would rocket up to USD 4.74 billion by 2029.
From the name itself, it is clear that automatic number plate recognition system is a technology that is installed on the roads at designated places to identify the number of the plate and identify the owner of it when required. In other words, the automatic number plate recognition systems are used for mass surveillance that allows optical character recognition and capturing the images.
Growth in the level of investments for research and development activities and rising requirement of the system for traffic management, law enforcement, toll collection, parking management and access control will foster in growth in the market value. Rising integration of cloud storage databases with the surveillance technology coupled with rising technological innovations in regards to the system’s compatibility with smartphones will also create lucrative growth opportunities for the market. Growth in the usage of video analytics technology for intelligent monitoring of vehicles will also foster the market growth.
However, lack of technological expertise in the developing and underdeveloped economies and lacking consistency in the designs of number plate will pose major challenges to the market growth rate. High costs involved with technological innovations and research and development proficiencies and wrong interpretation of unclear characters on the number plate will hamper the market growth rate. Further, car cloning techniques to evade automatic number plate recognition systems high installation and maintenance costs and unwillingness to exchange air filters will also restrict the scope of growth for the market.
This global automatic number plate recognition market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on automatic number plate recognition market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Automatic Number Plate Recognition System Market Scope and Market Size
The global automatic number plate recognition market is segmented on the basis of component, type, application and end user. The growth amongst these segments will help you analyse meagre growth segments in the industries, and provide the users with valuable market overview and market insights to help them in making strategic decisions for identification of core market applications.
- On the basis of component, the automatic number plate recognition system market is segmented into automatic number plate recognition cameras, automatic number plate recognition software, frame grabbers, triggers, and others.
- On the basis of type, the automatic number plate recognition system market is segregated into fixed automatic number plate recognition syst11ems, mobile automatic number plate recognition systems, and portable automatic number plate recognition systems.
- On the basis of application, the automatic number plate recognition system market is bifurcated into traffic management, law enforcement, electronic toll collection, parking management, and access control.
- On the basis of end user, the automatic number plate recognition system market is fragmented into government, homeland security, traffic department, defense, commercial, entertainment and recreation facilities, and dedicated car parks.
Automatic Number Plate Recognition System Market Country Level Analysis
The global automatic number plate recognition market is analysed and market size insights and trends are provided by country, component, type, application and end user as referenced above.
The countries covered in the automatic number plate recognition market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), South Africa, Saudi Arabia, U.A.E, Israel, Egypt, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America dominates the automatic number plate recognition market and will continue to flourish its trend of dominance during the forecast period owing to the rapid digitalization of traffic monitoring devices on highways, bridges, and tunnels. Asia-Pacific will however, score the highest growth rate owing to the growing adoption of highly advanced technologies, increasing research and development activities, growth and expansion of automotive and surveillance sectors in this region and rising personal disposable income.
The country section of the automatic number plate recognition market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and Automatic Number Plate Recognition System Market Share Analysis
The automatic number plate recognition market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to automatic number plate recognition market.
Some of the major players operating in the automatic number plate recognition market are Kapsch TrafficCom AG, Conduent, Inc., Q-Free ASA., Siemens, Genetec Inc., Adaptive Recognition Inc., Neology Inc., Vigilant Solutions., Bosch Security Systems, LLC., Tattile s.r.l., Digital Recognition Systems Ltd., NDI Recognition Systems., Axis Communications AB, Vaxtor Ltd, Leonardo USA, Northrop Grumman Corporation, Lockheed Martin Corporation, Thales Group, Raytheon Company and Honeywell International, Inc., among others.
Customization Available : Global Automatic Number Plate Recognition System Market
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