The global automatic number plate recognition system market size is expected to reach USD 3.0 billion by 2025, registering a CAGR of 6.8% during the forecast period, according to a new report by Grand View Research Inc. Advancements in traffic monitoring technologies have given rise to a mass surveillance technology that helps in capturing images of vehicles and identifying the license number. In addition, it can also facilitate in the detection of lost or stolen vehicles.
Governments
around the globe are emphasizing on the development of smart cities. Under the
umbrella of smart cities, the development of intelligent transportation systems
is a major trend. Various governments are entering in partnerships with
companies such as Honeywell International, Inc.; AT&T; Siemens; and IBM
Corporation for the development of traffic management programs that bodes well
for the market growth.Governments are focusing on the development of
self-operated fuel stations and electric vehicle charging stations, especially
in Europe. During day-time, petrol stations in many European countries such as
U.K., Germany, and France are operated in self-service modes.
Overcrowded
roads in the cities have put immense pressure on the civic bodies to develop
technologically advanced solutions to deal with the road safety issues. This is
a major factor instrumental for the implementation of automatic number plate
recognition (ANPR) system for the monitoring of traffic violation and crime
incidents. In recent years, there has been a rise in the number of automobile
crimes such as vehicular homicide, carjacking, hit and run, and reckless
driving that has forced the law enforcement agencies to adopt ANPR system for
the recognition of vehicles. Moreover, excessive speed has been identified as a
long-standing and significant contributing factor to accidents on roads
worldwide. The use of speed cameras have certain limitations as they cannot
accurately identify speeding vehicles. Hence, the need for advanced ANPR
systems with analytical solutions are expected to drive the market over the
forecast period.
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Further key
findings from the report suggest:
- The portable
ANPR systems segment is projected to emerge as the fastest-growing segment
over the forecast period owing to the emergence of Microelectromechanical
Systems (MEMS) technology that has led to the miniaturization of devices
- The software
segment is anticipated to emerge as the fastest-growing segment as result
of the advancements in cloud computing technology and increasing demand
for mobile-based applications
- The toll
collection application segment is expected to grow significantly over the
forecast period as result of the growing demand for Electronic Toll
Collection (ETC) from road transport agencies
- The Asia
Pacific regional automatic number plate recognition (ANPR) system market
is expected to witness highest CAGR over the forecast due to the growing
emphasis of regional governments on expansion and digitalization of its
road networks
- The key
players in the market includes Robert Bosch GmbH; Siemens, ARH, Inc.; Axis
Communications AB; Kapsch Group; Genetec Inc.; NDI Recognition Systems
Ltd.; VAXTOR TECHNOLOGIES; Tattile srl, and Selex ES Inc.
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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