The automatic number plate recognition market is expected to bring tremendous growth prospects across the forecast period of 2020-2030. The growing adoption of these plates for traffic management and enforcement in the public sector will serve as a dominant growth-contributing factor for automatic number plate recognition market.
Automatic number plate recognition systems are advanced computer-vision based technologies which are capable of reading and identifying number plates without human intervention. The information gathered by the systems can be stored, interpreted, or matched for further information. The associated advantages attached with these systems will bring exponential growth for the automatic number plate recognition market.
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These systems help keep a watch on traffic law violations and ensure the safety of all road users. In addition, it also helps in enhancing the effective transport flow of people in real-time. Thus, all these factors bring extensive growth prospects.
The expanding use of automatic number plate recognition systems in applications like toll enforcement, security, surveillance, traffic management, vehicle parking, and others will assure promising growth during the forecast period. Vital types of automatic number plate recognition systems are portable and static systems.
Transparency Market Research’s (TMR’s) report on the automatic number plate recognition market has every component that will assist the stakeholder in understanding the current scenario. The overall market research survey on automatic number plate recognition by TMR suggests a stable growth period.
According to the TMR experts, the market for automatic number plate recognition is prognosticated to expand at 9 percent CAGR during the forecast period of 2020-2030. In the context of valuation, the automatic number plate recognition market is estimated to reach a valuation of US$ 5 bn by 2030. The global market was valued at US$ 2.1 bn in 2020.
Innovation and Novel Developments in Automatic Number Plate Recognition to Boost Growth Prospects
Consistent innovation in automatic number plate recognition-integrated parking ticketing systems through the use of cognitive and artificial intelligence technologies will bring exponential growth for the automatic number plate recognition market. The players are indulging in strategic collaborations to expand their production capacities. In addition, the players are also investing extensively in research and development activities. These activities help upgrade and create new features, ultimately contributing to the overall development of the automatic number plate recognition market.
Automated Electronic Bill Generation with Help of Automatic Number Plate Recognition Systems Assisting in Minimizing Traffic Violations
The growing trend of e-challan in countries like India is urging many players in the automatic number plate recognition market to focus on developing features like automated electronic bill generation. Further, the increasing surveillance at toll gates on highways is increasing the demand for automatic number plate recognition systems extensively. These systems help in detecting drivers who do not comply with the necessary rules or do not pay the toll. The system also sends automatic bills to the driver for non-compliance. Therefore, these factors help in increasing the growth rate of the automatic number plate recognition market.
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COVID-19 Lockdowns Heighten Demand for Automatic Number Plate Recognition Systems
The use of automatic number plate recognition systems during the COVID-19 lockdown period has proved to be a boon for the traffic police departments in various countries. Strict restrictions on the movement of the people were issued by the government bodies of various countries to decrease the spread of the virus. The systems automatically detected those venturing out for no reason and eventually fined them for violating stay-at-home orders. These factors will help in accelerating the growth prospects of the automatic number plate recognition market.
Some key players in the automatic number plate recognition market are Digital Recognition Systems Ltd., ARH Inc., COBAN Technologies, Inc., Euro Car Parks Limited, and Beltech BV.
Global Automatic Number Plate Recognition (ANPR) Market: Segmentation
Automatic Number Plate Recognition (ANPR) Market, by Component
- Hardware
- ANPR Cameras
- Frame Grabbers
- Others (Illuminators, Sensors, etc.)
- Software
- Standalone ANPR Software
- Standalone Make & Model Recognition (MMR) Software
- Integrated Software
Automatic Number Plate Recognition (ANPR) Market, by Application
- Security & Surveillance
- Vehicle Parking
- Traffic Management
- Toll Enforcement
- Others
Automatic Number Plate Recognition (ANPR) Market, by Type
- Static ANPR Systems
- Portable ANPR Systems
Automatic Number Plate Recognition (ANPR) Market, by End User
- Government
- Homeland Security
- Traffic Department
- Defense
- Others
- Commercial
- Dedicated Car Parks
- Entertainment & Recreation Facilities
- Others
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