The market price of the Automatic Number Plate Recognition (ANPR) Market is projected to reach USD 5.6 billion and a CAGR of 9.5% in the forecast period from 2020 – 2030.
Overview report of the Automatic Number Plate Recognition Market
The automotive industry is developing due to new technologies in the automotive industries. Automatic number plate recognition is useful for locating the car. It is used for safety purposes. The traffic rules are broken by many people these days, which leads to road accidents. These factors led to the investment in the automatic number plate recognition market. The widespread use of these technologies on the roads drives up the market. Road accident prevention and safety are made possible by using these technologies that can control the speed of vehicles.
Based on market type, the automatic number plate recognition market is divided into portable ANPR systems, fixed ANPR systems and Mobile ANPR systems. The market is divided into frame grabbers, triggers, ANPR cameras, and software. The market is divided into traffic management, law enforcement, electronic toll collection, access control, and parking management.
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COVID-19 report of the market
The COVID-19 outbreak impacted many businesses. There are some obstacles in the market for automatic number plate recognition. In many areas, roadside cameras are declining. Vehicles on the road were limited, and the market experienced a decrease in demand due to lockdown restrictions. The market is also severely disrupted by the supply chain. There is currently a decline in the demand for automatic number plate recognition. There will be huge traffic and fewer road restrictions in the upcoming years, which will increase the need for automatic number plate recognition.
Report Scope:
|
Report Attribute/Metric |
Details |
|
Market Size in 2030 |
USD 5.6 Billion |
|
Growth rate: |
CAGR 9.5 % from 2020 to 2027 |
|
Forecast Period |
2020-2030 |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
In-depth Market Research Report (139 Pages) on Automatic Number Plate Recognition Market
https://www.marketresearchfuture.com/reports/automatic-number-plate-recognition-market-7763
Developmental report of the market:
One of the key market drivers is the increasing use of highway surveillance systems. Automatic number plate recognition is used more in public places. These gadgets are being highly used due to increased terrorism and criminal activity. The stolen cars are illegal activities. Countries like the United States and the United Kingdom drive significant demand in the market. These countries contributed high expenditures on these technologies.
The increased use of cloud storage will open new opportunities for the market’s growth. Cloud platforms effectively use automatic number plate recognition technology. Every region has access to the cloud. Many businesses often use the cloud. The ANPR systems have a lot of storage space. However, it is now possible to store ANPR systems via the cloud. The cloud’s vast storage capacity, low cost and flexibility open up more commercial opportunities for ANPR.
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Europe is the largest region with a significant market share for the ANPR system. Government efforts to improve road safety are increasing. Transportation in this region is difficult, which increases the demand for surveillance systems. The European region has the highest estimated rate of market expansion.
The key investors are creating patented ANPR systems. The end-users will be more aware of these licensed systems. The introduction of these patent systems will boost the demand. The major players are developing the next-generation mobile license plate.
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