13 May 2021
Visiongain has published a new report on Automatic Number Plate Recognition (ANPR) System Market Report to 2031: Forecasts by component (Hardware, Software, Services), by type (Fixed ANPR Systems, Portable ANPR Systems), by application (Traffic Management, Law Enforcement, Electronic Toll Collection, Others). PLUS Profiles of Leading Automatic Number Plate Recognition System Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Automatic number plate recognition system market was valued at US$ xx billion in 2020 and is projected to reach at a market value of US$ xx billion by 2031. Automatic number plate recognition (ANPR) technology is capable of extracting textual information from vehicle registration plates and offers real-time insights under Object Detection and Recognition (OCR). In addition, it helps in identifying license plate on vehicles by using various recognition techniques such as cameras, character recognition, closed-circuit television, and others.
Rise in number of road accidents and growing demand for portable ANPR are some of the major factors driving the market growth. On the contrary, rising demand for ANPR systems among law enforcement agencies and increased technological development acts a major opportunistic factors to the market in the upcoming years.
COVID-19 Impact on Automatic Number Plate Recognition System Market
In the wake of COVID-19 pandemic, large number of population are staying home, as government in several countries has imposed lockdown to curb the spread of the virus. In addition, traffic congestion in megacities has reduced tremendously and restrictions on traveling has therefore accelerated the growth of ANPR system market. Moreover, due to increasing criminal activities, demand for monitoring traffic for ensuring safety on the roads has increased. This, as a result has propel the demand for automatic number plate recognition systems in the market.
Rise in number of road accidents
With increasing number of road accidents, traffic departments across various countries are installing automatic number plate recognition (ANPR) systems. In addition, in order to ensure traffic safety & mobility, the implementation of ANPR systems results in low financial loss & faster mobility. These factors are therefore driving the market growth.
Growing demand for portable ANPR
The portable ANPR systems comprises of smart solution to prevent road accidents and provides 24/7 alertness on the road after installing in specific vehicles. Moreover, portable ANPR system is used by intelligence services for supporting protection & surveillance operations, which as a result propelling the growth of automatic number plate recognition system market.
Rising demand for ANPR systems among law enforcement agencies
Due to rising concerns regarding the usage of vehicles for crimes such as kidnapping & robbery, the demand for ANPY system among law enforcement agencies is continuing to rise in the market. Therefore, demand for ANPR system among law enforcement agencies is anticipated to create lucrative opportunities to the automatic number plate recognition system market.
Increased technological development
The key players in the market have an opportunity to expand existing product & services in order to provide advance analytical tools depending on end use verticals requirements & personalized user experience to improve the customer engagement in the market. Therefore, expanding the solutions & developing platforms via advance technologies are expected to boost the market growth.
Some of the companies profiled in the report include Blue Star Limited, Bosch Security Systems, Inc., Genetec Inc., Kapsch TrafficCom AG, NDI Recognition Systems Ltd., PlateSmart Technologies, Q-Free ASA, Sensys Gatso, Siemens AG, and Vaxtor Technologies.
In April 2019, PlateSmart Technologies’, which is has developed the world’s first software-only vehicle identification & video analytic solutions has entered into a partnership with leading brand in the global IP surveillance industry, VIVOTEK Inc. In addition, this partnership aimed at providing an access to hidden insight & deliver critical intelligence on data and maximize performance.
In March 2018, Siemens launched Sicore ll, which is a next-generation ANPR camera. Moreover, this new product is based on vision detection & analytics technology tin order o capture high-quality & evidentially-secure images.
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