The "ANPR System Market with COVID-19 Impact Analysis by Type (Fixed, Mobile, Portable), Application (Traffic Management, Law Enforcement, Electronic Toll Collection, Parking Management, Access Control), Component, and Geography - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The ANPR system market is expected to grow from USD 2.3 billion in 2020 to USD 3.8 billion by 2025, at a CAGR of 10.0%
The market growth can be attributed to several factors, such as deployment of ANPR systems in security and surveillance, and traffic enforcement applications, infrastructure growth in emerging economies, increasing allocation of funds by various governments for ITS, and so on. However, inconsistency in number plate designs and misinterpretation of ambiguous characters on number plates are creating hurdles for the market.
The recent COVID-19 pandemic is expected to impact the global ANPR system market. Due to COVID-19, the manufacturing units of major players are highly hampered due to worldwide lockdown and limited availability of labor and raw material. This has resulted in a delay in ongoing transport projects to a greater extent. Some experts argue that the governments may rethink on their recently announced transport project plans to curb traffic congestion. However, they may come up with a revised plan in the next 6-8 months. It is likely that by 2021, the business and projects will see a smooth functioning once there is an ease in restrictions.
ANPR cameras to hold the largest share of the ANPR system market during the forecast period.
ANPR cameras are currently holding the largest share in the ANPR system market. Rising incidents of vehicle thefts and increasing criminal activities have led to the growing demand for real-time identification and tracking systems in the transportation sector. This is driving the growth of the ANPR system market for cameras.
Traffic management application to dominate the market during the forecast period.
On the basis of applications, the market is categorized into traffic management, law enforcement, electronic toll collection, parking management, and access control. The increasing adoption of vehicles and stringent government regulations for implementing electronic toll collection systems is driving the growth of the ANPR system market.
APAC is expected to register the highest CAGR in the market during the forecast period.
Among all regions, APAC is expected to register the highest growth in the ANPR system market during the forecast period. China, , Japan, India, and Rest of APAC are covered under the APAC ANPR system market analysis. The rising need for efficient traffic management is driving the growth of the market in this region. Traffic management has become crucial to support the ongoing business activities in the countries in APAC, such as India, Japan, South Korea, and China.
Some of the major players in the ANPR system market include Kapsch TrafficCom AG (Austria), Conduent, Inc. (US), Q-Free ASA (Norway), Siemens AG (Germany), Genetec Inc. (Canada), and so on.
Deployment of ANPR Systems in Security and Surveillance, and Traffic Enforcement Applications
Infrastructure Growth in Emerging Economies
Increasing Allocation of Funds by Various Governments on Its
Growing Use of Video Analytics Technology for Intelligent Monitoring of Vehicles
Worldwide Development of Smart Cities
Inconsistency in Number Plate Designs
Incorrect Camera, Lens, or Location of Cameras
Integration of Smart Parking Technology and Tolling Application
Increase in Use of Cloud-Based Storage Services
Integration of New Technologies Such as Ai and IoT in ANPR Systems
Misinterpretation of Ambiguous Characters on Number Plates
Privacy Concerns Regarding Stored Images and Records Being Misused
Hindrance in Manufacturing ANPR Systems due to COVID-19
Growth of Image Processing Solutions
Implementation of Deep Learning and Artificial Intelligence (Ai) Techniques in ANPR Systems
Use of Smartphones to Facilitate Video-Based Toll Collection
Bosch Security Systems
Other Key Players
Digital Recognition Systems
Ndi Recognition System
First Parking Llp
For more information about this report visit https://www.researchandmarkets.com/r/nzym5u
View source version on businesswire.com: https://www.businesswire.com/news/home/20210114005447/en/
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