Automatic Number Plate Registration (ANPR) System Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4117
Automatic Number Plate Registration (ANPR) System Market size will show substantial expansion over 2021-2027 driven by the surging government funding for the intelligent monitoring of vehicles. The continuous surge in the number of road accidents given the violation of traffic rules worldwide has made way for the increase in security surveillance, as well as traffic enforcement applications. Rising preference for smart parking and the higher deployment of video analytics technology are other factors bolstering the product demand.
ANPR systems are highly accurate solutions that read the vehicle number plates without any human intervention. Constant advancements in recognition devices and digital cameras along with the expansion of the automobile sector will also result in market development. However, the rising inaccuracy and false-positive readings stemming from the systems may limit their adoption to a considerable extent.
Fixed automatic number plate registration system market size is set to show notable proceeds with growing adoption for traffic management and toll collection. On account of their benefits, like customization for any individual equipment, these systems are also extensively used by the security and defense forces.
The demand for portable ANPR systems will grow due to the rising obligation for the miniaturization of devices and the influx of Microelectromechanical Systems (MEMS) technology.
On the basis of components, the software segment will emerge as a profit-enhancing space for the ANPR system industry considering the growing deployment in mobile-based applications. The rising need for cloud-based software in the systems for effective and flexible data storage will positively impact the industry outlook.
The ANPR system market remuneration from the toll collection applications is anticipated to rise due to various benefits, including bi-directional operations and journey time monitoring solutions. Apart from being easy to install, integrate and operate, the systems offer average speed enforcement and higher speed number plate recognition. The rising adoption by road transport agencies for Electronic Toll Collection (ETC) is another major trend for the market expansion.
North America ANPR system market is likely to attain traction through 2027 on account of increasing penetration for numerous parking management purposes, including smart parking, and traffic surveillance. The robust rate of digitalization of traffic monitoring devices mainly on the highways, bridges, and tunnels, will drive the regional market growth.
Asia Pacific is expected to witness an increase in installation of automatic number plate registration systems owing to the rising deployment of the technology in commercial spaces. The swelling adoption of sophisticated security as well as surveillance technologies across various government, security, and law enforcement agencies will also favor the product penetration in APAC.
Genetec Inc, Digital Recognition Systems Ltd., PIPS Technology Ltd., Q-Free ASA, Bosch Security System Inc, NDI Recognition Systems LLC, and ARH Inc. are some of the major providers of automatic number plate registration systems across the globe.
These industry players are actively placing targeted efforts on marketing strategies, like production expansions, partnerships, and acquisitions along with technical innovations to proliferate their product base while extending their portfolio and global presence.
For instance, in May 2021, Genetec Inc. introduced AutoVu™ SharpZ, its gen-next mobile number plate recognition system to bring new degrees of insight in vehicle analytics, accuracy, and situational awareness. The novelty also helps to track different types of vehicles in parking lots and around the city.
Impact of the COVID-19 crisis on ANPR system market trends
The current coronavirus outbreak radically slowed down the global economic landscape as it posted significant personal life, health, and business impacts. The industry for automatic number plate registration systems observed a significant dip with the imposition of the trade and travel barriers. The demand for the systems, however, scaled up during the pandemic due to increasing utility by the police personal for reading the number plates in order to ensure the effectiveness of the essential travel rules.
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