Automatic Number Plate Recognition (ANPR) System Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Automatic Number Plate Recognition (ANPR) System Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Automatic Number Plate Recognition (ANPR) System Market

The automatic number plate recognition (ANPR) system market size was valued at USD 2.79 billion in 2023, and the market is now projected to grow from USD 2.96 billion in 2024 to USD 5.95 billion by 2032, exhibiting a CAGR of 9.1% during the forecast period of 2024-2032.

The surge in COVID-19 instances brought about brief shutdowns in several sectors global, excluding healthcare, to lower the virus unfold. This halt in manufacturing and operations disrupted global deliver chains, significantly affecting logistics and inventories. Consequently, there has been an exquisite increase inside the cost of raw materials. These disruptions had lasting effects on the financial system.

The upward thrust in road site visitor’s violations and fatalities is fueling the growth of the automatic number plate popularity (ANPR) system market. This generation successfully detects violations using optical individual popularity to capture and save license plate records. Increased government efforts to beautify street protection laws are expected to similarly pressure marketplace growth.

The integration of ANPR era in clever parking structures is transforming urban parking by means of supplying actual-time monitoring of motors and spaces. This reduces congestion and simplifies parking. Increased consciousness among clients and assets owners is driving better adoption of ANPR cameras in parking management. This trend is anticipated to boost market penetration of the generation.

Comprehensive Analysis of Automatic Number Plate Recognition (ANPR) System Market

The automatic number plate recognition (ANPR) system market growth is rising at an exponential rate due to its market segmentation. This marketplace growth correctly provides an in-depth regional check considering the dominant deliver and call for forces that effect the enterprise. These segmentations are methodically segregated by component analysis, by type analysis, by application analysis. By component analysis include, hardware, and software. By type analysis include, mobile and fixed. By application analysis include, law enforcement, traffic management, toll collection, and others.

The Asia Pacific region lead the automatic number plate recognition (ANPR) system market share by benefitting a market size of USD 1.12 billion in 2023 due to developing shift of population in tier 1 and tier 2 towns because of better employment quotes and better fine of residing has resulted in street congestion.

The pinnacle gamers in the market play a vital position in the enterprise assuring marketplace boom and putting market standards. These players include Hikvision (China), Axis Communications AB (Sweden), Zhejiang Dahua Technology Co., Ltd. (China), Hanwha Group (China), Siemens AG (Germany), Motorola Solutions, Inc. (U.S.), Efkon (India), Omniq Corp (U.S.), IntelliVision (U.S.), and Smart Parking Inc. (U.K.) these market players provide a level-playing competitive landscape.

In September 2023, Hikvision introduced two advanced 7-Series LPR Dome Cameras and a 4 MP LPR Bullet Solar-Powered Camera Kit, suitable for diverse applications from farms to parking lots.

Segmentation Table

Attribute Details

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 9.1% from 2024 to 2032

Unit Value (USD Billion)

Segmentation By Component

Hardware

Software

By Type

Mobile

Fixed

By Application

Law Enforcement

Traffic Management

Toll Collection

Others

By Geography

North America (By Component, Type, and Application)

- U.S. (By Component)

- Canada (By Component )

- Mexico (By Component )

Europe (By Component, Type, and Application)

- U.K. (By Component)

- Germany (By Component)

- France (By Component)

- Rest of Europe (By Component)

Asia Pacific (By Component, Type, and Application)

- China (By Component)

- Japan (By Component)

- India (By Component )

- South Korea (By Component )

- Rest of Asia Pacific (By Component)

Rest of the World (By Component, Type, and Application)


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