The global automatic number plate recognition system market size is expected to reach USD 3.0 billion by 2025, registering a CAGR of 6.8% during the forecast period, according to a new report by Grand View Research Inc. Advancements in traffic monitoring technologies have given rise to a mass surveillance technology that helps in capturing images of vehicles and identifying the license number. In addition, it can also facilitate in the detection of lost or stolen vehicles.
Governments around the globe are emphasizing on the development of smart cities. Under the umbrella of smart cities, the development of intelligent transportation systems is a major trend. Various governments are entering in partnerships with companies such as Honeywell International, Inc.; AT&T; Siemens; and IBM Corporation for the development of traffic management programs that bodes well for the market growth. Governments are focusing on the development of self-operated fuel stations and electric vehicle charging stations, especially in Europe. During day-time, petrol stations in many European countries such as U.K., Germany, and France are operated in self-service modes.
Overcrowded roads in the cities have put immense pressure on the civic bodies to develop technologically advanced solutions to deal with the road safety issues. This is a major factor instrumental for the implementation of automatic number plate recognition (ANPR) system for the monitoring of traffic violation and crime incidents. In recent years, there has been a rise in the number of automobile crimes such as vehicular homicide, carjacking, hit and run, and reckless driving that has forced the law enforcement agencies to adopt ANPR system for the recognition of vehicles. Moreover, excessive speed has been identified as a long-standing and significant contributing factor to accidents on roads worldwide. The use of speed cameras have certain limitations as they cannot accurately identify speeding vehicles. Hence, the need for advanced ANPR systems with analytical solutions are expected to drive the market over the forecast period.
Further key findings from the report suggest:
- The portable ANPR systems segment is projected to emerge as the fastest-growing segment over the forecast period owing to the emergence of Microelectromechanical Systems (MEMS) technology that has led to the miniaturization of devices
- The software segment is anticipated to emerge as the fastest-growing segment as result of the advancements in cloud computing technology and increasing demand for mobile-based applications
- The toll collection application segment is expected to grow significantly over the forecast period as result of the growing demand for Electronic Toll Collection (ETC) from road transport agencies
- The Asia Pacific regional automatic number plate recognition (ANPR) system market is expected to witness highest CAGR over the forecast due to the growing emphasis of regional governments on expansion and digitalization of its road networks
- The key players in the market includes Robert Bosch GmbH; Siemens, ARH, Inc.; Axis Communications AB; Kapsch Group; Genetec Inc.; NDI Recognition Systems Ltd.; VAXTOR TECHNOLOGIES; Tattile srl, and Selex ES Inc.