Future Opportunities and Key Players of ANPR System Market

 The global ANPR system market is projected to reach USD 4.8 billion by 2027 from USD 3.1 billion in 2022; it is expected to register a CAGR of 9.2% from 2022 to 2027.

The major factors driving the growth of the ANPR system market include the increasing deployment of ANPR systems in security and surveillance and traffic management applications, infrastructure growth in emerging economies, increasing allocation of funds by various governments on ITS, and the growing use of video analytics technology for intelligent monitoring of vehicles. Additionally, the rapid surge in demand for smart parking solutions is a major driver for the growth of the ANPR system market.

The integration of advanced technologies such as IoT, Deep Learning, and AI with the ANPR system is promoting the growth of ANPR systems across applications such as access control and road usage charging. Growing number of infrastructure development projects across the world such as the Smart Cities mission and roadways modernization projects are promoting the growth of the ANPR system market. Moreover, surging use of video analytics technology for intelligent monitoring of vehicles is enhancing the growth of the ANPR system market.

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Based on type of ANPR system, mobile ANPR systems are expected to register the highest CAGR during the forecast period. Mobile ANPR systems are equipped with megapixel sensors, which enable them to capture images in any light condition. There is a rising global demand for mobile ANPR systems to be used for law enforcement applications. In several countries, such as the UK and the UAE, mobile ANPR systems are extensively used, where they are mounted on police vehicles and aid in identifying and categorizing vehicles by capturing images and processing them on a real-time basis. They are used to detect vehicles with tax or insurance violations, high-emission vehicles, stolen or unregistered vehicles, etc. Moreover, mobile ANPR systems are effectively used in other applications such as traffic monitoring and access control.

Based on component of ANPR systems, ANPR cameras held the largest share of the ANPR system market in 2021. 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. ANPR cameras are the prime components of ANPR systems and have the power to keep a strict watch on all the vehicles passing around. Technological advancements have resulted in all-in-one solution camera units, which can capture high-resolution images under any light conditions and process them simultaneously to provide insights on a real-time basis. Additionally, the integration of RFID and the provision of high-resolution sensors is promoting the growth of the ANPR camera market. Furthermore, the latest camera units are weather- and vandal-proof, resulting in increased demand.

Based on application of ANPR systems, traffic management applications held the largest share of the ANPR system market in 2021. Governments across the world are taking measures to modernize infrastructure, which has significantly increased road connectivity. In addition, the increasing potential of the automotive industry and the growing urbanization have resulted in a massive surge in the number of vehicles across the world, which, in turn, has led to severe traffic congestion. To effectively manage heavy traffic and to implement accurate monitoring of vehicles, there is a growing demand for ANPR systems. ANPR systems are used for several traffic management purposes such as red-light enforcement, speed detection & enforcement, and security & surveillance operations, etc.

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