The global automatic number plate recognition (ANPR) market is projected to reach a value of US$ 5 Bn by 2030. The automatic number plate recognition (ANPR) market is projected to expand at a CAGR of ~9% from 2020 to 2030. The expansion of the automatic number plate recognition (ANPR) market can be attributed to increasing adoption of ANPR systems for traffic enforcement and management, and rising demand for superior security in the public sector. Europe is anticipated to lead the global automatic number plate recognition (ANPR) market in terms of revenue, followed by North America during the forecast period.
Want to know the obstructions to your company’s growth in future? Request a brochure @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=2913
Increasing Adoption of Automatic Number Plate Recognition in Parking Management and Tolling Applications: Opportunity for Market
The automatic number plate recognition (ANPR) market has experienced double-digit growth in the past few years, owing to heavy penetration of ANPR systems in security, surveillance, and traffic enforcement applications. The application of ANPR systems in both government and commercial sectors for vehicle parking has increased in recent years, and this segment is expected to offer potential opportunities in the near future. The expansion of the vehicle parking segment is primarily witnessed in North America, where ANPR is widely used in parking management applications such as parking toll collection and vehicle security.
The adoption of the ANPR technology for vehicle parking management applications is also increasing due to extensive adoption of the technology in commercial spaces across Europe, Asia Pacific, and the Middle East.
Automatic Number Plate Recognition (ANPR): Market Segmentation
The global automatic number plate recognition (ANPR) market has been segmented based on component, application, type, end user, and region. In terms of component, the automatic number plate recognition (ANPR) market has been segmented into hardware (ANPR cameras, frame grabbers, and others [illuminators, sensors, etc.]), and software (standalone ANPR software, standalone make & model recognition [MMR] software, and integrated software). In terms of application, the automatic number plate recognition (ANPR) market has been divided into security & surveillance, vehicle parking, traffic management, toll enforcement, and others. Based on type, the automatic number plate recognition (ANPR) market has been segmented into static ANPR systems, and portable ANPR systems. The end user segment of the automatic number plate recognition (ANPR) market has been bifurcated into government (homeland security, traffic department, defense, and others) and commercial (dedicated car parks, entertainment & recreation facilities, and others).
Automatic Number Plate Recognition (ANPR) Market: Regional Outlook
In terms of region, the global automatic number plate recognition (ANPR) market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Europe dominates the global automatic number plate recognition (ANPR) market and accounted for 35.7% share at the end of 2019. It is likely to maintain its dominance during the forecast period. The automatic number plate recognition (ANPR) market in Europe is expected to reach US$ 1,392.2 Mn by the end of 2030. The automatic number plate recognition (ANPR) market in North America, Asia Pacific, Middle East & Africa, and South America is projected to expand moderately during the forecast period.
Purchase Premium Research Report @ https://www.transparencymarketresearch.com/checkout.php?rep_id=2913<ype=S
The report provides in-depth segment analysis of the global automatic number plate recognition (ANPR) market, thereby providing valuable insights at macro as well as micro levels. The analysis of major countries, which offer considerable opportunities or account for a significant share has also been included as part of geographic analysis of the automatic number plate recognition (ANPR) market.
Automatic Number Plate Recognition (ANPR) Market: Competition Dynamics
The research study includes profiles of leading companies operating in the global automatic number plate recognition (ANPR) market. Key players profiled in the report include ARH Inc., Beltech BV, Bosch Security System, COBAN Technologies, Inc., Digital Recognition Systems Ltd., Euro Car Parks Limited, and others.
Read Our Trending Press Release Below: https://www.prnewswire.com/news-releases/prospering-automotive-industry-to-paint-strokes-of-growth-across-automotive-head-up-display-hud-market-during-assessment-period-of-2020-2030-tmr-301183538.html
