ANPR System Market Trends, Top Companies, Share, Growth And Forecast 2033

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company presents an extensive market research report on the ANPR System Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

The anpr system market size has grown rapidly in recent years. It will grow from $2.55 billion in 2023 to $2.82 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to security and surveillance needs, traffic management solutions, counterterrorism measures, reduced hardware costs, government initiatives and funding.

The anpr system market size is expected to see strong growth in the next few years. It will grow to $4.04 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to emergence of smart tolling systems, privacy-compliant anpr solutions, focus on parking solutions in urban areas, security concerns and border control. Major trends in the forecast period include integration with smart cities initiatives, advancements in deep learning and ai, anpr in toll collection and parking management, cloud-based anpr solutions, vehicle access control systems.

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Key Market Players:

Major companies operating in the anpr system market report are Nedap N.V., Siemens AG, Panasonic Holdings Corporation, Leonardo S.p.A, Hangzhou Hikvision Digital Technology Co. Ltd., Vigilant Solutions LLC, Dahua Technology USA, Conduent Incorporated, Plate Recognizer, Axis communications AB, Jenoptik AG, Avigilon Corporation, Kapsch TrafficCom AG, Bosch Security Systems Inc., Perceptics LLC, Aimetis Corp., Genetec Inc., PIPS Technology Inc., Q-Free ASA, ACTi Corporation, Tagmaster AB, Pumatronix Equipamentos Eletronicos Ltda., Alnet Systems Inc., ELSAG North America LLC, ARTECO S.u.r.l., Digital Recognition Systems Ltd., Adaptive Recognition Inc., NDI Recognition Systems LLC.

Market Drivers:

The increasing incidents of road accidents are expected to propel the growth of the ANPR system market going forward. Road accidents refer to incidents or collisions that occur on public roads involving vehicles, pedestrians, cyclists, or any other road users. ANPR cameras can automate access control procedures, boost security, stop auto theft, and improve traffic flow. It fulfills the function of a traffic monitoring camera, reducing accidents and traffic congestion by reading license plates and issuing toll tickets. For instance, in May 2023, according to a report published by the Insurance Institute for Highway Safety, a US-based non-profit organization, a total of 42,939 people lost their lives in car accidents in the US in 2021. These fatalities happened in 39,508 collisions involving 61,332 vehicles. Therefore, the increasing incidents of road accidents are driving the growth of the ANPR system market.

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The anpr system market covered in this report is segmented -

1) By Type: Fixed ANPR Systems, Mobile ANPR Systems, Portable ANPR Systems
2) By Component: ANPR Cameras, ANPR Software, Frame Grabbers, Triggers, Other Components
3) By Application: Traffic Management, Law Enforcement, Electronic Toll Collection, Parking Management, Access Control
4) By End User: Government, Commercial, Institutions

The report answers the following questions:
What are the primary factors propelling the market during the projected period?

In which region is the most substantial growth expected?

Which trend will take center stage in the upcoming period?

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