openPR Logo
Press release

Automatic License Plate Recognition Market Report 2024-2033: Trends, Size & Competitive Landscape

Automatic License Plate Recognition Market Report 2024-2033:

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Automatic License Plate Recognition Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $13.16 Bn In 2028 At A CAGR Of 13.2% :

The automatic license plate recognition market size has grown rapidly in recent years. It will grow from $7.09 billion in 2023 to $8.00 billion in 2024 at a compound annual growth rate (CAGR) of 12.8%. The growth in the historic period can be attributed to integration with toll collection, parking management needs, traffic management challenges, vehicle theft prevention, security concerns, law enforcement needs.

The automatic license plate recognition market size is expected to see grown rapidly in the next few years. It will grow to $13.16 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. The growth in the forecast period can be attributed to growing investments in infrastructure, regulatory mandates for vehicle identification, focus on traffic congestion management, emergence of 5G networks, rising demand for vehicle tracking and recovery. Major trends in the forecast period include expansion in commercial applications, collaboration with automotive industry, focus on ai and machine learning, adoption of cloud-based, integration with IoT and smart city solutions.

Request A Sample Of This Report - https://www.thebusinessresearchcompany.com/sample.aspx?id=14640&type=smp

Automatic License Plate Recognition Market Major Segments
The automatic license plate recognition market covered in this report is segmented -

1) By Product: Mobile, Fixed, Portable
2) By Application: Traffic Management, Law Enforcement, Electronic Toll Collection, Parking Management, Other Applications
3) By End-User: Government, Commercial

Key Driver - Driving Forces Behind The Growth Of The Automatic License Plate Recognition Market In Traffic Management

The rising demand for traffic management is expected to propel the growth of the automatic license plate recognition market going forward. Traffic management refers to planning, controlling, and purchasing transport services needed to move vehicles and freight physically. The increase in demand for traffic management is fueled by the need to address traffic congestion, enhance mobility, and promote safer transportation networks. Automatic license plate recognition systems are crucial in traffic monitoring and enforcement, as they automatically capture and recognize license plate numbers. The combination of advanced traffic management solutions and automatic license plate recognition technology holds great promise for enhancing road safety and reducing the number of road fatalities. For instance, in June 2023, according to the Americas Traffic Safety Crisis Report published by National Transportation Research (TRIP), a US-based non-profit organization, the number of road fatalities in the United States climbed by 19% from 36,096 in 2020 to 42,795 in 2022. Further, the fatality rate per 100 million vehicle miles traveled in the US increased by 22%, from 1.11 in 2021 to 1.35 in 2022. Therefore, the rising concern for traffic management is driving the growth of the automatic license plate recognition market.

Customise This Report As Per Your Requirements - https://www.thebusinessresearchcompany.com/Customise?id=14640&type=smp

Prominent Trend - Technological Advancements In Automatic License Plate Recognition

Major companies operating in the automatic license plate recognition market are focused on developing high-resolution cameras, such as Autovu Sharp V ALPR (automatic license plate recognition) cameras, to boost revenue in the market. Autovu Sharp V ALPR cameras are high-resolution cameras with a high pixel count that allows for creating images with significant clarity and detail. For instance, in August 2021, Genetec Inc., a Canada-based software development company, launched the next generation of Autovu Sharp V ALPR (automatic license plate recognition) cameras. The next generation features motorized lenses for simple deployment and incorporates 4G, LTE, and GPS, providing a future-proof fixed solution. SharpV's machine learning-based ALPR and vehicle analytics on the edge, along with its built-in illuminators, global shutter, and high-resolution sensors, ensure high performance in a variety of conditions to provide clear, accurate images day or night and across multiple lanes, minimizing the need for multiple devices and lowering the total cost of ownership.

Automatic License Plate Recognition Market Players
Major companies operating in the automatic license plate recognition market are Siemens AG, Neology Inc., Motorola Solutions, Axis Communications, Verint Systems Inc., ParkingEye Limited, Vivotek, Genetec Technology, Kapsch TrafficCom, Bosch Security Systems, Euro Car Parks Limited (UK), GeoVision Inc., Senstar Technologies, TagMaster AB, Tattile S.r.l., NDI Recognition Systems, Quercus Technologies, Petards Group Plc, Shenzhen AnShiBao, Digital Recognition Systems Ltd., PlateSmart Technologies, Sighthound, Rekor Rank One Computing, NEXCOM, Flock Safety

View The Full Report Here - https://www.thebusinessresearchcompany.com/report/automatic-license-plate-recognition-global-market-report

Largest And Fastest Growing Region In The Market
North America was the largest region in the automatic license plate recognition market in 2023. The regions covered in the automatic license plate recognition market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automatic License Plate Recognition Market Report Structure
3. Automatic License Plate Recognition Market Trends And Strategies
4. Automatic License Plate Recognition Market - Macro Economic Scenario
5. Automatic License Plate Recognition Market Size And Growth
…..
27. Automatic License Plate Recognition Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ "

Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Automatic License Plate Recognition Market Report 2024-2033: Trends, Size & Competitive Landscape here

News-ID: 3504460 • Views:

More Releases from The Business research company

Server Operating System Market Report 2024-2033: Size, Share, Growth, Trends, Analysis, Demand, Forecast, Key Players
Server Operating System Market Report 2024-2033: Size, Share, Growth, Trends, An …
The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033. Server Operating System Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance. The Market Size Is Expected To Reach $110.27 billion In
Safety Light Curtain Market Report 2024-2033: Size, Share, Growth, Trends, Analysis, Outlook, Competitive Landscape
Safety Light Curtain Market Report 2024-2033: Size, Share, Growth, Trends, Analy …
The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033. Safety Light Curtain Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance. The Market Size Is Expected To Reach $2.41 billion In
Regenerated Cellulose Market Report 2024-2033: Size, Share, Growth, Trends, Analysis, Demand, Forecast, Key Players
Regenerated Cellulose Market Report 2024-2033: Size, Share, Growth, Trends, Anal …
The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033. Regenerated Cellulose Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance. The Market Size Is Expected To Reach $23.15 billion In 2028
Propanol Market Report 2024-2033: Size, Share, Growth, Trends, Analysis, Outlook, Competitive Landscape
Propanol Market Report 2024-2033: Size, Share, Growth, Trends, Analysis, Outlook …
The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033. Propanol Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance. The Market Size Is Expected To Reach $47.08 billion In 2028 At A

All 5 Releases


More Releases for Recognition

Digital Door Lock System Market by Region - North America, Latin America, Europe …
According to recently published report by Fact.MR, the global digital door lock system market is projected to grow at a CAGR of 30.8% in terms of value during the period 2017-2026. In terms of volume, the market is anticipated to record sales of nearly 80,000 thousand units by 2026-end. There has been a significant increase in the number of manufacturing sites along with growing pace of industrialization across the globe in
Digital Door Lock Systems Market Report 2018: Segmentation by Type (Biometrics ( …
Global Digital Door Lock Systems market research report provides company profile for Cisco Systems, Inc., Onity Inc., ADT Inc., Assa Abloy Group, Vivint, Inc., Allegion PLC, Godrej & Boyce Manufacturing Co. Ltd., Honeywell International Inc., Panasonic Corporation, Johnson Controls and Others. This market study includes data about consumer perspective, comprehensive analysis, statistics, market share, company performances (Stocks), historical analysis 2012 to 2017, market forecast 2018 to 2025 in terms of
Universal $12 Bn Healthcare Biometrics Market | By Technology | Face Recognition …
A Research Study Titled, “Healthcare Biometrics Market by Technology, Application, and End User - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the healthcare biometrics market is projected to be around $12 billion by 2025. Healthcare Biometrics - Competitive Analysis: Technological collaborations and mergers will drive the market during the forecast period. For instance, in September 2015, Qualcomm Inc. announced the collaboration between Qualcomm Life, Inc.
Global Face Recognition Ststems Market by Type - 2D Face Recognition, 3D Face Re …
Researchmoz added Most up-to-date research on "Global Face Recognition Ststems Market by Type - 2D Face Recognition, 3D Face Recognition and Thermal Face Recognition" to its huge collection of research reports. This report studies the global Face Recognition Ststems market, analyzes and researches the Face Recognition Ststems development status and forecast in United States, EU, Japan, China, India and Southeast Asia. This report focuses on the top players in global market,
Facial Recognition Technology Market Including Vein Recognition, Fingerprint Rec …
The main service areas in the financial services industry cover mainly financial transactions and financial management. It requires strict security for the transactions conducted by both service providers and their clients. Hence, there is an evident demand for stricter identification verification. In recent years, more and more financial services providers have incorporated biometric authentication technologies into their financial services, including vein recognition, fingerprint recognition, iris recognition, and facial recognition. Particularly,
Military Biometrics Market By Type - Fingerprint Recognition, Facial Recognition …
Researchmoz added Most up-to-date research on "Military Biometrics Market By Type - Fingerprint Recognition, Facial Recognition, and Iris Recognition" to its huge collection of research reports. Biometric systems are becoming increasingly popular in wearable devices such as smart watches, eye glasses and fitness bands. These devices are equipped biometric identification capabilities such as heart rate sensors and blood pressure monitors. Furthermore, the wearable devices are also used for authentication purposes. Similarly,