Automatic Number Plate Recognition System Market to Exhibit a Remarkable CAGR of 7.30% by 2029, Size, Share, Trends, Key Drivers, Demand, Opportunity Analysis and Competitive Outlook

Data Bridge Market Research analyses that the automatic number plate recognition market would exhibit a CAGR of 7.30% for the forecast period of 2022-2029. Growing number of passengers cars on the roads especially in the developing economies, increased focus towards strengthening the security systems, growth and expansion of automotive industry especially in the developing economies and rising number of road accidents, signal breaks and other such incidents on the roads are the major factors attributable to the growth of automatic number plate recognition market. Therefore, the market value would rocket up to USD 4.74 billion by 2029.

Market Definition:

From the name itself, it is clear that automatic number plate recognition system is a technology that is installed on the roads at designated places to identify the number of the plate and identify the owner of it when required. In other words, the automatic number plate recognition systems are used for mass surveillance that allows optical character recognition and capturing the images.

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Some of the major players operating in the automatic number plate recognition market are Kapsch TrafficCom AG, Conduent, Inc., Q-Free ASA., Siemens, Genetec Inc., Adaptive Recognition Inc., Neology Inc., Vigilant Solutions., Bosch Security Systems, LLC., Tattile s.r.l., Digital Recognition Systems Ltd., NDI Recognition Systems., Axis Communications AB, Vaxtor Ltd, Leonardo USA, Northrop Grumman Corporation, Lockheed Martin Corporation, Thales Group, Raytheon Company and Honeywell International, Inc., among others.

Competitive Landscape and Automatic Number Plate Recognition System Market Share Analysis:

The automatic number plate recognition market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to automatic number plate recognition market.

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