Global ANPR System Market is Expected to Witness Prolific Demand: Projected to Grow at a CAGR of 6.7% in the Forecast Period
Published | 21 May 2021
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global ANPR System market was worth USD 2.67 billion in the year 2020. And it is estimated to grow at the CAGR of 11.6%, earning revenue of around USD 5.74 billion by the end of 2027. The increasing implementation of ANPR systems in security & surveillance and traffic management, as well as rising government initiatives in the installation of advanced technology for smart cities and developing infrastructure, are all contributing to market growth. However, inaccuracy of readings by ANPR systems may hamper the growth of the global ANPR system market.
Expanding use in the Security/Surveillance and Traffic Management Segment ANPR System Market Growth
Security & surveillance and the traffic management segments are huge consumers for the ANPR systems and its demand is estimated to proliferate in the forecast period as well. Several factors are increasing criminal cases, traffic rule violations, road accident frauds are demanding the installation of these systems for the management. These systems are capable of locating the exact locations of the vehicles which are stolen, have expired insurance, violated traffic rules, etc. Therefore, various countries, especially the developed ones like the US and UK are continuously adopting and installing fixed and mobile ANPR systems for security and surveillance, and traffic management purposes.
Rising Adoption of Cloud-Based Services Driving the ANPR System Market during the Forecast Period
Over the last few years, there has been a rapid increase in the use of cloud-based services. Cloud-based services enable data to be stored on the internet and accessed from anywhere in the world. The application of cloud storage in the ANPR systems enables the captured data to be stored directly on the cloud, which eliminates data loss or theft. Furthermore, cloud storage also means affordable storage services as less storage will be required. With all these factors contributing, the global ANPR system market is propelling at a very high rate.
Traffic Management Segment of the Global ANPR System Market Estimated to Flourish
In terms of end-user markets, the global ANPR systems are categorized into security and surveillance, toll management, parking management, traffic management, and others. The security and surveillance segment holds a major share in the market. With increased usage in traffic management, it is expected that these systems will gain considerable traction during the forecast period as well. The market for security and surveillance systems is also growing as a result of increased vehicle adoption, as well as government efforts to manage traffic and enforce rules and regulations. They are also increasingly being used to track traffic violations and crime incidents, which is fueling the segment’s growth.
Global ANPR System Market - Regional Insights
Geographically, the global ANPR system market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. Among these regions, Europe accounted for the largest share in the market both in terms of demand and supply due to its increasing adoption of ANPR systems for law enforcement purposes as well as the high concentration of manufacturing companies in this region. Furthermore, the demand for these systems is being fuelled by advanced transportation systems as a result of numerous government measures to handle the region's increasing population.
Impact of Covid-19 On The Global ANPR System Market
Several industries have been forced to suspend operations due to the COVID-19 outbreak and the ANPR system market is no exception. The outbreak of the COVID-19 pandemic had a severe negative impact on the global ANPR system market. The production of ANPR systems was temporarily halted due to strict lockdown measures. Since imports and exports were completely prohibited during the coronavirus-induced lockdown, the distribution system was severely disrupted, resulting in a drastic decrease in the production of ANPR systems, which implied that the limited ongoing demand could not be met.
Global ANPR System Market: Competitive Landscape
The leading players of the global ANPR system market are Jenoptik, Siemens, Kapsch TrafficCom, Sensys Gatso, Bosch Security Systems, Inc., Genetec Inc., PlateSmart Technologies, Vaxtor Technologies, Tensor PLC, A&H Software House, Inc. (Luxriot), ARH Inc., Globe Protection Ltd., CathexisVision, CORRIDA Technologies, and other prominent players. The presence of small and medium-sized enterprises is very high in this market. Thus, the established players in the ANPR system market are focusing on expanding their target consumers and increasing brand awareness by adopting various competitive strategies like partnerships, collaborations, mergers, etc.
Don’t miss the business opportunity of the global ANPR system market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global ANPR system market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global ANPR system market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solutions. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
Relevant Press Releases
- Gas Detection Device Market Analysis and Forecast to 2025 | 7.6% CAGR Projection over the Next Five Years
- Global Telecom Managed Services Market Gaining Momentum—Projected to Reach Worth USD 42.1 Billion in 2027
- Mexico Glycerine Market Research Report - Forecast to 2025
- Global Specialty Enzymes Market Accounted For $817 Million In 2019
- Global Virtual Sensors Market will boost by increasing adoption internet of things applications and cloud platform