Global ANPR Systems Growing At 10 Per Cent, APAC Fastest
The ‘ANPR System Market with COVID-19 Impact Analysis by Type – Global Forecast to 2025’ report from ResearchandMarkets has found the automatic numberplate recognition market is growing globally at a CAGR of 10.0 per cent.
The ANPR system market is expected to grow from $US2.3 billion in 2020 to $3.8 billion by 2025, with market growth attributed to several factors, such as deployment of ANPR systems in security and surveillance, and traffic enforcement applications, infrastructure growth in emerging economies, and increasing allocation of funds by various governments for ITS. However, inconsistencies in number plate design and misinterpretation of ambiguous characters on number plates are creating hurdles for the market.
The recent COVID-19 pandemic is expected to impact the global ANPR system market. Due to COVID-19, the manufacturing units of major players are highly hampered due to worldwide lockdown and limited availability of labour and raw material. This has resulted in a delay in ongoing transport projects to a greater extent. Some experts argue that the governments may rethink on their recently announced transport project plans to curb traffic congestion. However, they may come up with a revised plan in the next 6-8 months. It is likely that by 2021, the business and projects will see a smooth functioning once there is an ease in restrictions.
Among all regions, APAC is expected to register the highest growth in the ANPR system market during the forecast period. China, , Japan, India, and Rest of APAC are covered under the APAC ANPR system market analysis. The rising need for efficient traffic management is driving the growth of the market in this region. Traffic management has become crucial to support the ongoing business activities in the countries in APAC, such as India, Japan, South Korea, and China.
Some of the major players in the ANPR system market include Genetec, Kapsch TrafficCom AG, Conduent, Q-Free ASA and Siemens AG. (Canada).