Automatic Number Plate Recognition System Market Revenue to Attain USD 8.47 Bn by 2033

05 Dec 2024

Share :

Table of Content

1. Automatic Number Plate Recognition System Market Revenue and Trends 2023 to 2033 2. Market Overview 3. Report Highlights of the Automatic Number Plate Recognition System Market 4. Automatic Number Plate Recognition System Market Trends 5. Regional Insights 6. Automatic Number Plate Recognition System Market Coverage 7. Automatic Number Plate Recognition System Market News

Automatic Number Plate Recognition System Market Revenue and Trends 2023 to 2033

The automatic number plate recognition system market revenue is predicted to attain around USD 8.47 billion by 2033 from USD 3.79 billion in 2024, at a CAGR of 9.36% during the forecast period. The rising cases of road accidents, car theft, and speeding vehicles on crowded roads, which result in accidents, are driving the vehicle-detecting technology that boosts the growth of the automatic number plate recognition system market.

Market Overview

The automatic number plate recognition system is the technology that efficiently helps in managing effective traffic control management in the urban areas of the countries. The automatic number plate recognition system can be deployed in different settings, such as commercial buildings, traffic signals, national borders, and others. It is the modern technology that can detect speed and recognize the number plate in fast-moving vehicles, which makes it an ideal technology for the traffic management system.

Report Highlights of the Automatic Number Plate Recognition System Market

• By type, the fixed ANPR systems segment dominated the market in 2023. The fixed ANPR systems are permanently deployed in specific locations such as toll booths, traffic signals, and official areas to detect speed and unauthorized entry of vehicles.
• By type, the portable ANPR systems segment will grow rapidly in the market during the forecast period. These types of system are generally installed in the events and mobile operations and can be easily movable and uninstalled. 
• By component, the hardware segment led the global market in 2023. The hardware of the automatic number plate recognition system plays an significant role in improving the workflow, and efficient operations of the system. 
• By component, the software segment will grow at the fastest rate in the market during the predicted period. The integration of advanced or smart sensor technologies in the automatic number plate recognition system software is driving the demand for the automatic number plate recognition system market by the different end-use industries. 
• By application, the traffic management segment accounted for the largest share of the market in 2023. The automatic number plate recognition system is highly adopted by managing the traffic in urban areas; it can easily capture speed vehicles with its details, which makes it easier for officials to take action. 
• By application, the security & surveillance segment is expected to grow at the fastest rate in the market during the forecast period. The automatic number plate recognition system plays a crucial role in enhancing the security and surveillance of areas, buildings, or any other settings.
• By end-use, the government segment dominated the market in 2023. There are several leading governments that are imposing strict rules in road safety and security, which is driving the demand for the automatic number plate recognition system by the government sectors. 
• By end-use, the commercial segment is expected to show the fastest growth in the market during the predicted period. The increasing construction of commercial buildings with larger parking areas causes the demand for security systems that can authorize and detect vehicle identity, which is driving the demand for the automatic number plate recognition system by the commercial segment. 

Automatic Number Plate Recognition System Market Trends

Rising commercial buildings

The rapid growth in industrialization and commercialization worldwide, as well as the increasing construction of commercial buildings such as hospitals, shopping malls, retail buildings, office spaces, and other buildings with larger parking spaces, drives the demand for the automatic number plate recognition system market.

Demand from the government agencies

The rising demand for the automatic number plate recognition system market from various countries' government agencies, such as law enforcement agencies, road transportation authorities, and other government divisions for maintaining safety is driving the expansion of the market.

Technological advancements

The rising investment in the research and development activities by the leading automatic number plate recognition system market players for the expansion of technologies, innovations, and further launch of the products and services associated with increasing security management.

Regional Insights

North America dominated the automatic number plate recognition system market in 2023. The growth of the market is attributed to the rising urbanization and economic development in the countries, rising disposable income in the population, and the rising number of automobiles driving the demand for traffic management, security, and surveillance. The automatic number plate recognition system helps law enforcement agencies such as counter-terrorist units and local police departments maintain the security system.

Asia Pacific is expected to grow at the fastest rate in the automatic number plate recognition system market during the forecast period. The regional countries are seeing tremendous expansion in the population, and economic development is contributing to the rise in urbanization due to people moving towards the urban areas for employment, the standard of living, education, and others, which continuously increases the traffic conditions on the road which drives the demand for the technologically advanced traffic management system.

Automatic Number Plate Recognition System Market Coverage

Automatic Number Plate Recognition System Market News

• In June 2024, Srinagar launched the Intelligent Traffic Management System (ITMS) to enhance the efficient flow of traffic monitoring and management. The system includes red-light vibration detection (RLVD), automatic number plate recognition (ANPR), automatic identification, speed vibration detection, and other traffic and transport offenses.
• In October 2024, The Delhi government launched the Intelligent Traffic Management System (ITMS) to improve road safety and enhance traffic violation detection in the city. The system includes deep learning, AI, and Automatic Number Plate Recognition (ANPR) technology. 

Market Segmentation

By Type

• Fixed ANPR Systems
• Portable ANPR Systems

By Component

• Hardware
  • Anpr Computer/Processor
  • Camera
  • Frame Grabber
  • Relay Cards
  • Others
• Software
• Service
  • Installation and Deployment
  • Training and Consulting
  • Testing Service

By Application

• Security and Surveillance
• Toll Management
• Parking Management
• Traffic Management
• Others

By End-use 

• Government
• Commercial

Get this report to explore global market size, share, CAGR and trends, featuring detailed segmental analysis and an insightful competitive landscape overview@ https://www.precedenceresearch.com/checkout/5306

You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 804 441 9344