The ANPR system market is expected to grow from USD 2.3 billion in 2020 to USD 3.8 billion by 2025, at a CAGR of 10.0%
The market growth can be attributed to several factors, such as deployment of ANPR systems in security and surveillance, and traffic enforcement applications, infrastructure growth in emerging economies, increasing allocation of funds by various governments for ITS, and so on.
New York, Dec. 30, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "ANPR System Market with COVID-19 Impact Analysis by Type, Application, Component And Geography - Global Forecast to 2025" - https://www.reportlinker.com/p05073754/?utm_source=GNW
However, inconsistency in number plate designs 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 labor 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.
*ANPR cameras to hold largest share of ANPR system market during forecast period*
ANPR cameras is currently holding the largest share in the ANPR system market.Rising incidents of vehicle thefts and increasing criminal activities have led to the growing demand for real-time identification and tracking systems in the transportation sector.
This is driving the growth of the ANPR system market for cameras.
*Traffic management application to dominate the market during forecast period*
On the basis of applications, the market is categorized into traffic management, law enforcement, electronic toll collection, parking management, and access control. The increasing adoption of vehicles and stringent government regulations for implementing electronic toll collection systems is driving the growth of the ANPR system market.
*APAC is expected to register highest CAGR in the market during the forecast period*
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.
*Breakdown of primary participants:*
• By Company Type: Tier 1 = 25%, Tier 2 = 35%, and Tier 3 = 40%
• By Designation: C-Level Executives = 35%, Directors = 25%, and Others = 40%
• By Region: North America = 14%, Europe = 43%, APAC = 29%, and RoW = 14%
Some of the major players in the ANPR system market include Kapsch TrafficCom AG (Austria), Conduent, Inc. (US), Q-Free ASA (Norway), Siemens AG (Germany), Genetec Inc. (Canada), and so on.
*Research Coverage:*
In this report, the ANPR system market has been segmented on the basis of type, component, application, and geography.The report also discusses the drivers, restraints, opportunities, and challenges pertaining to the market.
It gives a detailed view of the market across four main regions—North America, Europe, APAC, and RoW. Value chain analysis has been included in the report, along with the key players and their competitive analysis in the ANPR system ecosystem.
*Key Benefits to Buy the Report:*
• This report includes statistics for the ANPR system market based on type, component, application, and geography, along with their respective market sizes.
• Value chain analysis and key industry trends have been provided for the market.
• Major drivers, restraints, opportunities, and challenges for the ANPR system market have been provided in detail in this report.
• This report would help stakeholders to understand their competitors better and gain more insights to enhance their position in the market. The competitive landscape section includes the competitor ecosystem and the recent development strategies adopted by the key players in the market, such as product launches and developments, partnerships, and acquisitions.
Read the full report: https://www.reportlinker.com/p05073754/?utm_source=GNW
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