Research Nester’s recent market research analysis on“Automatic Number Plate Recognition (ANPR) System Market: Global Demand Analysis & Opportunity Outlook 2035”delivers a detailed competitors analysis and a detailed overview of the global automatic number plate recognition (ANPR) system market in terms of market segmentation by type, software, application, end-user, and by region.
Growing Investments to Integrate Electronic Devices in Vehicles to Drive Growth of Global Automatic Number Plate Recognition (ANPR) System Market
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The global automatic number plate recognition (ANPR) system market is estimated to grow majorly on account of the increased production and sales of vehicles across the world. Furthermore, the need for advanced features in vehicles for enhancing the driving experience and in-vehicle safety is expected to increase the demand for automatic number plate recognition (ANPR) system in the forecast period. Also, the increased production rate of electric vehicles, connected cars, and smart vehicles is projected to bring in lucrative growth opportunities for market.
Some of the major growth factors and challenges that are associated with the growth of the global Automatic Number Plate Recognition (ANPR) System market are:
Growth Drivers:
· Surge in Government Support
· Rising Need Individualized Transportation System
Challenges:
Inaccuracy and misinterpretation of unclear characters on the number plate, resulting in false readings, and data privacy concerns providing less assurance on the security of the data captured and stored are some of the major factors anticipated to hamper the growth of the global Automatic Number Plate Recognition (ANPR) System market.
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By application, the global Automatic Number Plate Recognition (ANPR) System market is segmented into traffic management, law enforcement, electronic toll collection, parking management, access control, and others. Out of these, the traffic management segment is attributed to holding the largest share by the end of 2035. The major factor attributed to the growing segment is the rising concern of traffic congestion over the world which requires efficient systems such as automatic number plate recognition (ANPR) system.
By region, the North America automatic number plate recognition (ANPR) system market is to generate the highest revenue by the end of 2035 owing to rapid economic growth in the region, and increasing government initiatives towards adopting intelligent transportation systems, increasingly using sophisticated security and surveillance technologies. In addition, the escalating sale of vehicles along with the rising production of vehicles in the region is estimated to expand the market size in the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global automatic number plate recognition (ANPR) system market which includes company profiling of Kapsch TrafficCom AG, Siemens Mobility Global, Bosch Security Systems Ltd., Q-Free ASA, Genetec, Inc., Conduent, Inc., Motorola Solutions, Inc., Axis Communications AB, PIPS Technology (Neology, Inc.), Tattile s.r.l, and other key players.
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