Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 2.8 Billion | USD 5.2 Billion | 9.5% | 2020 |
FrequentlyAsked Questions
Authorities responsible for maintaining law & order in the country have started using ANPR systems extensively for surveillance purposes and are anticipated to propel the global market growth during the forecast period. Exhaustive investments for upgrading infrastructure are anticipated to become a key market growth driver during the forecast period. An increasing number of vehicles on the road across the globe has led to an increase in demand for ANPR systems to regulate traffic and is expected to lead the global ANPR system market during the forecast period. The addition of video analytics to ANPR system is projected to propel the global market growth during the forecast period.
According to Zion Market Research, the global ANPR system was at a market value of $2.8B in 2021 and is projected to grow over $5.2B by 2028 at a CAGR of 9.5% during the forecast period.
Europe is anticipated to dominate the global ANPR system market followed by North America during the forecast period. The government spends hefty amounts on traffic and security management in European territories and the use of the ANPR system has seen a growing trend over the years which assists in propelling the global market forward.
The global ANPR system is dominated by key players like Neology Inc., Vigilant Solutions Inc., Kapsch TrafficCom AG, Tattile SRL, Kasich TrafficCom AG, Conduent Inc., Genetec Inc., Bosch Security System, Inc., Financial Overview, 3M Company, ARH Inc., Jenoptik Group, Adaptive Recognition, NDI Recognition System Ltd., Bosch Group, Nedap, Captec Ltd., ClearView Communications, Q-Free ASA, Siemens AG, Vaxtor Technologies.
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