ANPR Systems’ Market to reach $3.8 billion by 2025, research report reveals
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The market for ANPR systems is likely to grow from USD 2.3 billion in 2020 to USD 3.8 billion by 2025, at a CAGR of 10.0%, a recent market research report has been able to suggest.
The research paper, aptly titled “ANPR System Market with COVID-19 Impact Analysis by Type (Fixed, Mobile, Portable), Application (Traffic Management, Law Enforcement, Electronic Toll Collection, Parking Management, Access Control), Component, and Geography – Global Forecast to 2025”, points out that his level of growth can be attributed to several factors, such as the 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.
Based on the type, the ANPR system market has been divided into fixed, mobile, and portable. Fixed ANPR system held the highest share in 2019. The market growth can be attributed to the increasing demand for fixed ANPR systems for various applications, such as traffic management and toll collection. Mobile ANPR systems are widely used in police and law enforcement agencies to ensure proper security and surveillance.
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.
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