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How are market drivers shaping the future growth trajectory of the automatic license plate recognition industry?
The rising demand for traffic management is expected to propel the growth of the automatic license plate recognition market going forward. Traffic management refers to planning, controlling, and purchasing transport services needed to move vehicles and freight physically. The increase in demand for traffic management is fueled by the need to address traffic congestion, enhance mobility, and promote safer transportation networks. Automatic license plate recognition systems are crucial in traffic monitoring and enforcement, as they automatically capture and recognize license plate numbers. The combination of advanced traffic management solutions and automatic license plate recognition technology holds great promise for enhancing road safety and reducing the number of road fatalities. For instance, in June 2023, according to the Americas Traffic Safety Crisis Report published by National Transportation Research (TRIP), a US-based non-profit organization, the number of road fatalities in the United States climbed by 19% from 36,096 in 2020 to 42,795 in 2022. Further, the fatality rate per 100 million vehicle miles traveled in the US increased by 22%, from 1.11 in 2021 to 1.35 in 2022. Therefore, the rising concern for traffic management is driving the growth of the automatic license plate recognition market.
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What is the estimated market size of the automatic license plate recognition sector by 2029, based on current forecasts?
The automatic license plate recognition market size has grown rapidly in recent years. It will grow from $8 billion in 2024 to $9.08 billion in 2025 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to integration with toll collection, parking management needs, traffic management challenges, vehicle theft prevention, security concerns, law enforcement needs.
The automatic license plate recognition market size is expected to see rapid growth in the next few years. It will grow to $14.89 billion in 2029 at a compound annual growth rate (CAGR) of 13.2%. The growth in the forecast period can be attributed to growing investments in infrastructure, regulatory mandates for vehicle identification, focus on traffic congestion management, emergence of 5G networks, rising demand for vehicle tracking and recovery. Major trends in the forecast period include expansion in commercial applications, collaboration with automotive industry, focus on ai and machine learning, adoption of cloud-based, integration with IoT and smart city solutions.
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#Who are the top players in the automatic license plate recognition market?
Major companies operating in the automatic license plate recognition market are Siemens AG, Neology Inc., Motorola Solutions, Axis Communications, Verint Systems Inc., ParkingEye Limited, Vivotek, Genetec Technology, Kapsch TrafficCom, Bosch Security Systems, Euro Car Parks Limited (UK), GeoVision Inc., Senstar Technologies, TagMaster AB, Tattile S.r.l., NDI Recognition Systems, Quercus Technologies, Petards Group Plc, Shenzhen AnShiBao, Digital Recognition Systems Ltd., PlateSmart Technologies, Sighthound, Rekor Rank One Computing, NEXCOM, Flock Safety
#What are the major trends in the automatic license plate recognition market?
Major companies operating in the automatic license plate recognition (ALPR) market are focused on developing innovative products, such as mobile applications with license recognition technology to enhance operational efficiency and public safety. Mobile applications with license recognition technology assist law enforcement and security personnel in quickly identifying vehicles and accessing critical information to enhance public safety and improve response times. For instance, in October 2023, Flock Safety Inc., a US-based technology company, launched the Flock Safety Mobile App, which specializes in enhancing public safety and law enforcement efficiency through advanced technology. It integrates features such as real-time alerts for license plate recognition and audio detection, allowing officers to respond quickly to potential threats. The app provides immediate access to critical information, including vehicle details and crime-related audio clips, which helps in the rapid identification of suspects and situational awareness.
Which geography holds the highest automatic license plate recognition market share?
North America was the largest region in the automatic license plate recognition market in 2024. The regions covered in the automatic license plate recognition market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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How do different segments contribute to the overall expansion of the automatic license plate recognition market?
The automatic license plate recognition market covered in this report is segmented –
1) By Product: Mobile, Fixed, Portable
2) By Application: Traffic Management, Law Enforcement, Electronic Toll Collection, Parking Management, Other Applications
3) By End-User: Government, Commercial
Subsegments:
1) By Mobile: On-Vehicle ALPR Systems, Mobile Enforcement Units
2) By Fixed: Fixed Camera Systems, Fixed Roadside ALPR Units
3) By Portable: Handheld ALPR Devices, Portable Camera Units
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What defines the structure and scope of the automatic license plate recognition market?
Automatic number plate recognition (ANPR) refers to a technology that uses optical character recognition (OCR) to automatically detect, read, and interpret license plates on vehicles by automatically converting text in an image into a machine-readable format. It captures images of license plates, extracts the alphanumeric characters, and transforms them into text data that can be used for various applications such as law enforcement, parking management, toll collection, and traffic monitoring.
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