Automatic License Plate Recognition Market Statistics, Overview And Forecast 2024 – 2033

The automatic license plate recognition global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Automatic License Plate Recognition Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size –
The automatic license plate recognition market size has grown rapidly in recent years. It will grow from $7.09 billion in 2023 to $8.00 billion in 2024 at a compound annual growth rate (CAGR) of 12.8%.  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 grown rapidly in the next few years. It will grow to $13.16 billion in 2028 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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Scope Of Automatic License Plate Recognition Market
The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Automatic License Plate Recognition Market Overview

Market Drivers –
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.

Market Trends –
Major companies operating in the automation center of excellence market are focused on developing new technologies, such as automation cloud robots, to gain a competitive edge in the market. Automation Cloud Robots offer organizations a powerful tool for streamlining operations, increasing efficiency, reducing errors, and freeing up human employees to focus on more value-added tasks. For instance, in May 2022, UiPath Inc., a US-based robotic process automation company, launched Next-Gen UiPath Automation Cloud Robots. This allows customers to deploy unattended robots instantly without IT, resources, or infrastructure and will allow the robots to leverage the benefits of cloud resources for improved performance and functionality.

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

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Regional Insights –
North America was the largest region in the automatic license plate recognition  market in 2023. 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.

Key Companies –
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

Table of Contents
1. Executive Summary
2. Automatic License Plate Recognition Market Report Structure
3. Automatic License Plate Recognition Market Trends And Strategies
4. Automatic License Plate Recognition Market – Macro Economic Scenario
5. Automatic License Plate Recognition Market Size And Growth
…..
27. Automatic License Plate Recognition Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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