Global Automatic License Plate Recognition Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope
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.

Sizing and Forecast
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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Segmentation & Regional Insights
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

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.

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Major Driver Impacting Market Growth
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.

Key Industry Players
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

The automatic license plate recognition market report table of contents includes:
1. Executive Summary

2. Automatic License Plate Recognition Market Characteristics
3. Automatic License Plate Recognition Market Trends And Strategies
4. Automatic License Plate Recognition Market – Macro Economic Scenario
5. Global Automatic License Plate Recognition Market Size and Growth
   .
   32. Global Automatic License Plate Recognition Market Competitive Benchmarking
6. Global Automatic License Plate Recognition Market Competitive Dashboard
7. Key Mergers And Acquisitions In The Automatic License Plate Recognition Market
8. Automatic License Plate Recognition Market Future Outlook and Potential Analysis
9. Appendix

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