CHICAGO, Dec. 17, 2020 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, the ANPR System Market is expected to grow from USD 2.3 billion in 2020 to USD 3.8 billion by 2025, at a CAGR of 10.0%. The market 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.
Fixed ANPR systems to account for the largest share of ANPR system market by 2025
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.
Traffic management application to dominate the market during forecast period
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.
Europe is leading the market for ANPR system in 2019
Europe held the largest share in the ANPR system market in 2019. In Europe, ANPR systems are widely used for law enforcement applications. The increasing government initiatives pertaining to the adoption of ITS and the growing population in this region are driving the need for an efficient transportation system, which, in turn, is fueling the growth of the ANPR system market.
Some of the key companies operating in the market are Kapsch TrafficCom AG (Austria), Conduent, Inc. (US), Q-Free ASA (Norway), Siemens AG (Germany), Genetec Inc. (Canada), and so on.
Intelligent Transportation System Market with COVID-19 Impact Analysis by Offering, System (Advanced Traffic Management System, ITS-Enabled Transportation Pricing System, and Others), Application, and Geography - Global Forecast to 2025
Electronic Toll Collection Market with COVID-19 Impact Analysis by Technology (RFID, DSRC, ANPR/ALPR, and Satellite-Based), Offering (Hardware, and Back Office and Other Services), Application, Type, and Region - Global Forecast to 2025
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