Global Automatic License Plate Recognition Market Size Forecast 2024 - 2033
23 Dec, 2024
What Is The Definition Of The Global 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.
Automatic License Plate Recognition Global Market Report 2024 provides data on the global automatic license plate recognition market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The automatic license plate recognition market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Automatic License Plate Recognition Market Size Expected To Change, And What Are The Growth Rate Projections?
The automatic license plate recognition market has grown significantly, reaching $8.00 billion in 2024 from $7.09 billion in 2023 at a CAGR of 12.8%. Historical growth has been driven by toll collection integration, traffic and parking management needs, theft prevention, and law enforcement requirements. The market is expected to grow to $13.16 billion by 2028 at a CAGR of 13.2%. Future growth will be propelled by infrastructure investments, regulatory mandates, 5G adoption, and demand for vehicle tracking. Trends include commercial application expansion, AI and machine learning integration, IoT integration, and smart city solutions.
Which Drivers Are Accelerating Growth In The Automatic License Plate Recognition Market?
The increasing need for traffic management is expected to propel the growth of the automatic license plate recognition market. Traffic management involves organizing and controlling the movement of vehicles and freight, which is becoming more crucial as traffic congestion rises and the need for safer transportation systems grows. Automatic license plate recognition systems are essential for monitoring traffic and enforcing laws, as they automatically capture and identify license plate numbers. With the combination of advanced traffic management solutions and automatic license plate recognition, road safety can be improved, and fatalities reduced. For example, the National Transportation Research (TRIP) reported a 19% increase in US road fatalities from 2020 to 2022. Therefore, the growing concern for traffic management is driving the growth of the automatic license plate recognition market.
Get Your Free Sample of the Global Automatic License Plate Recognition Market ReportWhat Are The Core Segments Of The Global 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
Which Emerging Trends Are Reshaping The Automatic License Plate Recognition Market Size?
Major players in the automatic license plate recognition market are focusing on the development of high-resolution cameras, like the Autovu Sharp V ALPR cameras, to increase market revenue. These cameras are designed with a high pixel count to produce clear and detailed images. For example, in August 2021, Genetec Inc., a software development company based in Canada, launched the next generation of Autovu Sharp V ALPR cameras. These cameras feature motorized lenses for easy deployment and support 4G, LTE, and GPS connectivity, ensuring they are future-proof. With machine learning-based ALPR and vehicle analytics, built-in illuminators, global shutters, and high-resolution sensors, SharpV cameras provide clear, accurate images in various conditions, reducing the need for multiple devices and lowering ownership costs.
What Is The Largest Region In The Automatic License Plate Recognition Market?
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.