PUBLISHER: Grand View Research | PRODUCT CODE: 1587838
PUBLISHER: Grand View Research | PRODUCT CODE: 1587838
The global ANPR system market size is estimated to reach USD 6.37 billion by 2030, registering to grow at a CAGR of 9.3% from 2025 to 2030 according to a new report by Grand View Research, Inc. Advancements in traffic monitoring technologies have given rise to a mass surveillance technology that helps in capturing images of vehicles and identifying the license number. In addition, it can also facilitate in the detection of lost or stolen vehicles.
Governments around the globe are emphasizing on the development of smart cities. Under the umbrella of smart cities, the development of intelligent transportation systems is a major trend. Various governments are entering in partnerships with companies such as Honeywell International, Inc.; AT&T; Siemens; and IBM Corporation for the development of traffic management programs that bodes well for the market growth.Governments are focusing on the development of self-operated fuel stations and electric vehicle charging stations, especially in Europe. During day-time, petrol stations in many European countries such as U.K., Germany, and France are operated in self-service modes.
Overcrowded roads in the cities have put immense pressure on the civic bodies to develop technologically advanced solutions to deal with the road safety issues. This is a major factor instrumental for the implementation of automatic number plate recognition (ANPR) system for the monitoring of traffic violation and crime incidents. In recent years, there has been a rise in the number of automobile crimes such as vehicular homicide, carjacking, hit and run, and reckless driving that has forced the law enforcement agencies to adopt ANPR system for the recognition of vehicles. Moreover, excessive speed has been identified as a long-standing and significant contributing factor to accidents on roads worldwide. The use of speed cameras have certain limitations as they cannot accurately identify speeding vehicles. Hence, the need for advanced ANPR systems with analytical solutions are expected to drive the market over the forecast period.