The automatic number plate recognition system market is estimated to generate USD 3,219.9 million in 2023, which will touch USD 6,010.8 million, propelling at a 9.5% compound annual growth rate, by 2030.
The growth of this industry is because of the increasing usage in agencies, such as parking, toll plazas, traffic management, and police force; the growing automotive sector; and the rising trend for pay-per-use roads.
Moreover, the high capital funding mainly in developing countries, coupled with the increasing acceptance of advanced systems and technology by different governments to control traffic, also boosts the industry.
In 2022, the fixed category, based on type, was the largest contributor to the industry, and it will remain the largest throughout this decade. This can be because of the increasing utilization of these systems for traffic management and the rising transformation in road infrastructure.
Moreover, this category is also driven by its high deployment in interstate areas and borders with heavy traffic, as well as the surging need for automated parking management systems.
In 2022, the government category, based on end user, led the industry, and it will remain leading throughout this decade. This can be because of the rising count of government infrastructural projects, coupled with the increasing acceptance of developed technologies by public safety agencies.
The commercial category, on the other hand, is likely to propel at a faster rate during this decade. This is mainly because of the increasing number of commercial complexes, luxury apartments, and shopping malls, where this technology is used for parking management.
In 2022, North America dominated the industry, and it will remain dominating throughout this decade. This can be because of the developments in current traffic control systems, the swift digitalization, and the increasing need for human-free involvement in traffic monitoring devices.
APAC is likely to propel at the fastest rate during this decade. This is because of the increasing urbanization rate; the easy accessibility of sensors employed in such systems; and the growing living standard along with rising per capita income.
With the rising growth in the automotive sector, the automatic number plate recognition system industry will continue to progress in the coming years.
