The global automatic number plate recognition system market size is expected to reach USD 3.0 billion by 2025, registering a CAGR of 6.8% during the forecast period, 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.
Further key findings from the report suggest:
- The portable ANPR systems segment is projected to emerge as the fastest-growing segment over the forecast period owing to the emergence of microelectromechanical systems (MEMS) technology that has led to the miniaturization of devices
- The software segment is anticipated to emerge as the fastest-growing segment as result of the advancements in cloud computing technology and increasing demand for mobile-based applications
- The toll collection application segment is expected to grow significantly over the forecast period as result of the growing demand for Electronic Toll Collection (ETC) from road transport agencies
- The Asia Pacific regional automatic number plate recognition (ANPR) system market is expected to witness highest CAGR over the forecast due to the growing emphasis of regional governments on expansion and digitalization of its road networks
- The key players in the market includes Robert Bosch GmbH; Siemens, ARH, Inc.; Axis Communications AB; Kapsch Group; Genetec Inc.; NDI Recognition Systems Ltd.; VAXTOR TECHNOLOGIES; Tattile srl, and Selex ES Inc.
Access full research report on global automatic number plate recognition system market: www.grandviewresearch.com/industry-analysis/automatic-number-plate-recognition-systems-market
Industry Outlook and Trend AnalysisThe Microelectromechanical System (MEMS) Market has encountered significant development over the recent years and is anticipated to grow tremendously over the forecast period.
This innovation is utilized to manufacture sensors, for example, gyroscopes, accelerometers, computerized compasses, pressure sensors, inertial modules, moistness sensors, and microphones.Drivers and RestraintsImpending need of device scaling down in different electronic gadgets, for example, cell phones, wearable devices, restorative instruments, and other electronic devices fuel the development of the MEMS market.
The interest for these devices is on a persistent ascent with the decrease in normal selling costs (ASPs) and increment in advantages of MEMS devices, for example, minimal effort, less space utilization, and high exactness.Get Enquiry More About This Report: http://marketgrowthanalysis.com/reports/sample/287Microelectromechanical System (Mems) Market Segments:By TypeSensorsInertial SensorsPressure SensorsOptical SensorsEnvironment SensorsUltrasonic SensorsActuatorsOptical MEMSMicrofluidicsRF MEMSOthers (Microspeakers, Ultrasonic Finger Prints)By ApplicationConsumer ElectronicsAutomotiveIndustrialAerospace & DefenseHealthcareTelecommunicationOthersMicroelectromechanical System Mems Market analysis by RegionNorth America Region (U.S., Canada, Mexico)Europe Region (Germany, UK, France, Russia, Italy, Rest of Europe)Asia-Pacific Region (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)South America Region (Brazil, Argentina, Columbia, Rest of South America)The Middle East & Africa Region (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)Get Request For Discount: http://marketgrowthanalysis.com/reports/enquiry/287The global microelectromechanical system market is analyzed by type, application, and region.
Based on system type, the market is analyzed across sensors and actuators.
The sensor type is further bifurcated into inertial sensors, pressure sensor, optical sensors, environment sensors, and ultrasonic sensors.
Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA along with their prominent countries.The key MEMS market leaders profiled in the report include Panasonic Corporation, Robert Bosch GmbH, STMicroelectronics N.V., Texas Instruments, Analog Devices Inc., Broadcom, Denso Corporation, HP Inc., NXP Semiconductors, and Knowles Corporation.
The global microelectromechanical system (MEMS) sensor market was valued at $25.7 million in 2018, and is projected to reach $60.6 million by 2026, registering a CAGR of 10.4% from 2019 to 2026.
Furthermore, emerging trends toward autonomous vehicles and increase in adoption of MEMS sensor in biomedical sector are expected to offer lucrative opportunities for MEMS sensor market expansion.Microelectromechanical System (MEMS) Sensor MarketBy TypeOptical Sensor segment is projected as one of the most lucrative segments.Get more information on this report : Request Sample PagesSegmentationThe global MEMS sensor market share is analyzed by type, application, and region.
Based on type, the market is analyzed across inertial sensors, pressure sensor, optical sensor, environment sensor, and ultrasonic sensor.
These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaboration to enhance their market penetration.Top Impacting FactorsThe factors such as rise in demand for wireless sensors, development of trends of sensors in automotive industry, increase in popularity of IoT in sensors, high cost, and increase in adoption of MEMS sensor in biomedical sector are expected to significantly affect the growth of the global MEMS sensor market.
Vehicle safety issues have led vehicle manufacturers to adopt smart sensors at a high rate, such as in airbags for safety.
This factor is expected to drive the growth of the global MEMS sensor market size.Request for Report Discount :https://www.trendsmarketresearch.com/report/discount/13361 Microelectromechanical System (MEMS) Sensor MarketBy ApplicationConsumer Electronics segment is expected to secure leading position during forecast period.Get more information on this report : Request Sample PagesHigh CostThe addition of sensors helps increase automation in electronic devices; however, it incurs an extra cost.
