The definition of ANPR systems for this market study is as follows: â€œANPR utilizes the optical character recognition technology to read the registration plates of vehicles. The license plate recognition technology, which primarily consists of software, is used to enable computer systems to automatically read the license number/registration numbers of vehicles from digital pictures. Two components are involved in ANPR systems: camera and software. Camera is used to detect passing vehicles, capture their images, and send the images to a computer for processing. Software is used to recognize the characters on the number plate and stores them in a database.â€ "
Visionary leaders are the leading players in the market having a robust service portfolio, a strong market presence, and also effective business strategies. These players have a broad product portfolio which enables to serve most of the regions all over the world. Visionary leaders primarily focus on acquiring the leading market position through their strong financial capabilities and well-established brand equity.
Companies under this quadrant are well-established vendors with strong business strategies such as industry coverage, inorganic growth, geographic reach, and technology innovation. However, they have a weaker product portfolio than the innovators in this matrix. They generally focus on a specific type of technology related to the product considered in this market.
The need for innovative technologies to modernize access control offerings has resulted in innovations in the access control market. Innovators demonstrate substantial product innovations compared with their competitors. These players have wide product portfolios. However, they lack effective growth strategies for their overall business.
Emerging players offer niche products and have gradually started gaining traction in the market. They lack effective business strategies, unlike other established players. These players are mostly the new entrants and require more time to gain market visibility.