Market Size – USD 1.52 billion in 2018, Market Growth – CAGR of 2.98%, Market Trends – rising demand for IoT and IoT based products.
The Automated Barriers and Bollards Market is expected to grow from USD 1.52 billion in 2018 to USD 1.93 billion by 2026, at a CAGR of 2.98% during the forecast period. Rise in roadways construction due to urbanization, increase in number of toll booths in developed as well as developing countries, emergence of several smart city programs, rise in demand of Automatic Number Plate Recognition (ANPR) technology for vehicle surveillance and need for better crowd and parking management solutions, for preventing unauthorized access, e.g. avoiding burglars and thieves from entering into the property are some of the driving factors of the market.
High cost of deployment, maintenance & repair and lack of awareness regarding automated barriers and bollards may restrain the growth of the Automated Barriers and Bollards market.
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Further key findings from the report suggest
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For the purpose of this report, the market has been segmented on the basis of type, applications, and regional analysis.
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