According to the research report, the global automatic number plate recognition market was valued at US$477.8 mn in 2014 and is expected to reach US$1,436.1 mn by 2023, expanding at a CAGR of 12.8% between 2015 and 2023.
Albany, NY -- (SBWIRE) -- 08/08/2016 -- The increasing need for smooth traffic management and minimizing the number of road accident cases has compelled vendors in global automatic number plate recognition (ANPR) market to innovate products. Transparency Market Research reports that manufacturers are focusing on integrating ANPR engines and ANPR cameras to offer holistic products to consumers.
The leading players in the global automatic number plate recognition market include PIPS Technology Ltd., NDI Recognition Systems, Ltd., Genetec, Inc., and Tattile Srl. These players are aiming at solving issues pertaining to security of the public sector by delivering systems and technologies that will help the police departments tracking suspicious vehicles. "Developing ANPR systems that have advanced night vision will help improve public safety and the shares of competitors in the market," says the author of this research report.
Rise in Road Accidents Lifts Demand for ANPR Systems
The unfortunate rise in the number of road accidents due to poorly managed traffic and the indiscipline of drivers on the road has resulted in a demand for solutions to curb the colossal chaos caused by vehicular inflow on the roads. Thus, regions across the globe are deploying technologies such as automatic number plate recognition (ANPR) to increase road safety and solving the issue of congestion on the roads. The advantages of these systems such as low-maintenance costs and the subsequent cost-effectiveness will encourage many nations to adopt automatic number plate recognition technologies. The data collected through these systems can also be assessed for red light control, journey time management, congestion charging and tolling, and speed control.
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The biggest boon on ANPR systems is being felt by police and security departments in identifying the vehicles used by criminals, in crime investigation, and for gathering intelligence. Thus, the need to strengthen the security standards in the public sector is also boosting the installations of automatic number plate recognition technologies across the globe. "The economic growth in countries of Asia Pacific such as China and India that favors technological developments will offer a plethora of opportunities for this market," reports the author of this research report.
Non-Uniformity in License Plates Hinders Market Growth
The biggest restraint in deployment of automatic number plate recognition technology is the non-uniformity of design and language used for making number plates. The automatic number plate recognition cameras are not yet designed to understand all languages, fonts, design, size, and text patterns. Furthermore, unkempt number plates that have layers of dust and grime remain illegible, thus compromising the effectiveness of this technology.
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Ambitious Traffic Management Initiatives Work in Favor of Europe ANPR Market
The analysts state that the opportunity in the global automatic number plate recognition market will be worth US$1,436.1 mn by 2023 as compared to US$477.8 mn in 2014. Between the forecast period of 2015 and 2023, this market will expand at a robust CAGR of 12.8%. This market will be led by the vehicle parking segment, which is expected to register a CAGR of 15.2% during the forecast period. The application for automatic number plate recognition will be the highest in Europe with the revenue touching US$451.4 mn by 2023. The demand for these solutions in Europe will increase as the region is focusing towards efficient traffic management.
This review is based on Transparency Market Research's report, titled "Automatic Number Plate Recognition (ANPR) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023."
-Global automatic number plate recognition market to reach US$1,436.1 mn by 2023
-Vehicle parking segment is expected to register a CAGR of 15.2% between 2015 and 2023
-Europe to remain leader in overall market due to increasing focusing on traffic management
This report analyzes the global automatic number plate recognition market in terms of revenue (USD million). The market has been segmented as follows:
Automatic Number Plate Recognition (ANPR) Market, by Application:
-Security and Surveillance
-Red Light Control
Automatic Number Plate Recognition (ANPR) Market, by End-users:
-Entertainment and Recreation Facilities (Shopping Centers, Multiplexes and Others)
-Dedicated Car Parks
Automatic Number Plate Recognition (ANPR) Market, by Geography:
-Middle East & Africa (MEA)
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