Albany, NY -- (SBWIRE) -- 10/26/2016 -- Europe holds the leading share in the global automatic number plate recognition market as the U.K. is considered to be the home to the technological innovations in the ANPR technologies. The stringent traffic regulations and initiatives taken by governments to enhance the road safety for the citizens is also boosting the deployment of ANPR systems in this region. This trend is especially seen in countries such as the U.K., Italy, Germany, and France. Owing to these reasons the automatic number plate recognition market in Europe is estimated to reach US$451.4 mn by 2023, expanding at a CAGR of 10.1% in terms of revenue.

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.

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Automatic Number Plate Recognition Soars as Governments Step Up Security Standards

The growing pressure of congested roads on civic bodies and need to develop cities with technologically advanced solutions is leading to a positive adoption rate of automatic number plate recognition systems. The market for these systems is also witnessing a healthy expansion due to benefits offered by ANPR systems in curbing the number of road accidents. The initiatives taken by governments to increase the public safety by identifying criminals through number plates of their vehicles is also anticipated to boost the growth of the global automatic number plate recognition market.

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. The growing importance of traffic enforcement rules and regulations along with the need to step up security and surveillance techniques have provided a huge impetus to this market. However, the inability of automatic number plate recognition systems to read a range of languages, different fonts, font sizes, and designs is hampering the effectiveness of this technology. Furthermore, the limitation of these systems to identify the number plate through layers of dust is also challenging the market growth.

Adoption of ANPR Systems in Government Sector Holds Promise for the Global Market

Out of the various end users of ANPR systems, the government sector, which includes homeland security, traffic department, and defense, is the leading segment of the market. This segment is expected to prosper in the forecast period due to a high adoption rate of these systems in the police departments, government offices, public parking authorities, and traffic departments. However, the adoption of ANPR systems in commercial sectors is also expected to soar due to growing number of shopping malls, multiplexes, and other public utility spaces that will need improved security solutions in times to rising terror attacks.

Some of the leading players operating in the overall automatic number plate recognition market are NDI Recognition Systems Ltd., Vigilant Solutions Inc., Q-Free ASA, Genetec, Inc., Siemens AG, PIPS Technology Ltd., Tattile Srl, Vysionics Intelligent Traffic Solutions Ltd., and Bosch Security Systems. These players are emphasizing on the integration of ANPR engines and ANPR cameras to offer a thorough product to the consumers and to remain ahead in the competitive market. Product innovation such enhancing the night vision capabilities of the cameras will help the companies to stand out with their products in the overall market.