ANPR systems are increasingly being adopted in traffic enforcement, detection, and prevention of crimes and access control in the public sector. Initiatives undertaken by governments to incorporate new technologies in order to ensure safety in the public sector is one of the key factors driving growth in the global automatic number plate recognition market.
Albany, NY -- (SBWIRE) -- 11/29/2016 -- 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.
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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.
Europe Leads Market as U.K. Remains the Hub of Technological Innovation for ANPR Systems
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.
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