Global Automatic Number Plate Recognition Market to Rise thanks to Rising Demand for Advanced Security in Public Sector

Automatic number plate recognition (ANPR) is a systematic method of mass surveillance that is used to capture pictures and identify the registration number plates of vehicles. ANPR systems comprise of a user interface, high-speed cameras equipped with IR filters, application software, processors that are capable of executing optical character recognition, and an alert feature to inform operators in case of a match. Automatic number plate recognition systems can operate independently or can also be paired with existing closed-circuit televisions or traffic cameras that are used by several police forces around the world to detect and prevent criminal activities. ANPR systems are also used widely for electronic toll collection on highways for supervising traffic activities including speed enforcement and red light adherence. Moreover, these systems prove to be very useful in the tracking down stolen vehicles.

Global ANPR Market to Register Progressive 12.80% CAGR from 2015 to 2023

According to a new research study presented by Transparency Market Research, in 2014, the global automatic number plate recognition market was worth US$0.47 bn and is expected to be US$1.4 bn by the end of 2023. Hence, the market is projected to exhibit a 12.80% CAGR between 2015 and 2023.

Increased adoption in tolling applications and parking management is proving to be the major potential opportunity for ANPR market players. In addition, economic growth and rising investments in developing nations of Asia Pacific are the major factors propelling the ANPR market in the coming years. Increasing demand for advanced security in public sectors and increased use of ANPR systems for traffic management and enforcement are some of the driving factors that are expected to fuel this market between 2015 and 2023. On the flip side, rising intrusion on the privacy of the population and language constraints and non-uniformity in the design of number plates are some of the factors that are anticipated to hamper the growth of ANPR market in the near future.

Advanced and Integrated ANPR System: The Need of the Hour

Talking about the regional ANPR markets, Europe was dominant in 2014 and is anticipated to remain in that position, thanks to the high penetration of ANPR in various applications across European nations. Developing advanced and integrated ANPR systems with better reading capabilities is one of the key strategies used by the key players in order to sustain the stiff competition of this market. The ANPR market is extremely fragmented and the competition among market segment including ANPR component manufacturers, ANPR engine manufacturing, and system integrators is escalating. In the next few years, ANPR manufacturing companies in the global market are anticipated to expand their horizon in developing nations including India and China, owing to the rising ANPR adoption in these nations between 2015 and 2023. Some of the prominent companies operating in the global market for automatic number plate recognition include Tattile Srl, NDI Recognition Systems Ltd., Bosch Security Systems, PIPS Technology Ltd., and Genetec Inc.


Post a Comment

Note: only a member of this blog may post a comment.

Latest Post

Market Research Reports