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Automatic Number Plate Recognition Market Worth More Than $1.4 Billion by 2023: Acumen Research and Consulting

By Globenewswire

PUNE, India, Dec. 07, 2017 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled ďAutomatic Number Plate Recognition (ANPR) Market (Application: Security and Surveillance, Vehicle Parking, Traffic Management, Toll Enforcement; End-user: Government, Commercial) Ė Global Industry Analysis, Market Size, Opportunities and Forecast, 2013-2023Ē, estimates that the global automatic number plate recognition market is projected to grow at a CAGR of around 13% during the period from 2015 to 2023 and generate a revenue of over $1.4 billion by 2023. Major factors responsible for driving the growth of this market include increasing adoption of ANPR systems in traffic enforcement and management, growing need for enhanced security in public sector, and increasing spending by governments in emerging economies on internal security. However, linguistic barriers and non-uniformity in the design of number plate are some major complications in designing the ANPR systems and posing a challenge for manufacturers. Adoption of ANPR in parking management and toll collection application could be a potential market area for manufacturers to target on.

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Europe is the largest market for automatic number plate recognition systems owing to the early adoption of this technology in the region. Stringent government regulations for speed enforcement and red light control in countries such as UK, Germany, France, and Italy have encouraged the adoption of ANPR systems, thus driving the market growth in the region. Presence of large number of ANPS manufacturers in the region such as ARH Inc., Q-Free ASA, and NDI Recognition Systems Inc. among others has further spurred the market growth and promoted consumer awareness. Presently, most countries in Europe have deployed ANPR technology, and as a result, the market for ANPR is increasing in Europe. Asia-Pacific is the fastest growing market for ANPR and the technology is deployed in countries such as China, India, Japan, Korea, Indonesia, and Australia. ANPR technology has been deployed in Japan for the past 10 years and is used for the purpose of calculating journey time. The market is in nascent stage in India; however, it is expected to grow considerably in coming years as state traffic department and highway authorities have initiated the process of deployment of ANPR systems. These systems are presently installed in Cities such as Delhi, Hyderabad, Jaipur, and Ludhiana among others for security and surveillance purpose. The market for ANPR in Asia-Pacific is anticipated to experience significant growth in the next few years, at a CAGR of more than 15% from 2015 to 2023 to reach an estimated value of over $350 million in 2023.

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The major applications of automatic number plate recognition include security and surveillance, traffic management, vehicle parking, and toll enforcement among others. Security and surveillance represents the largest application segment of ANPR market and are installed for safety and security at public places. ANPR cameras installed on streets or on police department vehicles capture images of vehicles and helps in real-time investigation of crime. The ANPR systems are also used for surveillance activities and enables matching, rapid recovery, identification and tracking of vehicles in real-time. The development of advanced information technologies has brought surveillance to a completely new and extended level of operation.

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The player profiled in the report include Bosch Security Systems, Inc., Q-Free ASA, ELSAG North America LLC, ARH, Inc., Genetec, Inc., PIPS Technology Ltd., Siemens AG, Tattile S.r.l., Vigilant Solutions, NDI Recognition Systems LLC, and Digital Recognition Systems, Ltd. among others. Mergers and acquisitions for innovation and new product development and partnership for enhancing product quality are some of the key strategies implemented by players operating in this market.

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Acumen Research and Consulting (ARC) is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.

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