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Automatic Number Plate Recognition (ANPR) Market to reach US$1.4 bnat a CAGR of 12.8% by 2023: Transparency Market Research

Albany, NY, March 09, 2016 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research “Automatic Number Plate Recognition (ANPR) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023,”the global automatic number plate recognition market is forecast to reach US$1.4 bn by 2023. The key factors driving the growth of this market include increased adoption in traffic enforcement and surveillance applications and increasing trend of ANPR integration with other systems such as CCTV cameras. However, factors such as non-uniformity in the design of number plates are restraining the market growth. In the coming years, the demand for ANPR from vehicle parking management application is expected to increase, offering potential market growth opportunities.

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The global automatic number plate recognition (ANPR) market was valued at over US$0.47 bn in 2014 and is forecast to grow at a CAGR of 12.8% during the period from 2015 to 2023. Automatic number plate recognition system is used for large number of applications and several other new applications such as consumer purchase behavior analysis are expected to evolve in the coming years. Some important applications where ANPR systems are deployed include security and surveillance, traffic management, toll enforcement and vehicle parking. Further, in traffic management applications, ANPR is used in red light control, congestion charging and speed enforcement applications. Vehicle parking application for ANPR is the most promising segment and increasing adoption in parking management and parking toll collection is expected to further spur the demand for ANPR systems from this segment.

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The global ANPR market, by end-users, is segmented into government and commercial end-users. Among these end-use segments, government sector dominated the global ANPR market in 2014 with the share of around 76%. The government sector for ANPR is further classified into homeland security, traffic department and defense while the commercial end-use sector comprises entertainment and recreation and dedicated car parks. Among the regional markets, Europe represented the largest geographical market for automatic number plate recognition systems in 2014 and is expected to maintain its dominance throughout the forecast period owing to the high ANPR penetration in different applications across European countries. Europe and North America collectively accounted for more than half of the revenue share in 2014.

Full Research Report on Global Automatic Number Plate Recognition (ANPR) Market:http://www.transparencymarketresearch.com/automatic-number-plate-recognition.html

The global automatic number plate recognition (ANPR) market is highly fragmented. Key players in the market are taking measures to capitalize on the opportunities in niche and emerging markets. Some of the key players in the global ANPR market include ARH Inc., Digital Recognition Systems Ltd., ELSAG North America LLC, NDI Recognition Systems Ltd., Q-Free ASA, Vigilant Solutions Inc., Siemens AG, PIPS Technology Ltd., Genetec, Inc., Bosch Security Systems, CA Traffic Limited, COBAN Technologies, Quercus Technologies, TattileSrl and Vysionics Intelligent Traffic Solutions Ltd.

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Source:Transparency Market Research