According to the new research report published by The Insight Partners, titled “Automatic Number Plate Recognition (ANPR)- Global Analysis and Forecast to 2025”, the global automatic number plate recognition market is expected to reach US$ 1,654.35 Mn in 2025, registering a CAGR of 12.0% during the forecast period 2017-2025.
In 2016, the market is dominated by developed regions like North America and Europe, however the market is expected to be in favor of Asia Pacific, as the region is anticipated to witness tremendous development in IoT application and smart city concept over the coming years.
Automatic Number Plate Recognition (ANPR) system is a useful approach for vehicle surveillance, which is used in intelligent transportation system. ANPR uses an advanced machine vision technology to recognize vehicles by their number plates without intervention of human. The adoption ANPR technology continues to gain momentum in the market. ANPR technology tends to be region-specific, owing to variation in number plate from one place to other.
The global market for automatic number plate recognition has been segmented on the basis of application into four major segment including vehicle parking, traffic management, security & surveillance and toll enforcement. Each application area of automatic number plate recognition uses different system type and is designed to fulfil varied end-users demand. Key end-user verticals of this market are, commercial areas and Government. Government sector is the largest end-user segment with development of intelligent transportation system and smart parking in the area of traffic management, highway toll collection, borders and custom security, premises where high security is required. Commercial segment will have highest growth rate the forecast period.
Key findings of the study:
Asia- Pacific is anticipated to register a CAGR of 13.6% from 2017 to 2025.
Based on the system type, Fixed ANPR is projected to dominate the market.
In APAC region, Singapore, South Korea, Australia and Malaysia are some of the key countries contributing to the growth of automatic number plate recognition market.
Europe holds the largest market share followed by North America. The major driving factor for aggressive implementations of Automatic Number Plate Recognition in Europe can be attributed to the rising urbanization, demand for high end converged traffic systems and various commission led initiatives taken by the European government.
The European Commission’s traffic management plan strategy focused towards regulation of policies at cross border levels increase the opportunities for Intelligent Transportation Systems implementations. Furthermore, the Commission has adopted Cooperative Intelligent Transport Systems strategy with a view to facilitate investments and regulatory frameworks on a common platform across the entire European continent.
The key companies profiled in this report include 3m Company, ARH, Inc., COBAN Technologies, Inc., Digital Recognition Systems, Ltd., Genetec, Inc., Jenoptik AG, Q-Free ASA, Siemens AG, Tattile S.R.L, nd Vigilant Solutions.
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