Automatic Number Plate Recognition (ANPR) Market is expected to grow from US$ 669.17 Mn in 2017 to US$ 1654.35 Mn by 2025 at a CAGR of 12.0% between 2017 and 2025.
The sales of ANPR is largely influenced by numerous factors. Amongst the factors, application markets influence their sales. Vehicle Parking, Traffic Management, Security & Surveillance and Toll Enforcement are the applications for ANPR. These applications are expected to have a large impact on the growth of Automatic Number Plate Recognition (ANPR) Market.
Potentially, security & surveillance and traffic management present larger opportunities as compared to other applications due to increasing traffic and increasing crime related activities.
Law enforcement agencies need a better technology for better traffic management and detecting the verdict in the cases of crimes. Thus, these two sectors present bundle of opportunities for the ANPR vendor’s growth.
Automatic Number Plate Recognition (ANPR) Market by end-user vertical is segmented into Government and Commercial. Government agencies and private companies have been looking for a better solution for providing better surveillance & security and management and reduce human effort for the same.
Thus, a progress in the direction of better security and management is expected to drive the ANPR market.
The overall Automatic Number Plate Recognition (ANPR) Market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Automatic Number Plate Recognition (ANPR) Market. Also, primary interview were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the Automatic Number Plate Recognition (ANPR) Market.
The key players profiled in the Automatic Number Plate Recognition (ANPR) Market report are
COBAN Technologies Inc.
Digital Recognition Systems, Ltd