Automatic number plate recognition market to grow at CAGR of 13.25% to 2020 the main driving force for the growth will be electronic toll collection systems

Press Release   •   May 27, 2016 05:01 EDT

Automatic number plate recognition: An emerging vehicle recognition system

Automatic number plate recognition (ANPR) systems are designed to read number plates of the vehicles and store the data in the electronic format. ANPR systems consists of two major components— ANPR software and ANPR cameras. ANPR software uses optical character recognition on images to read registered number plates of vehicles. ANPR systems are used by police forces for security and surveillance, toll collection, traffic management, and in dedicated parking areas.

Need for ANPR system in security and surveillance and traffic control as well as infrastructure growth in the emerging economies are some of the significant growth drivers of the ANPR system market. However, the misinterpretation of the ambiguous characters on the number plate is one of the restraining factors of the market.
Complete report on Automatic number plate recognition Market spread across 124 pages, profiling 11 companies and supported with 68 tables and 40 figures is now available at http://www.rnrmarketresearch.com/automatic-number-plate-recognition-system-market-by-type-mobile-fixed-portable-application-traffic-management-law-enforcement-toll-collection-parking-areas-geography-analysis-forecast-to-2020-market-report.html

The ANPR system segmented on the basis of type includes—fixed ANPR, mobile ANPR, and portable ANPR systems. Of all major types, fixed ANPR system holds the major share of the market owing to its huge demand from the traffic monitoring application around the globe. The major components of the ANPR system market are ANPR camera, ANPR software, and others. Of all the entire major components considered in the report, ANPR camera held the major market share in 2014.

The ANPR systems market segmented on the basis of applications includes traffic management, law enforcement, toll collection, and dedicated parking areas. Among these applications, toll collection is expected to grow at the highest CAGR between 2015 and 2020. The growth of this application is mainly driven by the rise in the integration of electronic toll collection systems, development of highways in emerging economies such as India, and implementation of intelligent transport systems. Europe holds the largest share of the ANPR system market owing to the strong implementation of ANPR systems for the traffic monitoring and law enforcement application in various countries such as the U.K., Germany, and France, among others.

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The detailed analysis of the Automatic Number Plate Recognition System Market is done in the Market Research Report – “Automatic Number Plate Recognition System Market– (2015-2020)”. The report predicts that the ANPR system market is expected to reach USD 1.05 billion by 2020, and grow at a CAGR of 13.25% between 2015 and 2020. The report provides the market size and forecast of ANPR system with broader segmentation – by Type (Mobile, Fixed, Portable), Application (Traffic Management, Law Enforcement, Toll Collection, Parking Areas), & Geography (North America, Europe, APAC, Rest of the World).
Some of the major players involved in the development of automatic number plate recognition systems are 3M Company (U.S.), ARH Inc. (Hungary), Elsag North America LLC (U.S.), Genetec Inc. (Canada), Q-Free ASA (Norway), Vigilant Solutions Inc. (U.S.).

Related report
Image Recognition Market by Technology (Pattern Recognition), by Component (Hardware, Software, Service), by Application (Marketing and Advertising), by Deployment Type (On-Premises and Cloud), by Industry Vertical and by Region - Global Forecast To 2022 . Is now available with Rnrmarketresearch.com at http://www.rnrmarketresearch.com/image-recognition-market-by-technology-pattern-recognition-by-component-hardware-software-service-by-application-marketing-and-advertising-by-deployment-type-on-premises-and-cloud-by-industry-vertical-st-to-2022-market-report.html the report projects the global image recognition market to grow from USD 12.49 Billion in 2015 to USD 29.98 Billion by 2020, at a CAGR of 19.1%.

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