Automatic Number Plate Recognition (ANPR) System Market to Cross US$ 1.3 Bn by 2023 – Credence Research
Automatic Number Plate Recognition (ANPR) System - Growth, Future Prospects and Competitive Landscape, 2016 – 2023” offers strategic insights into the global ANPR system market along with the market size and estimates for the duration 2013 to 2023.
Automatic Number Plate Recognition (ANPR) System - Growth, Future Prospects and Competitive Landscape, 2016 – 2023” offers strategic insights into the global ANPR system market along with the market size and estimates for the duration 2013 to 2023.
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According <strong>to</strong> a new market research report published <strong>by</strong> <strong>Credence</strong> <strong>Research</strong> “<strong>Au<strong>to</strong>matic</strong> <strong>Number</strong> <strong>Plate</strong><br />
<strong>Recognition</strong> (<strong>ANPR</strong>) <strong>System</strong> <strong>Market</strong> (Security & Surveillance, Toll Enforcement, Vehicle Parking and Traffic<br />
Management) - Growth, Future Prospects and Competitive Landscape, 2016-<strong>2023</strong>”, au<strong>to</strong>matic number plate<br />
recognition system market is estimated <strong>to</strong> grow with a CAGR of 12.3% from 2016 <strong>to</strong> <strong>2023</strong>.<br />
The complete report is available at http://www.credenceresearch.com/report/au<strong>to</strong>matic-number-platerecognition-system-market<br />
<strong>Market</strong> Insights<br />
The au<strong>to</strong>matic number plate recognition (<strong>ANPR</strong>) system market is majorly governed <strong>by</strong> the increasing number<br />
of on-road vehicles worldwide. Issues related <strong>to</strong> vehicles such as car theft, traffic management as well as vehicle<br />
parking, are rising hand in hand with increase in on-road vehicles. <strong>ANPR</strong> system is one of the most effective<br />
ways <strong>to</strong> curb the aforementioned instances. Apart from regulating traffic and crime control, <strong>ANPR</strong> system also<br />
serves other applications such as au<strong>to</strong>matic <strong>to</strong>ll collection, red light control, au<strong>to</strong>matic car parks and others. An<br />
<strong>ANPR</strong> system helps <strong>to</strong> au<strong>to</strong>mate overall traffic management. Consequently, the demand for <strong>ANPR</strong> system has<br />
witnessed strong growth over the period of time.<br />
The au<strong>to</strong>matic number plate recognition (<strong>ANPR</strong>) system market is segmented on the basis of application types<br />
and end-use. On the basis of application type, the market has been segmented in<strong>to</strong> security and surveillance,<br />
<strong>to</strong>ll enforcement, vehicle parking and traffic management. Currently, the market is dominated <strong>by</strong> the security<br />
and surveillance segment accounting for more than 50% of the <strong>to</strong>tal market revenue. <strong>Au<strong>to</strong>matic</strong> number plate<br />
recognition system is mostly used for security and surveillance <strong>to</strong> curb car thefts, traffic moni<strong>to</strong>ring and other<br />
crimes. Security and surveillance systems (especially in parking spaces) are installed <strong>by</strong> both government as well<br />
as private organizations, leading <strong>to</strong> large room for <strong>ANPR</strong> system penetration. Hence, the segment is expected<br />
<strong>to</strong> hold its dominant position in the market throughout the forecast period.<br />
Further, on the basis of end-use applications, the market has been broadly segmented in<strong>to</strong> government and<br />
commercial. As of 2015, the <strong>ANPR</strong> system market is dominated <strong>by</strong> the government application segment. <strong>ANPR</strong><br />
systems have witness profound adoption across the different government sec<strong>to</strong>rs over the period of time and<br />
hence the dominance. <strong>Au<strong>to</strong>matic</strong> number plate recognition systems are being accepted progressively for<br />
government sec<strong>to</strong>rs such as traffic enforcement department, defense application as well as homeland security<br />
department. The market for <strong>ANPR</strong> system in commercial segment is majorly governed <strong>by</strong> the ever-increasing<br />
need for effective traffic management and car parking facilities. Consequently, <strong>ANPR</strong> system market in<br />
commercial application segment is expected <strong>to</strong> grow consistently during the forecast.<br />
Competitive Insights:<br />
<strong>Au<strong>to</strong>matic</strong> number plate recognition system market is quite fragmented in nature with large number of<br />
international as well as regional players operating in the market. The international players such as 3M, Bosch<br />
Security <strong>System</strong>s, ARH Inc., SensysGatso, NDI <strong>Recognition</strong> <strong>System</strong>s Ltd and others face substantial competition<br />
from the regional players. This has significantly increased the competition among the <strong>ANPR</strong> system<br />
manufacturers over the period of time. Companies are striving continuously <strong>to</strong> develop a sophisticated image<br />
capturing hardware and efficient and fast software paired with hardware.