Initiative by various government bodies to incorporate new technology for safety and security for general public coupled with increasing rates of crime and terrorist threats are the major factors supporting the growth of the global automatic number plate recognition market. Moreover, development of smart cities with technological advanced solutions also supports the growth of the market.
Global Automatic Number Plate Recognition Market Report, published by Variant Market Research, forecast that the global market was valued at $518 Million in 2016 and expected to reach $1,402 Million by 2024, growing at a CAGR of 13.3% from 2016 to 2024. In geographical segments, Asia-Pacific and North America are expected to grow at a CAGR of 14% and 13.7%, respectively, over the forecast period 2016 - 2024.
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The global automatic number plate recognition market is majorly driven by growing disposable income, increasing rates of criminal activities and terrorist threats, and presence of large number of cars operated globally, owing to rapid urbanization. However, the misapprehension of ambiguous characters on a number plate may hamper the growth of the market.
The global automatic number plate recognition market has been categorised into application, end-use industry, and geography. Application segment includes vehicle parking, security & surveillance, traffic management, and toll enforcement.
End-use industry segment contains government (traffic department, homeland security, and defense) and commercial (dedicated car parks and entertainment & recreation facilities).
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By application, security & surveillance held the largest market share followed by traffic management in 2016. Furthermore, in the end-use industry, government segment accounted for the largest market share in the automatic number plate recognition market, owing to deterrence of crimes and terror attacks along with extensive use of ANPR systems in recognition and traffic enforcement.
North America, Europe, Asia-Pacific, and Rest of the World (RoW) are the major regions covered in the report. Asia-Pacific is the fastest growing region in the global automatic number plate recognition market, driven by growing adoption of ANPR systems by various government organizations.
Europe accounts the largest share of the market, owing to stringent traffic rules and regulations to enhance road safety, followed by North America in 2016.
Key players operating in the automatic number plate recognition market comprise Siemens AG, Intelligent Traffic Solutions Ltd., 3M Company, Genetec Inc., Bosch Security Systems, Vigilant Solutions Inc., CA Traffic Limited, COBAN Technologies, ELSAG North America, and NDI Recognition Systems Ltd., among others.
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Scope of Automatic Number Plate Recognition Market
- Security & Surveillance
- Vehicle Parking
- Traffic Management
- Toll Enforcement
End-Use Industry Segments
- Homeland Security
- Traffic Department
- Entertainment & Recreation Facilities
- Dedicated Car Parks
- North America
- South East Asia
- South America
- Middle East
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