Consumer & Luxury Goods Market Research News

Global automatic number plate recognition market worth more than $1.4 billion by 2023 examined in new market research report

Consumer Market Research

Major factors responsible for driving the growth of this market include increasing adoption of ANPR systems in traffic enforcement and management, growing need for enhanced security in public sector, and increasing spending by governments in emerging economies on internal security.

Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled Automatic Number Plate Recognition (ANPR) Market Make an Inquiry about this news (Application: Security and Surveillance, Vehicle Parking, Traffic Management, Toll Enforcement; End-user: Government, Commercial) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2013-2023”, estimates that the global automatic number plate recognition market is projected to grow at a CAGR of around 13% during the period from 2015 to 2023 and generate a revenue of over $1.4 billion by 2023. 

However, linguistic barriers and non-uniformity in the design of number plate are some major complications in designing the ANPR systems and posing a challenge for manufacturers. Adoption of ANPR in parking management and toll collection application could be a potential market area for manufacturers to target on.