Automatic number plate recognition (anpr) system Market by Revenue, Growth Rate and Forecast to 2023
automatic number plate recognition (anpr) system market
automatic number plate recognition (anpr) system (ANPR) is an extremely accurate protocol capable of analyzing vehicle number plates without human involvement by the means of high-speed image capture with supporting illumination. Moreover, it facilitates the identification of characters within the images offered, authentication of the character series as being those from an automobile license plate, character recognition to change image to text. It ends up with a bunch of metadata that recognizes an image comprising a vehicle license plate and the related decoded text of that plate. automatic number plate recognition (anpr) system is therefore the fundamental technology applied to detect a vehicle number plate/ license and it, in turn, extends this information to a next phase of computer processing by way of which the data can be decoded, matched or stored to build an ANPR based application. In the current market scenario, the popularity of automatic number plate recognition (anpr) system system is gaining remarkable popularity. It is expected that the global automatic number plate recognition (anpr) system market will grow to a revenue of USD 1,100 million by the conclusion of 2023 up from USD 670.7 million in 2018. This trajectory reflects a promising growth rate for the automatic number plate recognition (anpr) system system market. Development of the market can be attributed to implementation of strict traffic laws. The increasing number of vehicle parking lots globally propelling the adoption of progressive traffic management systems. Traffic authorities are arraying ANPR systems as a cost-effective and long-term solution that allows application of stringent traffic law.
Market Segmentation
The ANPR market is segmented based on component, type, end-user, and application. Based on component, the market is segmented into ANPR software, triggers, frame grabbers, ANPR cameras, and others. The ANPR cameras segment represents a noteworthy market share and is likely to remain highly attractive in the forthcoming years. According to type, the market is segmented into fixed ANPR systems, portable ANPR systems, and mobile ANPR systems. The fixed ANPR system segment represented the largest market in 2017 and the trend is estimated to remain beyond 2019. Based on end-user, the market is segmented into defense, commercial, government, and homeland security. In 2017, the government segment held close to two-third share of the market. Furthermore, the segment is projected to experience a CAGR of 10.6% over the forecast period and exceed a worth of USD 700 million by the year 2023. Based on application, the market is segmented into parking management, law enforcement, access control, electronic toll collection, and traffic management. The law enforcement segment is presently holding a substantial market share. The segment is anticipated to remain highly lucrative over the next couple of years owing to its surging application in securing public venues such as conventions, concerts, and sporting events. The electronic toll collection segment is likely to reflect the highest CAGR over the review period.
Regional Analysis
Market Research Future’s report include the regional analysis based on regions like Europe, Asia Pacific (APAC), North America, and the Rest of the World (RoW). In 2017, Europe held the primary market for ANPR. The region signified more than one-third share in terms of market value. Furthermore, the market in Europe is likely to witness a promising CAGR of 10.5% over the review period. The rate of adoption of ANPR has been rising in economies such as the UK, Germany, the Netherlands, and France among others. These progressive economies offer lucrative opportunities to the players working in the market. North America market represents the second largest position in terms of value while the APAC market reflects the third largest share of demand for automatic number plate recognition (anpr) system.
Key Players
The global automatic number plate recognition (anpr) system market is ruled by top-notch players such as Tattile SRL, Kapsch TrafficCom AG, Jenoptik Group, Neology, Inc., Siemens AG, Bosch Group, Conduent Inc., Leonardo Company, Genetec Inc., and Vigilant Solutions.
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