DUBLIN, Dec. 10, 2015 /PRNewswire/ -- Research and Markets (http://www.researchandmarkets.com/research/n7k4mq/automatic_number) has announced the addition of the "Automatic Number Plate Recognition System Market - Analysis & Forecast to 2020" report to their offering.
The demand for ANPR system is likely to witness prominent growth, thereby garnering the interest of the industry players across various verticals. The APAC market is expected to grow at the highest rate owing to the infrastructure development, growing economies, and high adoption rate of vehicles by urban population with higher disposable income levels. The global ANPR system market is expected to reach USD 1.05 Billion by 2020, growing at a CAGR of 13.25% between 2015 and 2020.
The ANPR system market is segmented on the basis of applications into traffic management, law enforcement, toll collection, and dedicated parking areas. Among these applications, toll collection is expected to grow at the highest CAGR of 17.46% 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 developing countries such as India, and implementation of intelligent transport systems. In terms of the different geographic regions, Europe holds the largest share of the ANPR system market, while the APAC market is expected to grow at the highest CAGR between 2015 and 2020.
Europe held the largest market share in 2014 and it expected to grow at a CAGR of 10.80% during the forecast period.
The need for ANPR system in security & surveillance and traffic control, and infrastructure growth in the emerging economies are some of the significant growth drivers for the ANPR system market. However, misinterpretation of ambiguous characters on the number plate and the growing privacy concerns are some of the factors restraining the growth of the ANPR system market.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 ANPR System Market, By Type
8 ANPR System Market, By Component
9 ANPR System Market, By Application
10 ANPR System Market, By Geography
11 Competitive Landscape
12 Company Profiles
- 3M Company
- ARH Inc.
- Bosch Security Systems, Inc.
- CA Traffic Ltd
- Digital Recognition System Ltd.
- Elsag North America LLC
- Genetec Inc.
- NDI Recognition Systems Ltd.
- Q-Free ASA
- Siemens AG
- Tattile S.R.L.
- Vigilant Solutions, Inc.
For more information visit http://www.researchandmarkets.com/research/n7k4mq/automatic_number
Laura Wood, +353-1-481-1716, firstname.lastname@example.org
SOURCE Research and Markets