PUNE, India, August 14, 2017 /PRNewswire/ --
According to the new market research report "Automatic Number Plate Recognition (ANPR) System Market by Type (Fixed, Mobile, Portable), Component (ANPR Cameras, Software, Frame Grabbers, Triggers), Application (Traffic Management, Law Enforcement, Electronic Toll Collection, Parking Management), and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the market in 2016 was valued at USD 1.78 Billion and is expected to reach USD 3.57 Billion by 2023, at a CAGR of 9.74% between 2017 and 2023.
Browse 63 Market Data Tables and 40 Figures spread through 149 Pages and in-depth TOC on "ANPR System Market"
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Factors that are driving this market include the infrastructure growth in emerging economies, increasing allocation of funds by various governments on intelligent transport system (ITS), deployment of camera technologies in security and surveillance, and traffic enforcement application, and the growing usage of video analytics technology for intelligent monitoring of vehicles.
Fixed ANPR systems to hold the largest share of the market
Fixed ANPR systems held the largest market share in 2016. The growth of these systems is attributed to the increasing demand from applications such as traffic management, toll collection, and parking management. The advancement in video analytics to capture, process, and store images of number plates has improved the capabilities of ANPR systems. This is encouraging more people to use this system on a permanent basis.
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Market for electronic toll collection application is expected to grow at the highest rate
The market for electronic toll collection (ETC) application is expected to grow rapidly during the forecast period. The increasing use of ETC systems in highways for identifying number plates of vehicles is driving the growth of the ANPR system market.
Europe is expected to hold the largest market share during the forecast period
Europe was the largest market for ANPR systems in 2016. The large market in this region can be attributed to the high adoption of intelligent transportation systems for traffic management, tolling management, law/police enforcement, and other applications. The market in Europe has been segmented into Germany, the UK, France and the Rest of Europe. Some major companies offering ANPR systems in Europe include ARH Inc. (Hungary), Digital Recognition Systems Ltd. (UK), NDI Recognition Systems Ltd. (UK), and Q-Free ASA (Norway).
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The key players in the market include Kapsch TrafficCom AG (Austria), Conduent, Inc. (US), Q-Free ASA (Norway), Siemens AG (Germany), Genetec Inc. (Canada) Neology, Inc. (US), Bosch Security Systems GmbH (Germany), Tattile srl (Italy), TagMaster North America, Inc. (US), NDI Recognition Systems Ltd. (UK), Euro Car Parks Limited (UK), Quercus Technologies, S.L. (Spain) Vigilant Solutions, Inc. (US), Elsag North America, LLC (US), ARH Inc. (Hungary), Digital Recognition System Ltd. (UK), Beltech BV (Netherlands), ANPR International Ltd. (UK), HTS (New York), FF Group (Cyprus), and so on.
This report categorizes the global ANPR system market on the basis of type, component, application, and geography. The report describes the drivers, restraints, opportunities, and challenges for the growth of this market.
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