Automatic Number Plate Recognition System Market by Type, Component, Application And Geography - Global Forecast to 2023
NEW YORK, Aug. 23, 2017 /PRNewswire/ -- "Automatic number plate recognition (ANPR) system market expected to grow at a CAGR of 9.74% during the forecast period"
The ANPR system market is expected to be valued at USD 3.57 billion by 2023, growing at a CAGR of 9.74% between 2017 and 2023. The growth of this market is propelled by the increase in demand from security and surveillance and traffic management applications and infrastructure growth in emerging economies. However, the misinterpretation of ambiguous characters on a number plate is restraining the growth of the ANPR system market.
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"Mobile ANPR system to be the fastest-growing market during the forecast period"
The mobile ANPR system is expected to grow rapidly during the forecast period between 2017 and 2023. These systems are gaining popularity amongst the law enforcement agencies as they provide greater mobility and flexibility while conducting security and surveillance operations.
"ANPR cameras held the largest market share in 2016, and this market is expected to grow between 2017 and 2023"
ANPR cameras held the largest market share in 2016. The cost of the cameras varies depending on their specifications such as resolution, distance from which it can take photos, and maximum speed of the vehicle that can be recorded in the camera. Also, the number of cameras required depends on the area where the ANPR systems are to be installed. Generally, a single camera unit is assigned for capturing a single lane; hence, for more number of lanes, more cameras are required.
"APAC to be the fastest-growing market for ANPR system between 2017 and 2023"
APAC is expected to exhibit the highest growth during the forecast period. The demand for ANPR systems in APAC is significantly driven by the strong economic growth, rising number of vehicles, and rapid urbanization. Several countries in APAC are at an early stage of adopting technology for electronic tolling and traffic monitoring. Factors such as growing population and rapid industrialization have led to an increase in the usage of vehicles.
Breakdown of profile of primary participants:
• By Company Type: Tier 1—18 %, Tier 2—31%, and Tier 3—51%
• By Designation: C level—26%, Director level—40%, and Others—34%
• By Region: North America—47%, Europe—28%, APAC—19%, and RoW—6%
Some of the major companies dominating the ANPR system market include Kapsch TrafficCom AG (Austria), Conduent, Inc. (US), Q – Free ASA (Norway), Siemens AG (Germany), ARC Inc. (UK), Bosch Security Systems, Inc. (Germany), ELSAG North America, LLC (US), Genetec Inc. (Canada), NDI Recognition Systems Ltd. (US), Tattile, srl (Italy), Digital Recognition Systems Ltd. (UK), and Vigilant Solutions Inc. (US).
Research Coverage:
This report has been segmented into type, component, application, and geography of the ANPR system market. It also discusses the key drivers, restraints, opportunities, and challenges pertaining to the market. The report gives a detailed view of the market across 4 main regions: North America, Europe, APAC, and RoW (comprising South America, the Middle East, and Africa).
Reasons to Buy the Report:
• This report includes the market statistics pertaining to type, component, application, and geography.
• Major drivers, restraints, opportunities, and challenges for the ANPR system market have been detailed in this report.
• Illustrative segmentation, analyses, and forecast have been conducted for the market based on type, component, application, and geography to give an overall view of the ANPR system market.
Read the full report: http://www.reportlinker.com/p05073754/Automatic-Number-Plate-Recognition-System-Market-by-Type-Component-Application-And-Geography-Global-Forecast-to.html
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