Global Automatic Number Plate Recognition Market is Estimated to Reach $1.4 Billion by 2024, Says Accurize Market Research
Global Automatic Number Plate Recognition Market report published by Accurize Market Research forecast that the global market is expected to reach $1.4 billion by 2024; growing at a CAGR of 13.2% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Technological advancement for safety purpose to drive the market
Major factors supporting the growth of the global automatic number plate recognition market include initiative by various government bodies to incorporate new technology to ensure safety and security for general masses coupled with increasing rates of crime and terrorist threats are the. Additionally, development of smart cities with technological advanced solutions may boost the growth of the market.
The global automatic number plate recognition market is split into application, end-use industry and geography. The application segment is divided into security & surveillance, vehicle parking, traffic management and toll enforcement. The end-use industry is segregated into government (homeland security, traffic department and defense) and commercial (entertainment & recreation facilities and dedicated car parks).
By geography the market is segmented into North America, Europe, Asia-Pacific and rest of the world (RoW). The U.S., Canada and Mexico are covered under North America wherein Europe covers Russia, U.K., Germany, France, Italy and Rest of Europe. Asia-Pacific covers China, India, Japan, South Korea and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Middle East and Africa.
"Security & surveillance accounted for the largest market share in the type segment", says Accurize
By applications, security & surveillance accounted for the largest share followed by traffic management in 2017. Moreover, by end-use industry, government holds the highest share in the automatic number plate recognition market due to extensive use of ANPR systems in recognition and prevention of crimes and terror attacks along with increasing control and traffic enforcement.
"Europe dominated the global market with the highest market share over the forecast period", says Accurize
Europe accounts the largest share of the market due to severe traffic rules and regulations to enhance the road safety, followed by North America in 2017. Asia Pacific is the fastest growing region in the global automatic number plate recognition market, and is anticipated to continue this trend.
Top players in the market
Prominent players active in the market include 3M Company, Siemens AG, Intelligent Traffic Solutions Ltd., Genetec Inc., Vigilant Solutions Inc., Bosch Security Systems, CA Traffic Limited, ELSAG North America, COBAN Technologies and NDI Recognition Systems Ltd.
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