The Global Automatic Number Plate Recognition Technology Market

 

With increased automation and artificially intelligent systems being developed and deployed throughout the world, one of the key areas for its deployment is for vehicular tracking. While not all vehicles can be equipped with GPS-enabled tracking systems, all vehicles have a unique number plate which is used to identify it. Automated number plate recognition technology automatically reads the number plate of a vehicle and provides its details in real time. The system uses a concept called Optical Character Recognition, which recognizes textual information from an image and store the text in a database.

One example is an Iris Recognition System. For a start, ATT Systems Iris Recognition System provides one of the most comprehensive security options which you can count upon. Check out their Iris Recognition System Singapore today.

Market Size – The automated number plate recognition or ANPR market is one of the most widely used automation systems across the world. Some of the largest law enforcement agencies, toll collection agencies and traffic management agencies worldwide are using these systems for effective management of vehicles.

The most important markets for the technology is traffic management and toll booth management organizations. Various research organizations have pegged the compounded annual growth rate at 13.46% between the time period between 2015 and 2020. Out of this, the largest market is the toll collection system is that of with a compounded annual growth rate of 17.46% for the time period of 2015 to 2020.

Market Drivers – According to analysts, the market driver for automated number plate recognition is primarily for the purposes of security, enabled by real-time identification and tracking of vehicular resources. With a greater number of vehicular theft and criminal activities recorded in recent years, more and more organizations are keen on investing in this technology to prevent unauthorized use of fleet vehicles, prevent theft, and reduce criminal activities related to vehicles.

Market Demographics – One of the key regions for the growth of ANPR market is the Asia Pacific region, primarily the countries of China and Japan. China has one of fastest growing vehicle markets in the world, and Japan is one of the most densely populated vehicular markets in the world. These two countries have the highest number of automated number plate recognition applications, with focus on toll management, parking space management and law enforcement systems. The market is estimated to grow at the fastest pace, clocking at nearly 18.06% for the time period between 2015 and 2020.

Key Vendors – The ANPR technology is being constantly developed by some of the largest organizations across the world. The key vendors who provide the technology to various organizations are 3M from the United States, Genetec Inc. in Canada and ATT Systems in Singapore.

With the rapid growth of automated systems, the ANPR market is also slated to grow in a number of developed countries alongiside the iris recognition system for security usage for commercial purposes, in particular the Scandinavian countries in Europe and the United States.