Automatic Number Plate Recognition System Market Worth 1.05 Billion USD by 2020

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Dec 02, 2015, 06:30 ET

PUNE, India, December 2, 2015 /PRNewswire/ --

The report "Automatic Number Plate Recognition System Market by Type (Mobile, Fixed, Portable), Application (Traffic Management, Law Enforcement, Toll Collection, Parking Areas), & Geography - Analysis & Forecast to 2020", published by MarketsandMarkets, is estimated to reach USD 1.05 Billion by 2020, at a CAGR of 13.25% between 2015 and 2020.

Browse 68 market data Tables and 40 Figures spread through 124 Pages and in-depth TOC on "Automatic Number Plate Recognition System Market"

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The market growth is attributed to the adoption of ANPR systems for traffic management and law enforcement applications around the globe. Also the ANPR system market will witness demand from the commercial applications such as toll collections and dedicated parking in the forecasted period.

Fixed ANPR system expected to lead the global ANPR system market

The fixed ANPR system held the major share of the market in 2014. This market is expected to grow at a CAGR of 13.54% between 2015 and 2020. The growth of the fixed ANPR system is attributed to the increasing demand from applications such as traffic management, toll collection, and parking areas.

The toll collection application is expected to grow at the highest CAGR between 2015 and 2020

The market for toll collection is estimated to grow at the highest CAGR of 17.46% between 2015 and 2020. The rapid increase in the adoption of vehicles and the increasing government regulations for the implementation of the electronic toll collection system market is expected to drive the growth of this market.

APAC to witness highest growth during the forecast period

The ANPR system market in APAC is expected to grow rapidly as a solution to various issues such as traffic congestion, police enforcement, toll collection, and parking which have arisen due to the rise in the urban population. In APAC, countries such as Japan and China have installed ANPR system in various application areas such as toll collection, parking, and traffic management. The ANPR system market in APAC is expected to grow at the highest CAGR of 18.06% during the forecast period.

Some of the major companies dominating the ANPR systems market include 3M Company (U.S.), ARH Inc. (Hungary), Elsag North America LLC (U.S.), Genetec Inc. (Canada), Q-Free ASA (Norway), Vigilant Solutions Inc. (U.S.).

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In this research report, the global ANPR system market is segmented on the basis of type, component, application, and geography. This report describes the drivers, restraints, opportunities, and challenges for the growth of the ANPR system market. The Porter's five forces analysis has been included in the report with a description of each of its forces and their respective impact on the ANPR system market.

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