MarketsandMarkets latest 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 claims that the automatic number plate recognition (ANPR) market is estimated to reach US$1.05 billion by 2020, at a CAGR of 13.25 per cent.
The market growth is attributed to the adoption of ANPR systems for traffic management and law enforcement applications around
The market growth is attributed to the adoption of ANPR systems for traffic management and law enforcement applications around the globe. Also the ANPR systems market will see demand from commercial applications such as toll collections and dedicated parking in the forecasted period.
Fixed ANPR systems held the major share of the market in 2014. This market is expected to grow at a CAGR of 13.54 per cent between 2015 and 2020. This growth is attributed to increasing demand from applications such as traffic management, toll collection, and parking areas.
The market for toll collection is estimated to grow at the highest CAGR of 17.46 per cent between 2015 and 2020. The rapid increase in the adoption of vehicles and increasing government regulations for implementation of the electronic toll collection system market is expected to drive the growth of this market.
The ANPR systems 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 occurred due to the rise in the urban population. In APAC, countries such as Japan and China have installed ANPR systems in various application areas such as toll collection, parking, and traffic management. The ANPR systems market in APAC is expected to grow at the highest CAGR of 18.06 per cent during the forecast period.
