Global Automatic Number Plate Recognition Market Report, published by Variant Market Research, forecast that the global market is expected to reach $1.4 Billion by 2024 from $517.7 Million in 2016, growing at a CAGR of 13.3% from 2016 to 2024. By geography, Asia Pacific and North America are expected to grow at a CAGR of 14% and 13.7%, respectively, during the forecast period.
Initiative by various government bodies to incorporate new technology for safety and security for general public coupled with increasing rates of crime and terrorist threats are the major factors supporting the growth of the global automatic number plate recognition market. Moreover, development of smart cities with technological advanced solutions also supports the growth of the market.
By applications, security & surveillance accounted for the largest share followed by traffic management in 2016. 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.
Asia Pacific is the fastest growing region in the global automatic number plate recognition market, and is expected to continue this trend due to increasing adoption of ANPR systems by various government organizations. Europe accounts the largest share of the market due to stringent traffic rules and regulations to enhance the road safety, followed by North America in 2016.
The key players of Automatic Number Plate Recognition 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.