ALPR/ANPR Industry News
Automatic License Plate Recognition (ALPR/ANPR) Market to Reach USD 1,023.2 Million by 2020, Globally:
*Source - Transparency Market Research
Albany, NY, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Automatic License Plate Recognition Market (ALPR/ANPR) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020," the automatic license plate recognition market globally is forecast to reach USD 1,023.2 million by 2020.
The key factors driving the growth of this market include increased adoption in traffic enforcement and surveillance applications and increasing trend of ALPR/ANPR integration with other systems such as CCTV cameras. However, factors such as non-uniformity in the design of number plates are restraining the market growth. In the coming years, the demand for ALPR/ANPR from vehicle parking management application is expected to increase, offering potential market growth opportunities.
The global automatic license plate recognition (ALPR/ANPR) market was valued at USD 415.5 million in 2013 and is forecast to grow at a CAGR of 13.5% during the period from 2014 to 2020. Automatic license plate recognition system is used for large number of applications and several other new applications such as consumer purchase behavior analysis are expected to evolve in the coming years. Some important applications where ALPR systems are deployed include security and surveillance, traffic management, toll enforcement and vehicle parking. Further, in traffic management applications, ALPR is used in red light control, congestion charging and speed enforcement applications. Vehicle parking application for ALPR is the most promising segment and increasing adoption in parking management and parking toll collection is expected to further spur the demand for ALPR systems from this segment.
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