The global automatic number plate recognition (ANPR) market is characterized by a fairly fragmented vendor landscape, finds Transparency Market Research (TMR). Various players are increasingly focusing on introducing ANPR technologies and developing integrated systems to get a better foothold in the market. Several of these players are likely to focus on innovative optical character recognition techniques and image processing technology, in order to develop innovative products.
The global automatic number plate recognition market stood at US$2013.5 million in 2016 and is projected to rise at a promising CAGR of 11.1% from 2017 to 2025. Expanding at this pace, the market will touch a valuation of US$4674.0 million by the end of forecast period.
Vast Deployment of Technology for Security and Surveillance by Government Sector Accentuate Growth
The drive for automatic number plate recognition technology and systems stems from the need for an efficient and automatic vehicle identification system based on its number plate. The substantial benefits of ANPR in the area of security and surveillance, parking management, toll enforcement, and traffic enforcement is a notable factor accentuating the market. The adoption of such automatic technologies for keeping a strict vigil on illegal activities by the transport departments of various countries is propelling the growth of the ANPR market.
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Privacy and Limited Competence of Technology Key Concerns
The surge in investment of government and commercial institutions on advanced surveillance system is also providing a robust base for the expansion of the market. In addition, stringent implementation of regulations for vehicle driving in emerging nations is providing a robust boost to the market. However, the use of ANPR systems has raised spiraling concerns among law-abiding citizens who consider the technology as undue intrusion of their privacy at the cost of security.
Furthermore, the vastly rising demand for ANPR systems in commercial sector and the rapid deployment of installation technology in vehicle parking application are noteworthy trends expected to unlock lucrative avenues in the global market.