How Much Is The Number Plate Recognition Market Worth
According to the latest market study released by Technavio, the global automatic number plate recognition (ANPR) market is projected to grow to USD 1,112.5 million by 2021, at a CAGR of nearly 13% over the forecast period.
This research report titled ‘Global Automatic Number Plate Recognition Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Automated number plate recognition (ANPR) system is an optical character recognition (OCR) system, which is implemented using cameras and software to analyze the captured pictures. The increasing need to ensure security and curb attacks, issues, and threats is creating a high demand for ANPR systems.
Based on the applications, the report categorizes the global automatic number plate recognition market into the following segments:
The top three revenue-generating application segments in the global ANPR market are discussed below:
“The surveillance sector occupied nearly two-fifth of the automatic number plate recognition market in 2016, and is expected to grow at a moderate rate through the forecast period,” says Amrita Choudhury, a lead analyst at Technavio for M2M and connected devices research.
Surveillance is mainly used by law enforcement agencies to detect, deter, and disrupt criminal activities, including tackling organized crime groups and terrorists. Surveillance is usually carried out by recording vehicle movements in a network of numerous cameras, storing the captured data, and use it to analyze incidences for investigation.
Toll management of the global ANPR market is expected to grow swiftly, due to the high adoption of these systems in both developed and developing countries. The ANPR systems not only eliminate or reduce the need for human interaction but also increase the efficiency of toll booths. There are numerous toll collection booths, which combine radio frequency identification and ANPR systems. Some of the countries which have implemented ANPR system for toll management include the US, Australia, Spain, South Korea, New Zealand, Ireland, and Israel.
“Traffic management is expected to be the fastest-growing application segment of the automatic number plate recognition market, due to its wide adoption in developed and developing countries to streamline traffic flow in cities,” says Amrita.
CCTV cameras are used in combination with ANPR systems to give real-time data to traffic control centers, allowing them to manage the traffic effectively. ANPR systems are mainly used to track and monitor the travel information of individual vehicles, which helps in analyzing the speed and flow of vehicles in various routes.
The UK in particular has a relationship with personalised number plates. According to estimates by the DVLA (Driver and Vehicle Licensing Agency), the UK reported an excess of two billion pounds in tax revenue from tax auctions over the past 25 years. As they are keen to state, an expression of interest in a particular plate by three people or more is enough to push the price of that Reg plate through the roof. It has also been documented that the buyers let their hearts take control of their heads when they bid for these plates.
Personalised number plate auctions are constantly rewriting the record books with regard to the highest price paid for a plate. The record currently stands at £518,000 which is quite impressive. The prices of these Regplates does not seem to be slowing down either.
Of particular interest is the recent auction of the highly-hyped 250 C Reg plate which sold for £21,500. This is a clear indication that the expectations for the prices of personalised number plates will continue to increase.
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