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 following list shows plates that have been sold in the past at the highest prices. Most of these were sold in auctions across the country although some were sold by the DVLA.
- ‘25’ O for £518,000.
This is the most expensive Regplates ever sold by the DVLA, and were purchased in 2014 by Ferrari dealer John Collins. The plate is currently being used on a Ferrari. The market value of the car is around £10,000,000.
- ‘F 1’ for £440,000.
This Regplate was the previous record holder for the highest price paid for a reg plate. The plate represents the initials of Formula 1 racing and was bought in 2008 by Afzal Khan, a businessman from Bradford. The plates are currently being used on his McLaren Mercedes SLR, which is quite an impressive match.
- ‘S 1’ for £404,000.
This is claimed to be the first Regplate that was ever made in Scotland. Therefore, it is both special and rare, as it is only one of its kind. The Regplates were purchased in 2008 at an auction by an anonymous bidder who said the plate would be used on an old Skoda. It’s a good investment, either to mark history or as an antique.
- ‘1 D’ for £352,000.
These initials bear a resemblance to the American pop group One Direction. However, it is interesting to note that the Regplate was purchased a year before the group was even formed. Nabil Bishara, a businessman from Lebanon, purchased it.
- ‘M 1’ for £331,000.
Mike McCoomb, a businessman in the phone industry, bought this unique Reg plate back in 2006. He said the plates were meant for his son, who was 10 years old at the time of the purchase.
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