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.
How much similar registration plates have sold for recently and in the past: it is always worth looking at what has been going on in the private registration plate market recently to add extra weight to the valuation of your own number plate. It is a market that is not immune from trends, so keep a close eye on what has been selling well and see if your plate has any similar features
The age of the plate: older plates tend to attract higher prices and dateless number plates (the first ones ever issued) normally call for the highest prices on the market
The plate’s rarity: if a lot of similar registration plates were issued, your plate may be less valuable. So, the relative rarity of older, dateless number plates makes them more valuable, as a whole, than newer, dated plates. Similarly, having a private plate with a word or name spelled out on it gives it a degree of rarity that would raise its value.
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