Latest News 2019: Global LPR camera Market to grow at 12% CAGR till 2023

The Global LPR camera market is expected to reach CAGR of 12% during the forecast period. Licenced Plate Recognition (LPR) cameras are used to capture letters and numbers of license plates on moving or still vehicles. The LPR camera consists of built-in hardware and software system, where the hardware system refers to the camera used to take the images, while the software system is used to convert the image into alphanumerical characters.

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The increasing adoption of traffic applications and surveillance applications is one of the important factors that is driving the market for LPR camera during the forecast period. Further, an increase in the number of cars due to urbanization leads to unmanaged parking and traffic congestions, which demands better parking and traffic management. LPR camera are installed to meet this demand, which is driving the growth of the LPR camera market.

However, problems faced by LPR camera such as fragmented images, images interfered by headlights, small size plates, and others are obstructing the growth of the market. The increasing demand for LPR camera by government bodies for security purpose is creating the opportunity for the market during the forecast period.

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Based on applications, the parking management segment dominated the market in 2018 and is expected to show similar trends during the forecast period. The increasing adoption of LPR camera in parking toll collection is one of the factors that is boosting the demand for LPR camera.

Europe dominated the market in 2018 and is expected to show similar trends during the forecast period. The rise in the adoption of intelligent transportation systems for tolling management, traffic management, police enforcement, and others, is driving the demand for LPR camera in this region. North America is expected to hold a significant share in the market during the forecast period. The U.S. is leading the North American market with an increase in demand for technologically advanced security systems. The Asia Pacific region is anticipated to growth at a steady rate during the forecast period. Changing government norms for security & surveillance, coupled with a rise in use of LPR camera by the traffic department, are some of the reasons that are driving the market in this region.

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The key players in the global LPR camera markets are Genetec, Avigilon, MESSOA Technologies, Vivotek, Bosch, A1 Security Cameras, Hikvision, Siemens, Arvoo Imaging Products, GeoVision, and others. Companies involved in this market concentrate on research and development, along with acquisitions and mergers, and innovation in products, in order to strengthen their market shares. In December 2017, Fidelity ADT announced the launch of licensed plate recognition technology in the areas of Durban and due to this, security measures will be improved in private companies and local authorities.

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This release was published on openPR.