Automatic Number Plate Recognition : Worldwide Industry Analysis and New Market Opportunities Explored

The growing pressure of congested roads on civic bodies and need to develop cities with technologically advanced solutions is leading to a positive adoption rate of automatic number plate recognition systems. The market for these systems is also witnessing a healthy expansion due to benefits offered by ANPR systems in curbing the number of road accidents.

The initiatives taken by governments to increase the public safety by identifying criminals through number plates of their vehicles is also anticipated to boost the growth of the global automatic number plate recognition market.

Obtain Report Details @
http://www.transparencymarketresearch.com/automatic-number-plate-recognition.html

According to the research report, the global automatic number plate recognition market was valued at US$477.8 mn in 2014 and is expected to reach US$1,436.1 mn by 2023, expanding at a CAGR of 12.8% between 2015 and 2023. The growing importance of traffic enforcement rules and regulations along with the need to step up security and surveillance techniques have provided a huge impetus to this market.

Europe holds the leading share in the global automatic number plate recognition market as the U.K. is considered to be the home to the technological innovations in the ANPR technologies. The stringent traffic regulations and initiatives taken by governments to enhance the road safety for the citizens is also boosting the deployment of ANPR systems in this region. This trend is especially seen in countries such as the U.K., Italy, Germany, and France.

Make an Enquiry @
http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=2913

Owing to these reasons the automatic number plate recognition market in Europe is estimated to reach US$451.4 mn by 2023, expanding at a CAGR of 10.1% in terms of revenue.

Out of the various end users of ANPR systems, the government sector, which includes homeland security, traffic department, and defense, is the leading segment of the market. This segment is expected to prosper in the forecast period due to a high adoption rate of these systems in the police departments, government offices, public parking authorities, and traffic departments.

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

Each TMR Syndicated Research report covers a different sector – such as pharmaceuticals, chemical, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, our syndicated reports thrive to provide clients to serve their overall research requirement.

Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com

This release was published on openPR.