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License Plate Recognition Market Prospects: 2020 will reach 1 billion US dollars

- Mar 07, 2018 -

License Plate Recognition Market Prospects.png

With the rapid growth of the urban population and the rapid increase in the number of people's vehicles and the implementation of government regulations, the electronic toll collection system has further boosted the market for license plate recognition. According to the survey, in the Asia Pacific region, the license plate recognition system will grow at an annual rate of 18.06% (the highest then other regions) in response to the current surge in traffic congestion, police enforcement, toll collection and parking.

As early as 2014, there is data showing that there is a huge market demand for the domestic parking management system. Maybe 3.7 billion! Under the impetus of huge market demand, parking management system industry has achieved rapid development. The parking lot market has great potential and the industry has good prospects. In a medium-sized city, there are always safe and security equipments in residential area, commercial buildings and government building .

Abroad, the automatic license plate recognition system is mainly divided into three types - mobile, fixed, portable, from the <Markets and Markets> .The new report found that in 2014 the fixed license plate recognition (ANPR) system dominated the market. This market is expected to grow by 13.54% and 2020 between 2015 CAGR. The growth of fixed ANPR systems is due to increased demand for applications such as traffic management, tolling, and parking. License plate recognition fees in the 2015-2020 years, the CAGR will reach 17.46%.

Data show that in 2009 the domestic parking management system market size reached 1.15 billion yuan in 2010 domestic parking management system market demand reached 1.45 billion yuan; 2011 domestic parking management system market size can reach 1.8 billion yuan. Therefore, according to preliminary estimates, by 2020 the domestic license plate recognition system market is expected to reach 1 billion US dollars, the market share, roughly half of the domestic market share, the other two accounted for half; or that the combined domestic and assembly accounted for the market 80% share, pure foreign accounted for 20%.

Visible 2020 license plate recognition market is huge, really want to occupy a place you need excellent license plate recognition technology. The Wii Parking Automatic Number license plate recognition software, has now been applied to various fields.

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