Report: LPR Technology Market Worth $68M in U.S., Has Potential for Growth
AUSTIN, Texas — In its latest study about license plate recognition (LPR), IMS Research reports that growth opportunities for the technology continues to increase in the United States.
The report notes that the LPR market in the U.S. is worth an estimated $68 million. However, in the next five years, the market is forecast to more than double in size. The growth is due in part to national congestion initiatives, a move to fixed LPR systems, and intelligent policing where the technology is being combined with intelligence to detect and investigate serious and complex crime.
The study acknowledges that while most states have not purchased LPR technology because of budget constraints, future funding is expected.
“The U.S. continues to invest heavily in [LPR] technology for security and law enforcement, and there are a plethora of budgets available,” says research analyst Paul Everett, who authored the report. “What’s more, with more than 40,000 separate police forces and over half a million vehicles, the U.S. law enforcement sector offers exceptional growth opportunities for suppliers of [LPR] technology.”
Everett notes that while the market saw a decline in new LPR projects during 2008 and 2009, projects are slowly starting to come back in a much larger size.
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