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It depends on many variables:
Define speeding cars. Depending on the speed of the cars and the characteristics of your camera, the license plate numbers might appear blurred and therefore the recognition impractical.
Is the camera static? For non-static cameras the segmentation of the license plate might be more challenging.
Is there illumination changes? Day/night, clouds passing by, reflections... illumination changes are the nemesis of any automatic computer vision system.
Do you need your system to work in real time? Real-time is always challenging as you can not use time-consuming-highly-accurate methods.
Given the right conditions and using the appropriate recipe of algorithms, OpenCV would help you locate and segment the license plate. Using an OCR library would be helpful for the character recognition, but if you don't have one you can still get OpenCV to do it for you (if you know how).
