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Rekor Systems Makes Inroads Into The ALPR Market With Rekor Go!

18 Dec Rekor Systems Makes Inroads Into The ALPR Market With Rekor Go!

Rekor Systems, Inc. (NASDAQ: REKR), a Company providing advanced vehicle recognition and management systems, announced the launch of REKOR Go, a mobile application that can transform a smartphone into a tool which can accurately identify license plates and vehicles. Furthermore the app does not require uninterrupted internet connectivity or access to cloud storage to operate, this is especially of use in areas that have limited or unreliable access to mobile and internet connectivity.

The application works in real-time on a live video stream to capture information while on the go, and can issue an instant alert when the data matches a customer defined “hotlist”. The app also offers services such as alert management, 30 day data storage and complete access, easy data export, options to upload bulk lists through a companion Rekor Go website.

Robert Berman, president and CEO, Rekor, commented

“This is a remarkable achievement for Rekor. It’s the first on-device mobile app that delivers AI-powered vehicle recognition capabilities directly into users’ hands. Rekor Go can alert campus safety officers to vehicles of interest, whether it’s associated with criminal activity, a protective order, or a recently terminated employee. It can be used by event staff to track VIP arrivals, identify a vehicle’s location for asset recovery, and validate vehicles that are parked in restricted access lots, even in a parking garage where Wi-Fi or cell phone service is limited. Our price point makes this technology accessible for many businesses, and we anticipate adding capabilities over time.”

The product is competitively priced at $9.99 per month, to make it accessible to diverse businesses, with both iOS and Android versions available for users. The price includes 30 day storage and access along with a simplified hotlist management through REKOR GO website. In addition, the Company is offering a two-week free trial along with a “playground” option which allows users to capture license plate images and receive digital feedback.

The Company is gearing up for the impending launch of Rekor Blue, a smartphone application that makes vehicle recognition faster for law enforcement agencies. The app is intended to be released in the first half of 2021 and will work in tandem with existing REKOR platforms.

Rekor Systems Inc (NASDAQ: REKR)

Market Cap: $233.13M; Current Share Price: 7.07 USDChart
Data by YCharts

Industry
Automatic Number Plate Recognition also referred to as Automatic Number Plate Recognition (ANPR), Automatic Vehicle Identification (AVI) uses optical character recognition (OCR) to read vehicle numbers/license plates automatically.  These are classified into two, the first is Stationary, which uses an infrared at fixed locations such as traffic signs, highways, schools or hospital zones etc, while the second one is Mobile that uses cameras mounted on vehicles to capture and transmit license plate numbers to a database.

The data captured is relayed to a database that searches for relevant matches and alerts the user if it matches a “vehicle of interest”. The application of ALPR technology can be diverse such as tracking stolen vehicles, criminal activity, parking assistance in buildings and events, security on campuses and schools to name a few. Furthermore the technology can prove invaluable for traffic management and toll booth operations as well. According to a report by Markets and Markets, the global Automatic License Plate Recognition (ALPR) Systems market was worth USD 2.3 billion in 2020 and will grow at a CAGR of 10.0%, to reach USD 3.8 billion by 2025.

The rise in vehicles thefts, fraud, criminal and terrorist activities has made vigilance and surveillance mandatory for law enforcement agencies. The growth in the number of vehicles and their management is another challenge faced by authorities. The adoption of artificial intelligence in the ALPR industry helps meet the challenges to an extent, however the lack of a standardized systems for number plates, makes it difficult to read them accurately for most vehicle recognition software.

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Company
Rekor offer AI–powered real-time insight to redefine diverse areas such as roadway intelligence, customer experience and public safety. The technology is deployed in over 70 countries across the world and on more than 9000 lanes of traffic. The Company’s AI-driven vehicle recognition improves customer experience in restaurants and retail operations by facilitating safe and efficient contactless transactions, enhances loyalty programs and assists in resource management.

Operations management can greatly benefit by implementing Rekor’s innovative technology that combines artificial intelligence, machine learning and data analytics pertaining to access control, property analytics and anomaly detection. RekorGo, its new offering can be used to streamline workflows by application in visitor management, parking operations, campus and event security and asset recovery.

The Company’s clientele include prominent organizations such as Mastercard (NYSE: MA), Nokia (NYSE: NOK), VeroGo, Nvidia (NASDAQ: NVDA) and aws. Rekor is working with Mastercard’s AI powered drive through platform by transforming drive-thru and drive-in interactions through AI-based vehicle recognition and voice ordering.

Furthermore Rekor is committed to keeping communities safe and offers services such as Rekor Edge Series and Watchman Software that can accurately identify vehicles of interest, timely alerts and detection of unusual or hazardous conditions before they become an actual threat.

Rekor One, its roadway intelligence offering can provide vehicle insights to agencies across different cities or states. It can analyze patterns related to traffic flow, congestion and other related functions. This information can be applied to creation of alerts to save lives or simply to offer better congestion pricing, licensing & registration compliance, and scofflaw enforcement.

It is the chosen partner for Nvidia’s Metropolis™, an AI –powered roadway intelligence platform.

Key Remarks

  • AI powered service solutions can create better customer experiences as they eliminate the need for long wait times, human errors and the solutions offered are mostly preemptive and quick in nature. This can help improve customer loyalty and brand reputation as well. In fact the According to a report by Markets andMarkets, the artificial intelligence as a service market is expected to reach USD 10.88 Billion by 2023, growing at a CAGR of 48.2%, from USD 1.13 Billion in 2017.
  • The pandemic has changed the way customers interact and transact with businesses; the emphasis is now on contactless and touchless alternatives. This calls for systems that can personalize services based on customers preferences when they enter a location. The need is for reduced wait times, processing times and most importantly frictionless payments. Rekor is well equipped to offer a level of personalization that can set a business apart from its competitors. A personalized, contactless service coupled with a frictionless payment experience will earn loyal customers for the business.
  • Integration is another major challenge as Companies struggle with incorporating AI into already existing systems. The introduction of AI in some cases needs overhaul of existing data infrastructure such as data storage, realignment of data and re-training and testing and creation of a feedback loop to ensure that the systems are working fine, all of which are deemed time-consuming, cumbersome and costly. Rekor’s technology can integrate with existing IP-enables cameras and point-of-sale and customer systems, eliminating the need for a total equipment or software overhaul. The technology can be applied to diverse fields ranging from restaurants to car washes, from banks to parking assistance and the affordable pricing makes it even more appealing.
  • The Company has numerous strategic partnerships in place with customers like Mastercard, Whitecastle, Nokia, Nvidia, Tire Profiles,VeroGo, Waves Car Wash to even law enforcement agencies in the states of Westchester County, Alabama, Oklahoma and Tennessee. The success of a technology lies in its wide scale adoption and Rekor seems to be on the right track with its increasing customer base.
  • Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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    References

    https://www.globenewswire.com/news-release/2020/12/15/2145241/0/en/Rekor-Launches-Mobile-App-Turning-Smartphones-Into-AI-Powered-Vehicle-Recognition-Devices-for-Commercial-Users.html

    https://www.marketsandmarkets.com/Market-Reports/anpr-system-market-140920103.html

    https://www.rekor.ai/

    https://www.marketsandmarkets.com/Market-Reports/artificial-intelligence-ai-as-a-service-market-121842268.html

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