21 Dec 4 Companies to Watch Out for in the Automated Number Plate Recognition Systems Industry
Automatic Number Plate Recognition also referred to as Automatic License Plate Recognition (ALPR) or, 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.
We take a look at some companies that are transforming the landscape of the industry with their cutting-edge innovation.
Market Cap: $245.00M; Current Share Price: 7.43 USD
Data by YCharts
Rekor Systems, 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.
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 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.
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. It is the chosen partner for Nvidia’s Metropolis™, an AI –powered roadway intelligence platform.
Conduent Inc (NASDAQ: CNDT)
Market Cap: $1.05B; Current Share Price: 5.02 USD
Data by YCharts
The Company offers solutions for automation and analytics, to businesses and government worldwide, in areas such as business processing, customer experience management, healthcare, payment processing and transportation solutions. Conduent uses a combination of hardware, software and advanced video analytics to help communities stay safe. The DriveSafe™ Enforcement System facilitates red light enforcement, speed control, restricted lane and one-way enforcements to name a few. Furthermore its Vehicle Passenger Detection System (VPDS) is able to recognize violators with more than 95 percent accuracy and upon identification a license plate recognition camera collects plate number as evidence.
Conduent’s data analytics solutions include visual data analytics, statistical modeling and prediction analysis capabilities. Furthermore CiteWeb®is a violations processing system that offer support to its photo enforcement programs. The Company offers a full gamut of citation management and enforcement solutions ranging from automated enforcement, database management, delinquent collections to name a few.
In addition it offers Automated License plate recognition system integration which is critical to toll collection, automated enforcement, parking assistance, Airport, Campus and event parking. The technology can also assist in retrieving stolen vehicles and creation of AMBER alerts in case of “HOT LIST” numbers.
Conduents ALPR system differs from other competitors, mainly through Signature Implementation that helps single out distinct characteristics or marks, which can be stored for confirming the number plates and act as references for the future. The system can also weed out number plates that aren’t a match, are too dark or unclear and prevent them from going to the manual review team. Additionally the image segmentation feature helps establish character confidence by isolating individual characters.
The Company is a Fortune 500 that also offers solutions in Aerospace, Defense, Banking and Finance, Manufacturing, Retail, Technology, Travel and Hospitality.
Omniq Corp (OTCQB: OMQS)
Market Cap: $21.78M; Current Share Price: 4.65 USD
Data by YCharts
Ominq Corporation, previously known as Quest Solutions, leverages its Artificial Intelligence capabilities to offer supply chain and public safety solutions in the U.S. The Company’s proprietary AI technology can address the needs of enterprise mobility solutions such as Automatic Identification and Data Capture (AIDC), Mobile Cloud Analytics, RFID (Radio Frequency Identification), Human Free Vehicle and Container Recognition.
The Company’s patented algorithms combine cognitive science, machine learning and pattern recognition, and are inspired by time-critical decision making processes that provide both speed and accuracy. Omniq develops hardware and software components and solutions for automation of Automatic Number Plate Recognition (ANPR) that can achieve increased ROI through ticketless transactions and automation flow, centralized management of E-Permits, citations, enforcement and improved staff efficiency.
Additionally the technology can transform Parking Management and Revenue control, Airport and Event Parking, Inventory Management, besides safeguarding and monitoring streets, communities, critical assets, highways and borders. The Company devises solutions for commercial vehicle enforcement for department of transportation that include truck identification, inspection and enforcement and compliance monitoring and toll collection.
Omniq produces a wide range of hardware such as imaging units, lane controllers, cloud based LPR, Vehicle Identification, Network switches, Auxillary Cabinets and triggers.
The Company’s clients include Homeland Security, Law Enforcement, leading fortune 500 companies, airports and parking authorities such as Abbot (NYSE: ABT), Bayer, AmerisourceBergen (NYSE: ABC), McKesson (NYSE: MCK), Bridgestone (OTCPINK: BRDCY), ACE hardware, FlashParking, Parkonet, JFK, BWI and the U.S Department of Transportation to name a few. Omniq was recently selected by HUB Parking Technology USA, Inc. to provide automated smart parking services at Los Angeles International Airport (LAX). The technology is already in use in over 30 international airports worldwide, including JFK, LaGuardia, Newark, Atlanta, Dallas Fort Worth, Dulles and many others in the U.S. as per the company.
PlateSmart Technologies (Private)
A pioneer in the ALPR solution space, PlateSmart was the first Company to introduce software –only camera-agnostic system that can integrate with existing camera, video management system or third-party solution. ARES®, PlateSmart’s award-winning software-only solution allows true object recognition through accurate vehicle data that includes the license plate, state jurisdiction, the color, make and orientation of the vehicle. It can also read through dirt, filter graphics, use IP or White light to read plates at night or even decipher hard to read plates.
Platesmart’s License Plate Recognition solutions are specifically designed for video management system providers, parking management, visitor access management, school bus safety, customer experience management and school bus safety applications. Furthermore the Company has created a peer-to-peer communication platform, namely PlateSmart Network, which allows users to share their captured data in real-time with others on the network. This helps create a safer and secure environment as the data is instantly compared with federal, state and local criminal databases and alerts are generated in case a match is made.
The Company is the partner of choice of many prominent brands in the security solutions space such milestone, AXIS Communications, IPConfigure, Johnson Controls (NYSE: JCI), Convergent Technologies and Bosch. Besides catering to commercial clients, the company also serves governments. In addition, NTT, a global innovator chose the Company as it official provider of ALPR, vehicle recognition and safety solutions for its Accelerate Smart data platform. PlateSmart has also replaced REKOR installations in western Pennsylvania through a new tie-up with a Pittsburgh areas system integrator.
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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