Now has signed agreements covering over 9,000 cameras throughout North America, Europe, South America and Asia
BOSTON, MA / ACCESSWIRE / January 22, 2019 / OpenALPR Technology, Inc., a company that develops software for automatic license plate and vehicle recognition systems, announced that paid contracts for its artificial intelligence-based LPR solutions now cover over 9,200 cameras as the company achieved further penetration of the global vehicle recognition system market which is expected to reach $4.25B by 2023. This represents more than a 2,960% increase, from approximately 300 licensed cameras at the end of 2016, the year in which OpenALPR initiated sales.
The company now has an active sales footprint internationally with customers in more than 70 countries signing agreements for the use of its products and services in Europe, South America, Asia, and Mexico, while continuing to expand its customer-base within the United States after entering into a managed services agreement with Novume Solutions, which also executed a definitive agreement in November of 2018 to acquire OpenALPR.
"We're extremely proud of OpenALPR's growth in 2018, and especially in the last six months where we were able to significantly increase our market share through several sizeable international agreements," said Matt Hill, OpenALPR's Founder and CTO. The accelerated growth is a validation of the competitive power of our technology, the ease of installation and use, and the cost-effectiveness of our pricing model. We believe we are poised to take another significant step forward in 2019, building from the momentum and key relationships secured through the end of last year."
OpenALPR's systems, which operate at an accuracy rate of over 99%, include a web server, self-managed database, and access to a powerful, cross-platform API. The company released significant upgrades to its software in October 2018 to offer new features that include seamless video analysis, data analytics to further aid law enforcement, and expanded international support. The new features demonstrate how quickly the advances gained from deep learning algorithms can expand capabilities and horizons for applications.
"We're excited to achieve the milestone of over 9,000 cameras, and to work through our pipeline to surpass 10,000 cameras and beyond in 2019," said Erik Strafford, OpenALPR's Director of Business Development. "Demand for LPR solutions continues to increase within industries like law enforcement, private security, smart city applications, parking management and customer loyalty programs, as well as security for corporate and educational facilities. We believe our powerful artificial intelligence technology, our compatibility with any existing IP camera system, and flexible monthly pricing position OpenALPR as the leading solution available on the market."
In 2016, it was estimated that there were over 21 million network security cameras installed in North America, and some 44 million were estimated to be shipped around the world in 2018 - a large percentage of which are a perfect fit for OpenALPR's solutions.
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About OpenALPR Technology, Inc.
OpenALPR builds software that enables automatic license plate and vehicle recognition through virtually any IP camera. Its industry-leading artificial intelligence-based solutions can be hosted locally or in the cloud. Combined with its robust and growing license plate database covering 70 countries, OpenALPR's software can identify in real time vehicle license plate data, color, make, model and body type.
About Novume Solutions, Inc. (NASDAQ: NVMM)
Novume provides products and services to both government and private sector clients, with an emphasis on public safety, risk management and workforce solutions. We are a holding company that integrates technology and human capital to solve complex client challenges in today's world. We provide Solutions for a New Generation. For more information, please visit novume.com, or connect with us on Twitter, LinkedIn, or Facebook.
Media Contact:
Matt Hill
OpenALPR
[email protected]
1-800-935-1699 ext. 707
SOURCE: OpenALPR