Frost & Sullivan Recognizes PlateSmart with 2013 Technology Innovation Leadership Award PlateSmart's LPR solution meets the need for a comprehensive technology platform, say researchers
MOUNTAIN VIEW, Calif., April 3, 2014 /PRNewswire/ -- Based on its recent analysis of the license plate recognition (LPR) market, Frost & Sullivan recognizes PlateSmart Technologies with the 2013 North America Frost & Sullivan Award for Technology Innovation Leadership. Even though PlateSmart's status as a software-only LPR provider sets it apart, its technology's uniqueness is derived from its use of the Analytic Recognition Enterprise Solutions (ARES), an enterprise LPR-based product that was developed from scratch to include a defined set of features to meet distinctive client demands.
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PlateSmart's ARES enterprise solution not only addresses the demand for an end-to-end platform, but also includes features for system integration, operation monitoring, LPR data management, user management, and information sharing and integration with third-party video management or access control systems. PlateSmart's technology provides turnkey security solutions built on an open architecture software platform, which not only recognizes license plates, but also helps store, analyze, present, and share the information collected.
"PlateSmart was successful in turning the biggest challenge in the camera-dependent LPR industry into one of its biggest strengths by eliminating the dependence on special hardware to 'heavy lift' numbers from license plates," said Frost & Sullivan Senior Research Analyst Archana Srinivasen. "This gave the company the freedom to develop a technology that would completely utilize the capabilities of a standard legacy or IP camera, including the use of a wide range of colors the cameras are designed to capture."
In a market that demands much more than just LPR, assimilating information embedded in an image (vehicle color, vehicle maker, cargo number, truck number) is gaining increasing importance. PlateSmart's software-only LPR approach works with any camera and on any original, non-filtered color image and extracts the maximum amount of information using robust algorithms.
PlateSmart's solution comes with either small-scale analytic software for smaller deployments or with the ARES back end for larger deployments and real-time reporting. The large-scale deployments are scalable and can process data from 10 to more than 1,000 camera feeds. The technology also includes a completely customizable rule set, which incorporates pattern recognition technology and real-time analytical reporting tools.
Unlike its competitors, PlateSmart's system uses covert cameras and allows them to capture information, irrespective of the distance. Being a pioneer in developing LPR technology based on standard standards, PlateSmart's technology can perform with the same versatility on any special or standard off-the-shelf camera. It delivers 98 percent accuracy in capturing license plates, and 90-95 percent of the screened license plates are recognized correctly.
PlateSmart's technology has high levels of flexibility, making it easy for the company to customize the solution for tracking, analysis and integration in a matter of a few weeks, while competing solutions tend to take months. Its total cost of ownership is a fraction of what competitors are offering. Furthermore, the software-based nature of this technology allows PlateSmart to implement the LPR solution on-site without having to travel to the client's location.
Considering the breadth of its technology enhancements and scalability, it is natural that PlateSmart's LPR technology covers a wider area of market applications than just law enforcement and government agencies. It finds deployment at airports, maritime ports, hospitals, universities, museums, casinos, border check points and other locations that require alert systems that track vehicle movement in and out of their premises.
"The company's wide portfolio of intellectual property, which includes patents, trademarks and copyrights, shows the significance, quality, and competence of PlateSmart's technology," noted Srinivasen. "With its keen emphasis on developing the next generation of technology from the ground up, PlateSmart is all set to become a leader in business intelligence, data mining, and behavior analytics."
Each year, Frost & Sullivan presents this award to the company that has demonstrated uniqueness in developing a technology that significantly impacts both the functionality and the customer value of new products and applications. The award lauds the relevance of the innovation to the industry.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and extensive secondary research to identify best practices in the industry.
About PlateSmart Technologies
PlateSmart is manufactured exclusively by Cyclops Technologies, Inc., a privately owned company located in Oldsmar, Florida that was incorporated in 2004. PlateSmart is the world's first software-only License Plate Recognition solution. The company's staff consists of mathematicians, video engineers, attorneys, software developers, IT specialists, and former law enforcement personnel. www.platesmart.com
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