Rekor Systems Introduces Dynamic Pricing Model for Industry-Leading Vehicle Recognition Solutions

Vehicle-recognition-as-a-service model eliminates need for expensive hardware and large upfront capital expenditures

Rekor Systems, Inc. (REKR) (“Rekor”), a Nasdaq company focused on bringing smarter, faster, cost-competitive solutions to the worlds of public safety and customer experience, announced today its new dynamic pricing model for its vehicle recognition solutions.

Through its unique vehicle-recognition-as-a-service model, Rekor is able to realize strong product margins by offering long-term payment options at affordable monthly prices, with seamless integration of its software to any existing traffic or surveillance camera, without sacrificing any of the functionality of the existing system or the need to purchase new, expensive hardware. This is a dynamic shift away from the industry’s traditional model of large, upfront expenses for hardware that often preclude budget-conscious entities from adopting such technologies.

“The biggest hurdle to the adoption of technology is always budget - especially within regional municipalities and law enforcement - but there shouldn’t be a choice between public safety and cost. That’s why today we’re proud to announce our new dynamic pricing model for our vehicle recognition solutions, and to democratize the industry by providing disruptive technology at equally disruptive pricing,” said Robert A. Berman, President and CEO, Rekor. “The current model of selling expensive hardware that requires large upfront payments pervasive to the industry isn’t beneficial to the customers and communities that need these solutions. Rekor technology is already democratizing vehicle recognition. Now our disruptive pricing that offers the flexibility of long-term payment structures, as opposed to upfront budget-busting expenditures, will allow anyone to implement our solutions quickly and affordably.”

Rekor’s Watchman software, which enables automatic license plate and vehicle recognition on any traffic or surveillance camera, is now available for as low as $40 per month (with a 60-month contract). The Rekor Edge “plug-and-play” vehicle recognition camera, which processes license plate and vehicle information in all weather conditions, up to 164 feet, is available for as low as $199 per month (with a 60-month contract). With this pricing model, a municipality, law enforcement agency, or business entity could activate dozens of cameras for the price of one from the traditional model. To learn more about Rekor’s pricing for its various vehicle recognition systems, please visit our website.

The IP Camera Market size is set to exceed USD 20 billion by 2025, according to a new research report by Global Market Insights, Inc. In 2018, the North America IP camera market accounted for around 35% of the industry share and with the rising digitization and industrialization is witnessing substantial growth. According to IHS Markit, there were 245 million professionally installed video surveillance cameras active and operational globally in 2014.