COLUMBIA, MD / ACCESSWIRE / April 21, 2023 / In 2021, the American Society of Civil Engineers gave the United States a C- rating on its Infrastructure Report Card. While the grade marked an improvement from the D+ received in 2017, crumbling public roads, aging bridges and deteriorating water mains were the primary causes for such a poor rating. When looking at economic competitors like China, the U.S. is sorely lacking. In the U.S., 1 in 5 miles of highways and major roads, and 45,000 bridges are in poor condition.
Infrastructure is on legislators' minds. In November 2021, President Joe Biden passed the Infrastructure Investment and Jobs Act (IIJA) with bipartisan support. The bill includes roughly $1.2 trillion for infrastructure projects and approximately $283.8 billion has been budgeted for transportation needs, with roads and bridges making up a significant portion of transportation. However, the Global Infrastructure Hub projects that there will be a significant investment gap between the projected investment and the investment required to match the best-performing peer countries. This is why advanced technology is so important to help close the investment gap in the coming decades.
Much of the US roadways have not been updated since the 1950s and even with funding from the IIJA, there is a dire need for data-supported initiatives to help tackle the most pressing infrastructure concerns. Technology companies like Rekor (NASDAQ:REKR) are instrumental in transforming public safety, urban mobility, and transportation.
Rekor is an AI-driven data company that uses its digital infrastructure operating system, Rekor OneTM, to ingest billions of data points from multiple sources to transform data into knowledge that can be used to improve transportation systems into fully functioning and safe roadways. Rekor is able to obtain data from third-party data sources like Waze, proprietary data capture, and existing infrastructure information and then processes those data points through Rekor OneTM, which can then be used by customers to make the best decisions for infrastructure investment.
There are no current competitors for roadway intelligence and the transportation infrastructure market is only expected to grow. The transportation infrastructure market was worth $1.7 trillion in 2021 and the market is expected to grow at a compound annual growth rate (CAGR) of 7.2% from 2022 to 2031, bringing the total market size to $3.6 trillion.
With no competitors, Rekor is seeing the wild success of its intelligent infrastructure data model. In February 2023, the company was selected for a national security-related application for a federal agency. In March 2023, the company was awarded a multi-year contract valued at over $1.8 million by the Florida Department of Transportation to provide data services for the agency's roadway network." On April 19, 2023, Rekor was awarded $14,145,000 in new multiyear contracts for state-wide traffic count and classification studies for South Carolina and Florida DOTs.
Rekor and its proprietary systems are well-positioned to continue to grow revenue in a rapidly growing industry, especially in a market that is projected to explode due to the massive government funding that will be funneled into infrastructure in the coming years. The company's advanced artificial intelligence, machine learning technologies and IoT Edge devices create a unique opportunity for continuous operational learning that will accelerate the digitalization of America's, and the world's, roadways.
About Rekor Systems
Rekor Systems, Inc. (NASDAQ:REKR) is a trusted global authority on intelligent infrastructure providing innovative solutions that drive the world to be safer, smarter, and greener. As a provider of comprehensive, continuous, and real-time roadway intelligence, Rekor leverages AI, machine learning, and holistic data to support the intelligent infrastructure that is essential for smart mobility. With its disruptive technology, the Company delivers integrated solutions, actionable insights, and predictions that increase roadway safety. To learn more, please visit our website: https://rekor.ai, and follow Rekor on social media on LinkedIn, Twitter, and Facebook.
Featured photo by Zetong Li on Unsplash
Contact:
Charles Degliomini
ir@rekorsystems.com
SOURCE: Rekor Systems
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