In 2022, US traffic congestion resulted in the average driver spending 51 hours in traffic, equating to approximately $869 in lost time and increased pollution. Additionally, the average driver spent $134 more for fuel in 2022 than in 2021. While some degree of traffic is undeniable, congested roads are essentially a transportation management issue.
One way to improve traffic congestion and emissions is to operate existing traffic systems efficiently. To effectively achieve these goals, urban planning and transportation management offices need to use Intelligent Transportation Systems (ITS). ITS offers real-time information to create better systems for traffic management. However, not all ITS are created equal, and existing systems can struggle to manage the data.
That's where technology companies like Rekor REKR come in and 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 One, 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 One, which customers can then use to make the best decisions for infrastructure investment.
Rekor is also useful in understanding greenhouse gas and smog emissions on roadways. The US Department of Transportation is currently developing a system to evaluate the effectiveness of our surface transportation network. The new regulations will require federal grant recipients to track and reduce greenhouse gas emissions resulting from transportation, as well as report their progress regularly to promote transparency for taxpayers regarding the use of federal funds by states and cities.
The company's proprietary data capture devices use an IoT node that can be installed in a few hours and provide valuable insight into traffic patterns that the company's Rekor One system can translate into analytics that is instrumental in making urban planning decisions and roadway enforcement. The same sensor can also track greenhouse gas and smog scores in real-time. The company has two non-intrusive data collection systems that help collect federally required data points.
The first is Rekor Edge Max, a fixed data collection system that captures up to 12 lanes of bidirectional high-speed roadway data. This system is useful for long-term traffic studies, and the two products are being tested by a number of state and city Departments of Transportation. Most recently, the Company's AI vehicle recognition technology is currently being used for a non-intrusive proof of capability study on the New York State Thruway and on I-95 and I-83 in Maryland. These studies support the federally mandated vehicle classification process with the New York State Department of Transportation. Additionally, the South Carolina Department of Transportation is conducting a similar study, and around 26 other state DOTs have shown interest in adopting this non-intrusive cutting-edge roadway AI technology.
The second system, Rekor Edge Flex, is a non-intrusive portable data collection system that captures up to 12 lanes of high-speed roadway data. This system is most useful in understanding the environmental impact of roads for short-term traffic studies spanning 1 to 7 days.
With the US planning historic infrastructure investments to revamp communities, the demand for AI and digital infrastructure technology is on the rise. Accurate and detailed data is crucial in traffic studies, which play a role in large-scale planning and protecting vulnerable road users, as well as improving overall safety. Enhanced technology can significantly aid in this process. Rekor has received permission from over a dozen state Departments of Transportation to initiate proof of capability sites of their edge-based Class, Count & Speed Applications, and their implementation has already commenced.
Rekor and its proprietary systems could be well-positioned to provide city, state, and federal agencies with the necessary data and analytics to reduce traffic, study greenhouse, and smog conditions, and improve transportation safety. The company's advanced artificial intelligence, machine learning technologies, and IoT Edge devices look to create a unique opportunity for continuous operational learning that can help determine infrastructure budgets, safety measures, and transportation management.
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