Rekor saids that there are no current competitors. How about Quarterhill.
Rekor is best known for its AI-driven digital infrastructure operating system, Rekor OneTM. This system ingests 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 customers can then use to make the best decisions for infrastructure investment.
The company reports that there are no strong 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 effective competitors, Rekor is seeing success with 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 multiyear 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 seem well-positioned to continue to grow revenue in a rapidly growing industry. The company's advanced artificial intelligence, machine learning technologies, and IoT Edge devices create a unique opportunity for continuous operational learning to accelerate the digitalization of America's and the world's roadways. As such, it would seem unsurprising the company expects to exceed projected financial results.
Featured photo by Abraham Barrera on Unsplash.
Contact:
Charles Degliomini
ir@rekorsystems.com
SOURCE: Rekor Systems
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