Rekor REKR's infrastructure system helps US improve

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Rekor REKR's infrastructure system helps US improve

The American Society of Civil Engineers gave the United States a C rating on its Infrastructure Report Card in 2021. While the grade improved from the D received in 2017, crumbling public roads, aging bridges and deteriorating water mains were the main causes for such a poor rating. The U.S. is sorely lacking when it comes to economic rivals like China. In the U.S., 1 in 5 miles of highways and major roads, and 45,000 bridges are in poor condition.

Joe Biden, a Republican, passed the infrastructure investment and jobs Act IIJA in November 2021. The bill consists of $1.2 trillion for infrastructure projects and $283.8 billion for transportation needs, with roads and bridges being a significant portion of transportation. However, the Global Infrastructure Hub projects that there is a significant investment gap between the anticipated investment and the investment required to match the best-performing peers. Technology is crucial to closing the investment gap in the future.

Most of the US roadways have not been updated since the 1950s, and even with funding from the IIJA, there is a grave need for data-supported initiatives to address the most pressing infrastructure concerns. Rekor REKR, a tech company, is instrumental in transforming public safety, urban mobility, and transportation.

Rekor is a data company based on AI, using its data infrastructure operating system, Rekor OneTM, to ingest billions of data points from multiple sources to transform data into knowledge that can be utilized to enhance transportation systems into fully functional and safe roadways. Rekor can obtain information from third-party data sources like Waze, proprietary datacapturing, and existing infrastructure data and processes those data points through Rekor OneTM, which can then be utilized by customers to make the best decisions for infrastructure investment.

There are no competitors for roadway intelligence, and the transportation infrastructure market is only expected to grow in the near future. The transportation infrastructure market was worth $1.7 trillion in 2021, and the market is projected 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.

Rekor is succeeding in its innovative infrastructure data model, and it has no rivals. In February 2023, the company was selected for a national security application for a federal agency. The agency was awarded a multi-year contract worth more than $1.8 million by the Florida Department of Transportation in March 2023 to provide data services for the agency's roadway network. Rekor was awarded $14,145,000 in new multiyear contracts for state-based traffic count and classification studies for South Carolina and Florida DOTs on April 19, 2023.

Rekor and its patented systems are positioned to continue to increase revenue in a rapidly expanding industry, especially in a market that is projected to explode due to the huge government funding that will be channeled into infrastructure in the future. The company's advanced AI, 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 roads.

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