Rekor Systems Inc. (NASDAQ: REKR) stock plunged by 5.74% at last close whereas the REKR stock price surges by 8.22% in the after-hours trading session. Rekor Systems is a well-known global authority in intelligent infrastructure, offering cutting-edge solutions that help the world become safer, smarter, and more efficient.
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Waycare Technologies, a subsidiary of Rekor Systems, signed a partnership with the Toyota Mobility Foundation to minimize traffic jams and accidents in Bangkok, Thailand. The deployment, which is scheduled to last a year, is aimed at Thailand’s oldest and busiest thoroughfare, Bangkok’s Rama IV Road.
Every year, around 20,000 people are killed in road accidents in Thailand. Waycare has installed its AI technology to evaluate and foresee traffic conditions in an effort to minimize traffic fatalities. This technology involves existing digital traffic management databases such as Grab, iTIC, road sensors, CCTV, and others in order to analyze and predict traffic conditions. Waycare and TMF will be enabled to provide Bangkok’s transportation authorities with new ways to reduce traffic congestion and incidents using these predictive analytics.
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Waycare’s traffic management technology gathers data from numerous locations across the city to provide real-time, extremely accurate traffic warnings and predictions. Transportation agencies are able to adopt preventive steps to avert mishaps and offer faster reaction times by informing authorities of these high-risk accident zones, resulting in reduced congestion and fewer fatalities. The initiative seeks to reduce traffic congestion, traffic deaths, and automobile emissions, generate economic savings and improve quality of life. Once the initiative is completed, the project partners want to look into expanding across the country.
Robert A. Berman, President, and CEO, Rekor stated that,
The cooperation between Toyota Mobility Foundation and Waycare is a watershed moment in Thailand and the region since it is a traffic management solution that can be duplicated across Southeast Asia, where traffic has been a recognized societal concern for the past two decades. They can produce accurate traffic predictions and, as a consequence, protect lives by evaluating data that is easily available through cameras, linked vehicles, and other sources.
