Intelligent traffic is all the rage across the developed world with the world’s most progressive nations leading the way, placing orders with smart city tech company Traffic Technologies (ASX: TTI) for $1.7 million worth of equipment.
The contract orders will send more than 300 Urban traffic controllers to China, Singapore, Qatar and Chile which utilise algorithmic data analysis to adapt traffic management protocols in real time against live traffic. In doing so, cities are able to quickly alleviate unexpected conjunction, project upcoming patterns and shorten commuter journey times.
“The receipt of these contracts is extremely encouraging as they represent a further re-opening of key export markets for the Company despite ongoing international travel restrictions,” said Traffic Technologies Managing Director, Con Liosatos.
“This clearly indicates that the Company has the knowhow, technology and respect of global markets despite the challenges of the past 12 months and what is more encouraging is the Company expects to receive further export orders once international travel restrictions are eased.”
The traffic controllers to be delivered are a combination of Traffic Technologies’ Quick Turn Circuits and control system SCATS. Combining the two, the Company anticipates being able to reduce travel time of commuters by 28%, reduce stops by 25% and reduce fuel consumption by 12%.
Core to technology behind the rise of smart cities, is the connectivity between public services. Beyond traffic, this includes waste management, parking, public transportation and public surveillance.
Other smart city products offered by Traffic Technologies include electronic signage and lighting systems, all of which are connected to the Internet-of-Things (IoT) for centralised control and automation. To capitalise on rising demand for these products, the Company is undergoing a rollout of their Smart City platform aiming to increase export sales to overseas markets while securing new multi-year contracts with power, road authorities and municipalities.
For the Half-Year ended 31 December 2020, Traffic Technologies reported a 19% increase in revenue to $26 million but incurred a net loss of $211k. As the world continues to recover from the COVID-19 pandemic, it is expected that road traffic will increase as the global vaccine rollout continues.