AI Could Become A Trillion Dollar Industry In The Next 5 Years – Rekor Systems Q2 Financial Results Seem To Highlight The Booming Industry's Growth
- The AI industry's estimated market size is expected to increase by 788.64% to reach an unprecedented $1.87 trillion by 2030, presenting a once-in-a-generation opportunity for investors.
- Rekor Systems reported significant growth in revenue, performance obligations, recurring revenue, and total contract value, with gross revenue of $8.6 million in Q2 2023, representing a 132% increase over the same period last year.
- Adjusted EBITDA improved significantly, narrowing the loss from $12.0 million in Q2 2022 to a loss of $7.2 million in Q2 2023.
- None.
COLUMBIA, MD / ACCESSWIRE / August 18, 2023 / The lucrativeness of the AI industry has surpassed expectations, providing a much-needed boost for the tech industry. The tech industry was experiencing a downturn at the beginning of the year due to excessive costs incurred during pandemic hiring sprees coupled with rising concerns over macroeconomic trends. However, the public's rapid adaptation of artificial intelligence has sparked significant growth in the industry. Breakthroughs in generative AI led by ChatGPT have propelled the blue-chip S&P 500 index upwards by
According to data obtained by Finbold, the AI industry's estimated market size was valued at
Rekor Systems (NASDAQ:REKR), a leading company in the field of AI technology solutions, has posted noteworthy Q2 results that highlight significant growth in revenue, performance obligations, recurring revenue, and total contract value. The surge in financial performance underscores the potential of AI technology to change the landscape of industries while representing a boon to investors.
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 can obtain data from its IOT roadside sensors and also collect, connect and organize third-party data from sources like Waze, and existing roadway infrastructure information and then process 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 competitors for roadway intelligence, and the transportation infrastructure market is only expected to grow. The transportation infrastructure market was worth
Rekor Systems reported gross revenue of
The surge in total contract value to
Adjusted EBITDA improved significantly compared to last year, narrowing the loss from
Robert A. Berman, Chair and CEO of Rekor shared, "What sets Rekor apart is our ability not only to innovate but also to translate that innovation into sustainable growth. The revenue consistency we're achieving is a testament to the strong demand for our solutions, our effective go-to-market strategy, and the immense value we're creating for our customers and shareholders alike. We are pioneering a new era of AI roadway intelligence, and this strong financial performance underlines the unique position Rekor has attained in the industry."
With AI having promising growth prospects predicted to surpass the
Featured photo by BoliviaInteligente on Unsplash.
Contact:
Charles Degliomini
ir@rekorsystems.com
SOURCE: Rekor Systems
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