Our vision, investor information and leadership team profiles
The world is getting smarter and so too are our cities. The way we travel is changing and as vehicles become more connected, drivers want their journeys to be smart, sustainable and safe. Within the next decade, every new car sold worldwide is expected to come with embedded connectivity, meaning now is the time to utilise connected vehicle data in Intelligent Transportation Systems (ITS).
Over the past few years, Intelligent Transportation Systems have been used to help minimise congestion across the world. From local authorities looking to implement smart city policies to event organisers and private sector companies using the intel for business planning; in this new hyper-connected environment, ITS solutions are limitless.
Drivers are one of the major beneficiaries of ITS solutions. With connected vehicle data that is accurate right down to lane level, it can support innovations that will ease congestions and identify incident hotspots, for example.
ITS solutions include the most current data analysis software. Landmark solutions feature intelligent signaling systems, route guidance systems, traditional signaling video surveillance systems and intelligent video management systems.
Smart highways are reliant on ITS solutions to improve functionality and performance, as well as to provide insights into future use, such as predicted traffic states and driver behaviours. The aim of smart highways is to minimise traffic congestion, reduce road accidents and cut journey times.
Smart highways implement various ITS technologies including:
The implementation of smart highway systems across the country has been further reinforced thanks to government collaboration with major players in the production of ITS solutions, including Alcatel-Lucent, Kapsch, LG and CNS.
Intelligent Transportation Systems is a global market, with countries worldwide utilising ITS solutions to make their roads safer and smarter. As the world gets smarter the demand increases and as of 2018, the global intelligent Transportation Systems marketplace was valued at 20.53 billion USD. Predictions estimate that the market is expected to reach 40.22 billion USD by 2026 at a CAGR of 8.7%.
The demand for ITS solutions has increased rapidly, as factors such as population growth and hyper-urbanisation in developing countries add pressure to existing systems.
The smart cities concept has been implemented globally, with major cities such as Paris, Tokyo and Reykjavik leading the way. A smart city is an urban area that utilises technology to collect data to provide insights on how to manage resources and services efficiently. As the implementation of Intelligent Transport Solutions in smart cities increases, the ITS market is expected to further develop.
It’s not just smart cities that will have a major impact on the growth of the market. An increase in the number of vehicles on the road, an ever-growing population and hyper-urbanisation are all expected to generate an appetite for better, more efficient systems.
As governments worldwide also look to reduce emissions and improve sustainability, the sector is expected to benefit exponentially. And since the outbreak of COVID 19, traffic management businesses and smart cities alike are having to implement new ways of collecting data, a move away from more traditional data collection methods.
Whilst the sector is forecast to grow between now and 2026 (Ptolemus), there are concerns that some constraints may hinder the market development.
Concerns include a lack of safe and high-quality public transportation and insufficient transit capacity. The key hindrance that the market will face though are major road safety concerns. Whilst smart highways have proved a success in various parts of the world, there is a strong cause for concern that the reliance on technology and computers, with little human interaction or oversight, may end up leading to an increase in road traffic collisions. These concerns will need to be rectified if the sector is to reach its predicted growth rate over the next six years.
Wejo organises connected car data on a big scale. We have created a single marketplace, bringing together data from the world’s leading automotive manufacturers, standardising across brands, makes and models before enabling secure and simple access to global businesses and organisations.
To make connected car data simple to implement into your business, we provide two products: Vehicle Movement and Driving Event data. Our products help traffic managers and smart cities to build an accurate, real-time and historical view of traffic volume, revealing patterns and insights that aren’t always visible from current traffic technology alone. Our products help to manage seasonal traffic trends, model travel times and plan more efficient routing when undertaking projects such as construction.
Our Vehicle Movements and Driving Events products offer lane level precision* of the highest quality – our robust data quality checks ensure any data and insights delivered are accurate and consistent unlike other data sources such as mobile and manual data collection.
Traffic Flows - Use granular data points including vehicle speed and direction of travel from millions of vehicles to build a historic picture of traffic flow. Identify genuine trends and predict behaviour by accurately predicting vehicle volumes.
Target Location - Only receive the data you want thanks to our lane level precision. From an all state view to key intersections, we cut out the noise allowing you to get the insights that will actually help.
Full Road View - Our data doesn’t just focus on high volume roads, see multi-type road traffic performance in order to optimise journey times for all drivers.
Our partners are able to benefit from our Vehicle Movements & Driving Events products in a number of ways including traffic operation centres, traffic modelling, fleets and road/highway validation.
Together with our partners we’re making Intelligent Transportation systems operate more efficiently and ensuring our partners get the insights they need to help make smart cities a reality, transforming the way people live, travel and work.
*95% precision lane level accuracy