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New Urban Mobility Technology Study finds 93% of U.S. cities are preparing for driverless vehicles within five years
Thursday, July 4, 2024
Verra Mobility polled city technology leaders who shared how they are turning to technology to navigate revolutionary transportation trends such as AI, EVs, and connected vehicles while improving road safety
MESA, Ariz., June 26, 2024 /PRNewswire/ -- Verra Mobility Corporation (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, today released findings from a new urban mobility technology report which found that nearly all U.S. municipalities (93%) anticipate they will need to be ready for driverless autonomous vehicles on their streets within five years.
In addition, 52% of city technology leaders surveyed would want to use artificial intelligence (AI) to identify road safety priorities.
Verra Mobility's survey of technology leaders from cities of all sizes across the U.S., examined how they are navigating revolutionary mobility tech trends such as autonomous, connected, electric and shared (ACES) vehicles. The survey, conducted by Wakefield Research, also examined how cities are utilizing data, deploying advanced safety technology to reduce roadway fatalities and their hopes for AI-powered solutions.
"This study confirms that cities are balancing many challenges during this exciting transition period in the transportation industry, and technology is at the heart of the solution," said David Roberts, President and CEO, Verra Mobility. "Autonomous, connected, electric and shared mobility elements have already arrived in some form and are continuing to evolve. While AI shows a lot of promise, our survey revealed cities are still struggling to collect or analyze the data they need to make informed mobility decisions. City technology leaders need to harness these trends at a pivotal time when fatalities on U.S. roads are at a nearly 16-year high."
Other insights from the survey included:
-- Safety: 55% of municipal tech leaders have "reducing road safety
incidents" as a top 3 priority for tech-based solutions.
-- Electric Vehicles: 43% report their jurisdiction has deprioritized
support for EV infrastructure because consumer demand for the technology
hasn't kept up with predictions.
-- Connected Vehicles: 81% anticipate some systems will need to be updated
before they're ready to incorporate connected vehicles technology into
their mobility initiatives.
-- Shared Vehicles: The influx of e-bikes, e-scooters, and other shared
vehicles has complicated technology-focused mobility efforts for 84% of
municipalities.
-- Data: 73% face analysis barriers that prevent them from using their data
to implement or improve their mobility and safety initiatives.
"While survey respondents indicated the urgency in preparing for AVs, the reality is there will be human-driven vehicles on our roads for decades to come," said Roberts. "And even as AVs become a more common fixture on our roads, we'll discover new safety challenges as human drivers interact with advanced machines. Our survey findings emphasize the need for city leaders, automotive manufacturers, technology providers and safety advocates to come together to find ways to make transportation easier, more efficient and much safer than it is today."
Methodology
The survey was conducted by Wakefield Research between May 1 and May 8, 2024, using an email invitation and an online survey. Wakefield surveyed 100 Municipal CIOs and Deputy CIOs, who confirmed they work on or are familiar with mobility or transportation related topics. More than one-third of respondents represented cities with populations of more than 250,000.
To download the full report, visit: https://www.verramobility.com/survey-urban-mobility-technology-2024
About Verra Mobility
Verra Mobility Corporation (NASDAQ: VRRM) is a leading provider of smart mobility technology solutions that make transportation safer, smarter and more connected. The company sits at the center of the mobility ecosystem, bringing together vehicles, hardware, software, data and people to enable safe, efficient solutions for customers globally. Verra Mobility's transportation safety systems and parking management solutions protect lives, improve urban and motorway mobility and support healthier communities. The company also solves complex payment, utilization and compliance challenges for fleet owners and rental car companies. Headquartered in Arizona, Verra Mobility operates in North America, Europe, Asia and Australia. For more information, please visit www.verramobility.com.
Forward Looking Statements
We describe many of the trends and other factors that drive our business and future results in this press release. Such discussions contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are those that address activities, events, or developments that management intends, expects, projects, believes or anticipates will or may occur in the future. They are based on management's assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments and other relevant factors. They are not guarantees of future performance, and actual results, developments and business decisions may differ significantly from those envisaged by our forward-looking statements. We do not undertake to update or revise any of our forward-looking statements, except as required by applicable securities law. Our forward-looking statements are also subject to material risks and uncertainties that can affect our performance in both the near-and long-term. In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this press release can or will be achieved. These forward-looking statements should be considered in light of the information included in this press release, our Form 10-K and other filings with the Securities and Exchange Commission. Any forward-looking plans described herein are not final and may be modified or abandoned at any time.
Additional Information
We periodically provide information for investors on our corporate website, www.verramobility.com, and our investor relations website, ir.verramobility.com.
We intend to use our website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our website, in addition to following the Company's press releases, SEC filings and public conference calls and webcasts.
Media Relations: Investor Relations:
Eric Krantz
Mark Zindler
eric.krantz@verramobility.com mark.zindler@verramobility.com
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SOURCE Verra Mobility
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