Industry News

Kapsch Trafficom Awarded Contract by Port Authority of New York and New Jersey to Provide New Toll System

McLean: Kapsch Trafficom AG was awarded contract by Port Authority of New York and New Jersey (PANYNJ) for replacement of all roadside equipment in the mixed as well as dedicated mode; express toll lanes at all bridges tunnels which are managed by PANYNJ. Under the contract, Kapsch Trafficom would also provide system maintenance after complete installation of new toll system for a period of 6-years along with option to extend it to three (3) two-year periods. The total cost of the contract is USD147 Million.

Initially, the design and installation of Replacement Toll Collection System (RTCS) would start with PANYNJ’s managed 6 bridge and tunnel facilities. It includes Bayonne, Goethals, Outerbridge Crossing and George Washington bridges along with Holland and Lincoln tunnels. According to the contract, the commencement of the work would begin in August 2016, and is estimated to complete the replacement of all devices by 2020.

TechSci Research depicts that rising government focus over automation of transportation and traffic system across cities to ensure smooth traffic flow and reduced number of incidents on the road would drive the growth of traffic management and Intelligent Transportation System (ITS) market in the coming years, globally.

According to the recent report published by TechSci Research, “Global Intelligent Transportation Systems Market By System (ATMS, ATPS, ATIS, etc.), By Application (Traffic Management, Electronic Toll Management, Parking Management, etc.) and Competition Forecast and Opportunities, 2010-2020” the global ITS market is poised to grow at CAGR of over 10% during 2015 - 2020. With the market being too fragmented, a large number of players are engaged in offering ITS solutions across the globe. Moreover, Asia-Pacific offers huge future growth opportunities for ITS deployments, and consequently, is expected to outperform the broader market. Rising concerns associated with vehicular emissions are also influencing ITS strategic plan of various major economies, and this is expected to have a positive impact on global ITS market during the forecast period.

Relevant Reports

China AI in Agriculture Market By Technology (Machine Learning, Predictive Analytics and Computer Vision), By Offering (Hardware, Software and AI-As-A-Service), By Application (Precision Farming, Livestock Monitoring, Agriculture Robots, Drone and Others), By Region, Competition, Forecast and Opportunities,

Agriculture | Apr, 2024

Increase adoption of precision agriculture and rising need for crop monitoring & disease detection is expected to drive the China AI in Agriculture Market growth in the forecast period, 2025-2029.

Relevant News