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I am able to find the sources of data used by Google Maps for travel time estimation but what is the actual algorithm used by Google Maps to calculate estimated travel time?

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The algorithm to estimate travel time, according to this Forbes article, is based on various things which include:

Official speed limits and recommended speeds, likely speeds derived from road types, historical average speed data over certain time periods (sometimes just averages, sometimes at particular times of day), actual travel times from previous users, and real-time traffic information.

The actual algorithm though is a trade secret.

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