2024 Transportation Analytics Market Size Estimation | Industry Share, Business Analysis | Growth Opportunities
According to a research report “Transportation Analytics Market by Type (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics), Mode (Roadways, Railways, Airways, and Waterways), Region (North America, Europe, APAC, Latin America, MEA) – Global Forecast to 2024“, published by MarketsandMarkets, the transportation analytics market is expected to grow from USD 10.3 Billion in 2019 to USD 27.4 Billion by 2024, at a Compound Annual Growth Rate (CAGR) of 21.6% during the forecast period. The major factors driving the growth of transportation analytics market include the increasing population and adoption of connected and smart technologies in transportation infrastructure.
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By type, predictive analytics segment to register most significant market and higher growth rate during the forecast period
Predictive analytics for managing transportation can be useful to make commercial as well as personal transport easier, particularly in terms of cost-efficiency. In transit, it can be used to improve productivity, fuel optimization, and people efficiency thus lowering the operational costs. Anticipating daily volumes, optimizing delivery routes, and allocation of resources to deliver the service efficiently, ultimately enhancing customer satisfaction. The advanced analytics instead of preventive maintenance enables companies to perform predictive maintenance. The predictive analytics solutions gather vehicle data from sensors, which is then examined to identify components that are most likely to break or underperform.
By mode, under roadways, road traffic management to register higher market size during the forecast period
In the modes segment under roadways, road traffic management to register higher market size during the forecast period in transportation analytics market. Data collected through the GPS and the satellite imaging is used to help in traffic management, by assisting the user in selecting their way to destination. This helps in developing better transportation as well as transport infrastructure. Analytics on a large scale is impacting Traffic management systems by making traveler information available on a global map that tell drivers about the jam-packed areas.
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Europe to hold the largest market size during the forecast period
Europe is a significant revenue-generating region for the transportation analytics market. This region is considered as the most advanced region in terms of technology adoption and infrastructure. The extensive presence of key industry players offering transportation analytics solutions and services is the key driving factor for the growth of the transportation analytics market. Enterprises in this region are leveraging IoT, AI and analytical technologies in their business processes to gain a competitive edge in the market.
The major transportation analytics vendors include IBM (US), Siemens(Germany), Cubic (US), Cellint (Israel), Alteryx (US), Kapsch Trafficcom (Austria), INRIX (US), Indra Sistema (Spain), Trimble (US), TomTom (Netherland), Iteris (US), Conduent (US), Hitachi (France), Thales (France), OmniTracs (US), Techvantage (US), CARTO (US), Syntelic (US), SmartDrive Systems (US), Envista (US).
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