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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Predictive analytics segment to have the
largest market size during the forecast period
The transportation
analytics market has been segmented based on type into three categories
Descriptive analytics, predictive analytics, and prescriptive analytics. The
predictive analytics segment is estimated to hold a larger market size, because
predictive analytics for managing transportation can be useful to make
commercial as well as personal transport easier, particularly in terms of
cost-efficiency. Moreover, it can be used to improve productivity, fuel
optimization, and people efficiency thus lowering the operational costs
Roadways mode to hold the largest market size
during the forecast period
The use of transportation analytics
solution is increasing rapidly in roadways to ease congestion and improve road
safety by effective monitoring and management of vehicular traffic; this would
eventually accelerate the use of analytics in the transportation industry.
Transportation analytics can help in understanding the reason for the crashes
and help to overcome these issues.
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Europe
to account for the highest market size during the forecast period
Europe
is a significant revenue-generating region in the global transportation
analytics market. The region experiences maximum developments in the transportation
analytics space. Majority of the transportation analytics solution providers
across the region are regularly involved in product innovations and deployment
of these transportation analytics solutions and services. The vendors across
the region are adopting various growth strategies, such as product enhancements
and new launches, partnerships, and acquisitions, strengthening their position
in the market.
Key
Transportation Analytics Market Players
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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