According to a research report "Transportation Analytics Market major factors driving the growth include the increasing government initiatives for smart cities and growing population are major factors driving the growth of the market. Transportation Analytics Market provide detailed information about the key factors influencing the growth of the market (drivers, restraints, opportunities, and challenges) - Global Forecast to 2024" published by MarketsandMarkets. Analytics as a Service Market provide detailed information about the key factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges). 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.
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By type, predictive analytics segment to register most significant market and higher growth rate durin
g 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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