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 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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