Dublin, March 22, 2023 (GLOBE NEWSWIRE) -- The "Global Transportation Analytics Market Size, Share & Industry Trends Analysis Report By Application, By Deployment Mode, By Type, By Component, By Mode of Transport, By Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Transportation Analytics Market size is expected to reach $37.4 billion by 2028, rising at a market growth of 18.7% CAGR during the forecast period.
The term 'Transportation Analytics' refers to the process of doing predictive analysis on transportation data with the goal of simplifying commercial and individual modes of travel. The goals of the Transportation Analytics project are to improve cost efficiency, boost productivity, and optimize fuel use.
Transportation analytics involves predicting the daily levels of traffic, optimizing delivery routes, allocating resources for the effective delivery of services, and improving the customer experience and level of satisfaction. Sensors are utilized to gather the data that is then analyzed and used to anticipate which components are likely to underperform. Components that are predicted to underperform are identified.
Additionally, enterprises are able to do preventative maintenance owing to transportation analytics. Within the context of the distribution operation, the enormous volume of route data is dealt with by transportation analytics. It doesn't matter how big it is; it can still help you make better choices for your company, which will eventually be to your advantage.
Additionally, at each and every step of the delivery process, significant metrics may be derived from transportation analytics. Not only does it support learning about the company's weakest and strongest parts, but it also gives the organization with reliable data and deliverables that it can share with customers. These advantages provide potentially profitable prospects for the expansion of the market.
In addition, supply chain management makes extensive use of big data analytics in order to assess operational risks, enhance communication, better protect proprietary information, and broaden the scope of supply chain accessibility. This data is put to use by companies in a number of ways, including the development of more effective cloud-based platforms and predictive analytics. Data mining, statistics, and machine learning are the three main components of predictive analytics.
COVID-19 Impact Analysis
The pandemic caused by COVID-19 has had a significant impact on enterprises all across the globe. The study of the market for transportation analytics has seen significant development over the last few years; however, owing to the breakout of the COVID-19 pandemic, it is anticipated that it would create profitable chances for the expansion of the industry.
This may be linked to the fact that governments in the vast majority of nations have implemented a lockdown, and travel restrictions have been imposed all across the globe in an effort to stop the spread of the virus. This has caused disruptions in the supply networks of several different businesses. On the other hand, when the COVID-19 epidemic has been contained, it is anticipated that the market for transportation analytics will see growth in the years to come.
Market Growth Factors
Increase in understanding among travelers and improvements in traffic management
The spread of smart cars on smart roads largely contributes to the improvement of communication, the enhancement of safety, and the development of sophisticated infrastructure which automates the whole administration of control systems.
The increasing awareness among travelers of how to efficiently manage, monitor, and streamline their own travel, as well as the reduction of congestion and improvement of traffic management, may have a positive effect on transportation systems and result in the growth of the market for transportation analytics in the years to come.
An increase in the use of technologies like AI, Ml, and IOT
Embracing modern digital technologies in the logistics and transportation industry may increase operational efficiency and transparency in the sector. This can be accomplished by restructuring current operations and developing a model of business that is more proactive.
Businesses will be able to better compete in today's market if they adopt modern digital logistics and transportation trends, such as implementing technologies such as machine learning (ML), artificial intelligence (AI), the internet of things (IOT), big data, and blockchain. These technologies will help them keep pace with the increasing amount of competition. During the period covered by this research, these trends are anticipated to act as a driver of growth for the transportation analytics market.
Market Restraining Factors
Integration of data presents a number of challenges.
The data that have been acquired from such a wide variety of systems and so many different sources are extremely noisy, high-dimensional, and heterogeneous, and their interdependencies are complicated. It is difficult to digest such a vast and varied quantity of data in real-time, and turning that data into actionable knowledge for near-real operations or even for a long-term process is exceedingly difficult.
Additionally, low latency and data dependability are needed to be turned into actionable information, which is necessary to increase safety and collision avoidance. This is predicted to be a factor that would hinder the development of the market during the projected period. It is possible that the development of the market for transportation analytics would slow down throughout the time covered by this prediction because of these privacy concerns.
Scope of the Study
Market Segments Covered in the Report:
By Application
- Traffic & Incident Management
- Traffic Planning & Maintenance
- Logistics Management
- Others
By Deployment Mode
- On-premise
- Cloud
- Hybrid
By Type
- Descriptive
- Prescriptive
- Predictive
By Component
- Solution
- Services
By Mode of Transport
- Roadways
- Railways
- Airways
- Waterways
By Geography
North America
- US
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- IBM Corporation
- INRIX, Inc
- Indra Sistemas, S.A
- Cubic Corporation (Veritas Capital Fund Management, LLC)
- TomTom N.V
- Siemens AG
- Alteryx, Inc
- Kapsch TrafficCom AG (Datax Handelsgmbh)
- Trimble, Inc
- Cellint Traffic Solutions Ltd
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 306 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value (USD) in 2021 | $11485.1 Million |
| Forecasted Market Value (USD) by 2028 | $37444.9 Million |
| Compound Annual Growth Rate | 18.7% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/3fkhgw
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