Transportation Predictive Analytics Market

Growing awareness is driving the market growth

Market CAGR for Transportation Predictive Analytics supplements is being driven by the rising awareness of smart transportation. Road sensing-enabled smart vehicles and apps are widely employed in verticals such as roads, railroads, seaways, airports, and multimodal transportation. By providing unrestricted and smooth mobility to the expanding population and traffic issues, as well as driving efficiency and quick service, intelligent technologies offer extensive growth opportunities, which may increase demand for transportation analytics systems over the forecast period.

It is also anticipated that disruptive technologies, such as enhanced traveler systems, advanced vehicle control systems, and analytics, would increase demand for products in the transportation sector, including roads and trains. The development of electronic access, mobility management, traffic sensors, and displays to effectively monitor the system has increased demand for transportation systems and analytics.

The growth of intelligent automobiles on intelligent roads largely benefits modern infrastructure that automates the management of all control systems, enhances communication, and increases safety. In the upcoming years, decreased traffic and congestion, as well as more traveler knowledge of how to efficiently manage, monitor, and simplify their journey, may benefit the market growth for transportation systems and analytics. Thales Group launched new digital railway solutions to promote greener transportation in March 2021 to enhance passenger convenience and operational effectiveness.

To give real-time data on passenger density, the technology based on artificial intelligence video analytics uses the existing CCTV network at stations and within trains.

Increased use of commercial and passenger vehicles has also caused traffic congestion. Using analytics in intelligent transportation systems will assist in redirecting traffic, reducing traffic congestion, and reducing the likelihood of collisions. The data collection and analytics systems now available on the market include vehicle categorization counts, traffic volume counts, parking studies, and travel time and delay studies. Traffic volume and other variables are monitored by city planners to build models that optimize traffic flow and public transit, assuring enhanced connectivity and safety for commuters.

For example, almost 10 billion data points were collected for the Citi Logik and Vodafone collaboration with Transport for London (TfL). These data points were utilized to feed several algorithms that generated travel matrices, including around 1.2 billion journeys. Thus, driving the Transportation Predictive Analytics market revenue.

The Global Transportation Predictive Analytics Industry experiences a surge in demand for data-driven decision-making processes. Organizations are increasingly leveraging analytics to enhance operational efficiency, reduce costs, and improve service delivery. For instance, transportation companies utilize predictive analytics to forecast demand patterns and optimize routing, which can lead to significant cost savings. As a result, the market is projected to reach 6.96 USD Billion in 2024, reflecting the industry's shift towards data-centric strategies. This trend indicates that stakeholders are recognizing the value of analytics in making informed decisions, thereby driving growth in the Global Transportation Predictive Analytics Industry.

The report divides the market into four regions: Europe, Asia-Pacific, North America, and the Rest of the World. The North American, Transportation Predictive Analytics market, will dominate this market; commercial drone sales in the area are increasing exponentially, with nations such as the United States placing stringent controls on drone pilots and registrations. As a result, substantial demand for ITS systems in the aviation sector is projected throughout the projection period. North America has a great demand for specialized short-range communication devices that prevent traffic bottlenecks in passenger and commercial road vehicles.

This supports the region's demand for Transportation Systems and Analytics.

The major countries studied in the market report are Canada, German, France, U.S., the UK, Italy, Spain, China, Australia, Japan, India, South Korea, and Brazil.

Figure 2: TRANSPORTATION PREDICTIVE ANALYTICS MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe's Transportation Predictive Analytics market accounts for the second-largest market share due to increased investment in transportation analytics solutions for enhancing enterprises and consumer experiences; the transportation analytics market in Europe is expected to give attractive development prospects. Further, the German Transportation Predictive Analytics market held the largest market share, and the UK Transportation Predictive Analytics market was the fastest-growing market in the European region.

From 2023 to 2032, the Asia-Pacific Transportation Predictive Analytics Market will develop at the quickest CAGR. The growing urbanization of the region is primarily responsible for the regional market's rise. Furthermore, important automotive firms and investment in the transportation sector are expected to catalyze regional market expansion in the future. Moreover, China's Transportation Predictive Analytics market held the largest market share, and The Indian Transportation Predictive Analytics market was the Asia-Pacific region's fastest-growing market.

Leading market companies are extensively spending on R&D to extend their product lines, which will help the Transportation Predictive Analytics market grow even more. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. The Transportation Predictive Analytics industry must provide cost-effective products to grow and thrive in a more competitive and increasing market environment.

Manufacturing locally to reduce operating costs is one of the most important business strategies manufacturers employ in the Transportation Predictive Analytics industry to serve customers and grow the market. In recent years, the Transportation Predictive Analytics industry has offered some of the most significant advantages. Major players in the Transportation Predictive Analytics market, including Geotab, Siemens, IBM, Gridsmart Technologies Inc, and others, are attempting to increase market demand by investing in research and development operations.

The International Business Machines business (IBM), sometimes known as Big Blue, is a technology business based in Armonk, New York, with operations in over 175 countries. It specializes in computer hardware, middleware, and software, as well as hosting and consulting services spanning from mainframe computers to nanotechnology. In May 2019, IBM collaborated with the Danish transportation and logistics firm Maersk to establish a blockchain-based shipping and supply chain enterprise. The venture's major purpose is commercializing blockchain for all supply chain system areas, from shipping to ports and banking to customs agencies.

Siemens is a German multinational conglomerate and Europe's largest industrial manufacturing firm. Its headquarters are in Munich, and it has several overseas branch offices. The company's primary segments are Digital Industries, Smart Infrastructure, Mobility, Healthcare (named Siemens Healthineers), and Financial Services. In March 2019, Siemens has increased its smart transportation product offering. The new eHighway technology, according to the business, is twice as efficient as conventional internal combustion engines. This Siemens Mobility invention powers vehicles using an overhead contact line.