Transportation Predictive Analytics Market Report Overview
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The global transportation predictive analytics market size was USD 1039.4 million in 2022 and is projected to touch USD 2996.16 million by 2031 with a CAGR of 12.5% during the forecast period.
Transportation predictive analytics will help in providing real time insights into the conditions as well as status of shipments. This can be done with the help of operation data, weather conditions, historical transit times, and other information. All of the above-mentioned data is collected and then the shipment status is predicted. Many problems related to logistics can be solved with these analytics. Apart from this they are cost effective, have operational efficiency, and provide a perfect visualization of data.
Every sector is positively affected by the advent of various technologies. Cloud-computing, artificial intelligence, machine learning, big data analytics, and internet of things have been integrated into transportation analytics to increase their efficiency. This is considered as the latest trend in the market.
Better business decision can be taken with the assistance of these analytics. Many transportation trends like using cars with ADAS, LIDAR, and integration of vehicles with drones and robots are fueling market share. All of these factors are driving the transportation predictive analytics market share.
COVID-19 impact: Restrictions Imposed on Transportation During Pandemic Decreased Market Growth
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
The pandemic of COVID-19 caused many problems for industries. Raw materials were not easily available, skilled labors could not be employed due to lockdowns and social distancing norms. Most of the factories had to operate at half of their capacity. Transportation sector was adversely affected.
The world economy had collapsed during the outbreak of COVID-19. Transportation in all forms including aviation, waterways and public transportations experienced a steep decline in their market share as there were no passengers during the pandemic period. This in turn affected the transportation predictive analytics share.
LATEST TRENDS
"Growing Demand for Adoption of Cloud-Computing to Increase Market Growth"
Cloud computing is one of the latest technological advancements that has been circulating in the market. This technology is being applied in almost each and every field as it provides tremendous benefits. Cloud computing can easily manage the data that is stored in systems.
Another parameter that has helped in the growth of the market in the past few years is the increasing need for software-based storage devices. Transportation predictive analytics heavily depends upon the collection of data to predict the status of shipments. Collection of such data is made easier with the help of technologies like cloud computing and Internet of Things (IoT). This is considered as the latest trend in the market.
Transportation Predictive Analytics Market Segmentation
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- By Type:
The market can be divided on the basis of type into the following segments:
On-Premise, and, cloud-based. The on-premise segment is anticipated to dominate the market during the forecast period.
- By Application:
Classification based on application into the following segment:
Roadways, railways, airways, and, seaways. The roadways segment is predicted to dominate the market during the research period.
DRIVING FACTORS
"Adoption of Big Data Analytics to Accelerate Market Growth"
As mentioned before transportation analytics deals with a lot of route data which is related to distribution operations. Usage of big data analytics in this industry has helped in many ways. Many problems can be easily detected with the help of data analytics.
Several operational hazards that are present in supply chain management can be found out. Other than these big data analytics will increase the security of proprietary data, makes supply chain accessibility easy, and improves communication. Other tools that are employed within transportation analytics are machine learning, statistics, and data mining. Integration of technology and numerous other tools will bring transportation predictive analytics market growth.
"Better Business Decisions with the Help of Transportation Analytics to Propel Market Growth "
Many large companies and organizations make use of transportation predictive analytics to make better business decisions. These analytics will deal in numbers and provide quantitative data. The analysis provided by these analytics will help in taking the right decision at the right time.
Important metrics are produced during each stage of delivery process. Reports and statistical data are provided depicting the strongest and weakest points of an organization. Many transportation trends like using cars with ADAS, LIDAR, and integration of vehicles with drones and robots will further boost the market growth.
RESTRAINING FACTOR
"Stringent Transportation Rules to Bring Down the Market Growth"
With the advent of technology, a lot advanced techniques have been integrated into the market. However, every company will have to comply with strict rules and regulations that has been imposed on the market by the governments. These stringent rules can hamper the market growth.
Along with this, there are several complexities that are involved in integrating legacy systems, and networks. With development of marketplace and diversified moving portfolios the problems have further increased. This is bringing down the market growth.
Transportation Predictive Analytics Market Regional Insights
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"North America to Dominate Market in Upcoming Years"
North America is dominating the market place. North America was identified as an early adopter of the transportation analytics. With the early integration of these analytics that market has seen several developments.
Also, this region has a very large and vast transportation network. Many largely populated countries are a part of the North American continent. Densely populated areas usually have good transportation networks and maintaining transportation predictive analytics on them is a must. All these factors have helped in the development of the market in North America.
Key Industry Players
"Leading Players adopt Acquisition Strategies to Stay Competitive "
Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.
List of Market Players Profiled
- IBM (U.S.)
- Xerox (U.S.)
- SAP (Germany)
- Space-Time Insight (U.S.)
- Predikto (U.S.)
- TSS-Transport Simulation Systems (U.S.)
- Caliper Corporation (U.S.)
- Tiger Analyticsan (India)
- T-Systems (Germany)
- Cyient (India)
Report Coverage
The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. A list of the key industry players have also been mentioned in the report in order to give an idea of the competition present in the market.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 1039.4 Million in 2022 |
Market Size Value By |
US$ 2996.16 Million by 2031 |
Growth Rate |
CAGR of 12.5% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the transportation predictive analytics market expected to touch by 2031?
The transportation predictive analytics market is projected and estimated to touch USD 2996.16 million by 2031.
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What CAGR is the transportation predictive analytics market expected to exhibit by 2031?
The transportation predictive analytics market is expected to exhibit a CAGR of 12.5% by 2031.
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Which are the driving factors of the transportation predictive analytics market?
Better business decision can be taken with the assistance of these analytics. Many transportation trends like using cars with ADAS, LIDAR, and integration of vehicles with drones and robots are fueling market share. All of these factors are driving the transportation predictive analytics market growth.
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Which are the top companies operating in the transportation predictive analytics market?
Space-Time Insight, Predikto, TSS-Transport Simulation Systems, Caliper Corporation, and, Tiger Analytics are some of the top companies operating in the transportation predictive analytics market.
