Transportation Analytics Market Size will become USD 71.78 BN by 2032
The transportation analytics market size is projected to become a USD 71.78 billion by 2032 and it is growing at a registered CAGR of 16.50% from 2023 and 2032, as per new report study by Precedence Research.
Ottawa, Feb. 09, 2023 (GLOBE NEWSWIRE) -- The global transportation analytics market is driven by increasing population and subsequent challenges in transportation management and increasing adoption of smart transportation initiatives and continued automation. The increasing rate of digital transformation in the transport industry and the increasing use of Internet of Things (IoT) devices to gain insights into various operational entities in real time are expected to drive the market growth over the forecast period.
The enormous amount of route data dealt with by transportation analytics is within distribution operations. No of the scale, it can serve as a guide to better business choices that will ultimately help the company. Additionally, at every phase of the delivery process, transportation analytics offers valuable metrics. It gives helpful information about the firm's weakest and most vital areas and produces reliable reports and deliverables that the company can use to communicate with clients. These benefits offer profitable chances for business expansion.
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Furthermore, supply chain management extensively uses big data analytics to assess operational risks, secure proprietary data, enhance communication, and enhance supply chain accessibility. Industries use this data in various ways, such as predictive analytics and developing more effective cloud-based systems. Predictive analytics uses statistics, data mining, and machine learning to estimate inventory levels, future supply demands, and consumer behavior. Businesses use machine learning and predictive analytics to drive the market's expansion to foresee potential supply chain physical hazards and financial, customer, and other operational risks.
The burgeoning demand for autonomous operations, digitization, and sustainability are satisfied by the emerging trends in transportation analytics. Autonomous vehicles are being adopted by the industry more frequently. Using light detection and ranging (LIDAR), advanced driver assistance systems (ADAS), and computer vision, startups create semi- and ultimately autonomous vehicles. Autonomous last-mile deliveries are made possible by drones, robotics, and driverless trucks. Innovative batteries and charging infrastructure are developing faster thanks to large-scale electrification solutions. Innovative approaches that use the internet of things (IoT), artificial intelligence (AI), and blockchain to improve supply chain management are among other emerging trends in transportation.
Businesses also look at ways to automate logistical processes by using transport analytics solutions & services, which fuels the market's expansion. Additionally, developments like mobility-as-a-service (MaaS) and smart shipping have a wide range of uses in the transportation sector. The goal is to achieve sustainability with the least pollution possible while simultaneously increasing the overall effectiveness of transportation operations. As a result, during the foreseeable period, this offers profitable prospects for market expansion.
Predictive analytics and data mining techniques are expected to benefit the transportation industry in finding solutions to transportation problems such as transport network congestion and traffic across the globe. The huge amounts of information generated through various sources such as train schedules, public transit data, and bus feeds will be utilized to reduce traffic and bottlenecks, plan routes, and help individuals travel from one place to the other efficiently. As per the IT industry estimates, by 2022, the big data analytics solutions revenue worldwide is expected to reach USD 274.3 billion, registering a CAGR of 13.2% from 2018 to 2022. The increase in big data vis-à-vis the growth in internet of things devices across various industries is likely to boost the transportation analytics market growth over the forecast period.
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By type, transport businesses and other stakeholders employ sophisticated analytics (prescriptive and predictive) to assist them in projecting future trends. Forecasting helps businesses reduce carbon emissions and traffic congestion, increase profitability, and enhance road safety. In the developing Advanced Traffic Management Systems (ATMS) market, traffic information has taken on a major role.
Transportation analytics market, by type, 2021 – 2028 (USD Million)
By application, traffic management dominates the market and will likely increase at a noteworthy CAGR of 15.3% during the forecast period. Traffic jams and accidents brought on by improper traffic management can be addressed with the help of solutions like integrated video analytics and video management software.
Transportation analytics market, by application, 2021 – 2028 (USD Million)
Planning & Maintenance
By deployment, cloud computing and analytics have unrivalled potential in the transportation sector. As of 2022, approximately 61% of workloads are performed on a hosted cloud service. Hybrid clouds with integrated environments that include on-premises, private, and public clouds will exhibit high growth rates.
Transportation analytics market, by deployment, 2021 – 2028 (USD Million)
By region, the fastest predicted growth will likely be in Asia Pacific, thanks to the region's expanding smart transportation and smart city efforts. North America and Europe will likely be the primary areas over the projected period. Taiwan, South Korea, Australia, Japan, and China will take the lead in transportation and traffic management projects.
Transportation analytics market, by region, 2021 – 2028 (USD Million)
The integration of geospatial and parking data from wireless sensors, parking meters, and cameras has increased the accuracy of parking guidance systems in cities.
The integration of existing cloud network control technology and intelligent personal assistant along with the navigator apps is expected to enable mobile Personal Rapid Transit (PRT) in the near future.
Suppliers are combining intelligent technology and global expertise to increase efficiency, coordination, and safety across transport networks.
Suppliers and solution providers are investing heavily in research & development to offer differentiated solutions to reduce congestion by integrating communication and cloud technologies. For instance, Toyota introduced V2V and V2l communication via 760 MHz radio frequency to limit traffic incidents.
ISO/TR 109922011 specifies the introduction of multimedia and telematics nomadic devices i n public transport and in automotive manufacturing to support the provision of intelligent transport system services.
The U.S. government has laid down a regulation stating that all new passenger cars must be equipped with rear view cameras to enable easy vehicle parking.
United Nation’s policy guidelines on road safety and traffic regulations to improve traffic management
Road safety and environmental protection are expected to be high-growth application avenues.
Several organizations opt for parking guidance systems a s they help drivers save time, reduce fuel consumption, and avoid traffic congestions at parking spaces.
The demand for specific analytics tools for analysing the data collected from a variety of sources such as GPS, bar-coding, RFID, and time stamping is growing.
Market Dynamics for Transportation Analytics Market
Initiative for smart transportation
Road sense is used by smart vehicles and applications in the road, rail, marine, air, and multimodal transportation sectors. By enabling unrestricted and smooth mobility for the expanding population and traffic issues, as well as enhanced driving efficiency and quick service, intelligent techniques give extensive growth opportunities. This could lead to an increase in demand for transportation analytics systems for the forecast period. Disruptive technologies, including sophisticated vehicle control systems, improved traveller systems, and analytics across railways, roadways, and other verticals, are projected to be the main drivers of product demand.
Increasing development of technology
Technology advancements have had a significant impact on operational efficiency. In almost all of today's vital functional sectors, connected networks have been made possible thanks to the Internet of Things. Most transportation-related issues have been resolved due to this transportation system's integration. Numerous technology developments and the rise of megacities worldwide will likely create new opportunities for the transportation analytics market.
Initiatives by the Government
The explosion of government programs to build smart cities spanning regions has significantly impacted market expansion. The rising convergence of intelligent systems of transportation and transportation analytics solutions helps the market's development. The transportation analytics industry benefits from rapid urbanization, changing lifestyles, rising investment, and increasing consumer spending.
High installation costs, problems with data complexity, and difficulties integrating with legacy systems
Data complexity issues, high installation costs, and complex system integration are a few obstacles to the market's growth. The massive price of marine equipment, high installation costs and worries about data complexity, are anticipated to impede market expansion. Growing the industry may be challenging due to the complexity of adopting an advanced control system, which requires the pricey building of a Traffic Management Center (TMC). It is anticipated that inadequate technical knowledge and slow infrastructure development will constrain product demand and market expansion.
According to projections, strategic mergers, collaborations, and acquisitions are the most effective way for business actors to increase their technological capacity and quickly reach expanding markets. Additionally, new commercial opportunities are predicted to be created via product innovation and differentiation. The expanding startup environment and companies of transport analytics like Populus.ai, TERAKI, Conduent, Sixgill, Motion tag, Urbanlogiq, Immense simulations, IoTium, Emu Analytics, Cyberowl, and B-Line Transportation, among others, may also possibly cause competition.
In January 2019, GRIDSMART Technologies Inc. was acquired by Cubic, a video tracking technologies producer for the sector of intelligent traffic systems. The expertise of GRIDSMART Technologies Inc. in video detection at traffic crossings using machine learning and computer vision modeling would broaden the product offering and customer base of Cubic Corporation. Similar to this, Sisense and Periscope Data merged in January 2020. Sisense for cloud data teams is now promoted and offered for sale as a result. The union of the two companies will enable the development of a stand-alone, complete, end-to-end data analytics platform for its customers. Several of the market's top players in transportation analytics include the following:
SmartDrive Systems Inc.
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