The global Transportation Analytics Market size 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 driving factors in the transportation analytics market are the increasing population and adoption of connected and smart technologies in transportation.
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
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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.
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). These players have adopted various organic and inorganic growth strategies, such as partnerships, agreements, and collaborations; acquisitions; and new product launches and product enhancements, to further expand their presence in the global transportation analytics market. New product launches and product enhancements have been the most dominating strategy adopted by the major players, which has helped them to innovate their offerings and broaden their customer base.
IBM (US) has intelligent transportation solutions, integrated fare management, traffic prediction tool, and smart operation center solution for traffic management. Its robust analytics solutions back the company’s offerings. IBM partnered with Maersk, a Danish transport and logistics company, to create a blockchain-based shipping and supply chain company. The primary goal of the venture is to commercialize blockchain for all aspects of the global supply chain system, ranging from shipping to ports and banks to customs offices. IBM strengthened its foothold by enhancing its product portfolio and introducing innovative transportation analytics platforms and solutions.
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Cubic (US) offers products and services in the transportation analytics market through its subsidiary, Cubic Transportation Systems. In January 2019, Cubic has acquired GRIDSMART Technologies a market-leading, technology-driven business with a differentiated video tracking offering for the Intelligent Traffic Systems for approximately USD 87 million in cash. This acquisition helps to expand intelligent traffic management offering. Moreover, in October 2019, Cubic has acquired Trafficware a leading provider of smart traffic solutions for the transportation industry. This acquisition in the transportation industry fits leads next‐generation intelligent traffic solutions that enable intelligent cars through smart infrastructure.
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