Transportation Analytics Market Outlook 2031:
The global transportation analytics market size was valued at USD 10.39 Billion in 2022 and is projected to reach USD 37.71 Billion by 2031, expanding at a CAGR of 15.4% during the forecast period 2023 - 2031. The growth of the market is attributed to the growing need of smart transportation initiatives globally.
Transportation analytics is an Artificial Intelligence (AI) and Machine Learning (ML) powered operational systems that allow easy transport activities and services such as logistics and traffic management.
By using these methods such as statistical models as well as additionally implementing digital techniques and automation, freight managers can successfully control the end-to-end shipping supply chain. As these analytics models can easily access to huge volume of data available, they allow for more control and adaptability of transportation services under changing enviorment in the long run.
The COVID-19 pandemic outbreak has adverse impact on the market owing to travel and movement restriction, impacted by the emergency shutdown related to the pandemic. However, wide adoption of work from home policies by transport companies along with increasing use of internet and mobile telecommunication platforms for daily business operations is likely to boost the market in the coming years.
Transportation Analytics Market Drivers, Restraints and Opportunities
- Cost-effectiveness of transport operations isone of the key driving factors for market.
- Increasing adoption of advanced traffic management systems is expected to boost the market growth in the coming years.
- Issues related to data Security and privacy presents a major challenge. This is anticipated to hamper the market growth in the projected period.
- Lack of technological awareness on integration of the existing network software with the analytics package is projected to hinder the market expansion during the forecast period.
- Increasing demand for online, fast, and efficient transport services is expected to create lucrative growth opportunities during the forecast period.
Scope of Transportation Analytics Market Report
The report on the global transportation analytics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Transportation Analytics Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Predictive, Prescriptive, and Descriptive), Applications (Logistics Management, Planning & Maintenance, Traffic Management, and Others), Deployment Types (On-premise, Hybrid, and Cloud-based),
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Cubic Corp.; Oracle Corp.; Cellint Corp.; Hitachi Ltd.; Omnitracs LLC; IBM Corp.; Sisense Inc.; Inrix Corp.; and Alteryx Inc.
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Transportation Analytics Market Segment Insights
Descriptive segment to grow at a rapid pace
Based on types, the global transportation analytics market is divided into predictive, prescriptive, and descriptive. the descriptive and predictive segments are expected to grow at a rapid pace during the forecast period owing to the adoption of smart town and sensible transportation ideas globally.
However, the descriptive segment is anticipated to hold a key share of the market in the coming years due to increasing adoption of massive information that has led to the rising volumes of information generated and advancements in digital technology.
Analtics to drive traffic management segment
In terms of applications, the market is segregated into logistics management, planning & maintenance, traffic management, and others. The traffic management segment is projected to expand at a considerable CAGR during the forecast period attributed to solutions such as video management software systems with integrated video analytics, which may assist solve traffic congestion and accidents caused by a lack of organized traffic management.
On the other hand, the planning and maintenance segment is anticipated to account for a major market share during the forecast period due to the importance for asset planning, management, and maintenance in the transportation industry in order to promote long-term operational and financial health.
Cloud segment to hold significant market share
On the basis of deployment types, the global transportation analytics market is segmented into on-premise, hybrid, and cloud. The cloud segment is anticipated to hold significant market share in the coming years owing to the measurability and adaptability of the cloud technology, security aspects, and management over the data center.
However, the hybrid segment is expected to register a considerable CAGR during the forecast period due to integration of technology, which makes business more effective and the consolidation of both clouds and analytics help company fulfill their customer need.
North America to constitute a key market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period attributed to early adoption of transportation analytics solutions across the region.
However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to rise in smart town and subsequent smart transportation initiatives undertaken within the region.
Segments
The global transportation analytics market has been segmented on the basis of
Types
- Predictive
- Prescriptive
- Descriptive
Applications
- Logistics Management
- Planning & Maintenance
- Traffic Management
- Others
Deployment Types
- On-premise
- Hybrid
- Cloud-based
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global transportation analytics market are Cubic Corp.; Oracle Corp.; Cellint Corp.; Hitachi Ltd.; Omnitracs LLC; IBM Corp.; Sisense Inc.; Inrix Corp.; and Alteryx Inc.
As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives, such as partnerships, collaborations, and mergers & acquisitions.
Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market. For instance, in January 2019, Cubic Corp. obtained GRIDSMART Technologies Inc., a company that makes video tracking technologies for intelligent traffic systems.
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