The Transportation Analytics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Transportation Analytics Global Market Report 2024, The transportation analytics market size has grown exponentially in recent years. It will grow from $16.75 billion in 2023 to $20.33 billion in 2024 at a compound annual growth rate (CAGR) of 21.4%. The growth in the historic period can be attributed to demand for operational efficiency, traffic management, government initiatives, safety and compliance requirements, environmental sustainability, customer expectations..
The transportation analytics market size is expected to see rapid growth in the next few years. It will grow to $41.61 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%. The growth in the forecast period can be attributed to autonomous vehicle integration, predictive analytics adoption, growth of mobility as a service (maas), climate change and emission reduction goals, big data handling, cybersecurity concerns.. Major trends in the forecast period include integration of real-time data and iot sensors, advanced predictive analytics for maintenanc, enhanced fleet management and optimization, integration of gis (geographic information system) technology, cybersecurity measures for connected vehicles, continued advancements in machine learning and ai..
The increasing government initiatives for the development of smart cities and advanced commute systems are driving the growth of the transportation analytics market. A smart city is a developed urban area that excels in a number of critical areas, including economy, mobility, environment, people, lifestyle, and government. Smart cities use transportation analytics to monitor and manage their traffic systems. Monitoring equipment, such as sensors, is built into traffic lights and signals that continuously track traffic movement. For instance, in March 2023, according to Global X ETF, a US-based fund management firm, with the $1.2 trillion Infrastructure Investment and Jobs Act (IIJA) in November 2021, the United States took a significant step towards improving its infrastructure. Over the next ten years, the IIJA is going to invest $550 billion to improve roads, bridges, airports, and railroads, extend access to clean drinking water and broadband internet, and achieve environmental justice. Therefore, rising government initiatives to develop smart cities are driving the growth of the transportation analytics market.
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The transportation analytics market covered in this report is segmented –
1) By Analytics Type: Descriptive Analytics, Predictive Analytics, Prescriptive Analytics
2) By Component: Solutions, Services
3) By Deployment: On-Premise, Cloud, Hybrid
4) By Mode of Transportation: Railways, Roadways, Maritime, Airways
5) By Application: Remote Sensing, Transit Management, Traffic Management, Incident Management, Logistics Management, Other Applications
Major companies operating in the transportation analytics market are developing new ai-based transportation management solutions to gain a competitive edge in the market. For instance, in September 2023, SS Supply Chain Solutions, an India-based software development company launched iTMS (Intelligent Transport Management Solution). iTMS is a comprehensive transportation planning, settlement, and execution platform powered by advanced analytics, utilizing artificial intelligence and data analytics to optimize the entire logistics transportation lifecycle. The platform includes features like Order AI for automated order acquisition, Shipment Planning and Optimization for efficient dispatch routes, and an Execution Orchestration Tool for real-time tracking and performance improvement. Additionally, iTMS offers Contract & Rate Management and Billing & Settlement tools for simplifying overseas trade processes and financial audits.
The transportation analytics market report table of contents includes:
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