USD 15.89 billion
Report ID: SQSG45B2016 | Region: Global | Published Date: October, 2022 | Pages: 265 | Tables: 64 | Figures: 75
Transportation Analytics Market size was valued at USD 15.89 billion in 2021 and is poised to grow from USD 18.7 billion in 2022 to USD 68.4 billion by 2030, growing at a CAGR of 17.6% in the forecast period (2023-2030).
Intelligent Transportation Systems (ITS), which facilitates convenient traffic monitoring. According to the Transportation Institute, Americans spend more than 3 billion gallons of fuel annually, and also spend an average 42 hours in traffic each year. Furthermore, the need for traffic solutions is anticipated to be driven by population explosion and quick urbanization in emerging economies. These elements should encourage the use of analytics in transportation industry in the foreseeable future.
The use of transportation analytics solutions in relation to intelligent transportation systems are projected to further contribute to the market expansion, which is pushed further by various government efforts to create smart cities. For instance, the US Department of Transportation spent more than USD 63 billion to significant infrastructure projects to boost transportation sector nationwide. Additionally, the number of passengers and commercial cars has also increased, which has added to traffic congestion. The demand for analytics in intelligent transportation systems will help to lessen traffic congestion, reroute traffic, and reduce the likelihood of collisions. However, data security and privacy are among the critical issues that analytics companies will need to deal with in the upcoming years.
US Transportation Analytics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 15.89 billion
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Transportation Analytics Market has been segmented based on type, application, and region. Based on type, the transportation analytics market is segmented into descriptive, predictive, and prescriptive. Based on the application, the transportation analytics market is segmented into traffic management, logistics management, planning & maintenance, and others. Based on region, the transportation analytics market segmentation spans North America, Europe, Asia-Pacific, South America, and MEA.
Transportation Analytics Market Analysis by Type
Descriptive analytics held the largest market share due to the widespread implementation of smart city and smart transportation concepts, the descriptive and predictive type segment of the transportation analytics market has seen a continuous increase in demand. Due to the expanding adoption of big data, which has resulted in the rising volumes of data generated and developments in digital technology. The majority of suppliers provide integrated suites of solutions that combine descriptive analytics with predictive and prescriptive analytics.
Transport businesses and other stakeholders employ sophisticated analytics (predictive and prescriptive) to support them in projecting future trends in order to gain a competitive edge. Forecasting enables businesses to improve their decisions that boost profitability, reduce carbon emissions and traffic congestion, and enhance road safety. Additionally, in the developing market for Advanced Traffic Management Systems (ATMs), traffic information has taken on a major role. Analysing the commercial traffic data and information sector can offer insightful information about the potential for future ATMS products and services.
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In 2022, North America is anticipated to hold the biggest market share, at 38%. The market for transportation systems and analytics is most developed in North America. Several ITS systems are in place to handle the area's expanding traffic and public transportation infrastructure. Commercial drone sales in the region are increasing rapidly as a result of rigorous regulations on drone pilots and registrations being implemented by nations like the United States. As a result, it is anticipated that during the projected period, the aviation industry would experience a large increase in demand for ITS systems. The region's demand for Transportation Systems and Analytics is driven by the region's significant demand for dedicated short-range communication devices that stop traffic congestion in both passenger and commercial road vehicles.
As part of the American Jobs Plan, almost 20,000 miles of highways, roadways, and streets will be upgraded. The most crucial bridges in several regions would be renovated. On behalf of the United States Department of Transportation (U.S. DOT) and all significant modes, the Intelligent Transportation Systems Joint Program Office (ITS JPO) of the U.S. DOT's Research and Innovative Technology Administration carries out research to advance transportation mobility, safety, and environmental sustainability. The deployment of a number of contemporary ICT technologies, such as electronic toll collection and traveler information systems, will be accelerated by the ITS JPO Strategic Plan 2020–2025.
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Transportation Analytics Market Driver
Deployment of Advanced Traffic Management Systems and Use of Automation is expected to boost the market growth
Transportation Analytics Market Restraint
Use of outdated systems and improvements in regulatory standards to impede the market growth
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Industry participants are projected to find that strategic alliances, mergers, and acquisitions are the most efficient means of expanding their access to growing markets and their technological prowess. Additionally, it is anticipated that product innovation and distinctiveness would open up new business opportunities. In addition, the growing startup scene and transport analytics startups like TERAKI, Populus.ai, Sixgill, Conduent, Urbanlogiq, Motion tag, IoTium, Immense simulations, Cyberowl, Emu Analytics, and B-Line Transportation, among others, could create competition.
In January 2019 Cubic bought Gridsmart Technologies Inc, the maker of video tracking devices. GRIDSMART Technologies Inc. specializes in video detection at junctions utilizing computer vision modeling and machine learning, which will expand Cubic Corporation's product line and clientele.
Top Players in the Transportation Analytics Market
Transportation Analytics Market Recent Development
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According to our analysis, by type, the descriptive segment dominated the global transportation analytics market in 2021 and is anticipated to maintain its dominance throughout the forecast period. In 2021, North America dominated the global transportation analytics market owing to the region's increasing rapidly as a result of rigorous regulations on drone pilots and registrations being implemented by nations like the United States.
|Market size value in 2021||USD 15.89 billion|
|Market size value in 2030||USD 18.7 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Transportation Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Transportation Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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