What is the Global market size of the Transportation Analytics Market?

Global 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).

Global Transportation Analytics Market Size, Share, Growth Analysis, By Type(Descriptive, Predictive), By Application(Traffic Management, Logistics Management) - Industry Forecast 2024-2031

Report ID: SQMIG45B2094 | Region: Global | Published Date: February, 2024
Pages: 265 | Tables: 64 | Figures: 75

Global Transportation Analytics Market Insights

Transportation Analytics Market size was valued at USD 15.89 billion in 2019 and is poised to grow from USD 18.7 billion in 2023 to USD 68.4 billion by 2031, growing at a CAGR of 17.6% in the forecast period (2024-2031).

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 Transportation Analytics Market Report Snapshots

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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. 'IBM Corporation', 'Siemens AG', 'SAP SE', 'Cellint', 'Cubic Corporation', 'Alteryx, Inc.', 'Hitachi, Ltd.', 'OmniTracs, LLC', 'TomTom International BV', 'Thales Group', 'Techvantage Analytics', 'Mu Sigma Inc.', 'SAS Institute Inc.', 'Inrix Inc.', 'Caliper Corporation', 'Oracle Corporation', 'Accela, Inc.', 'Inrix, Inc.', 'Kapsch TrafficCom AG', 'Iteris Inc.'

One of the key reasons propelling the growth of the transportation analytics market is the rise in the deployment of advanced traffic management systems (ATMs) and smart transportation initiatives globally. Because of the advantages provided by these analytics, such as reductions in fuel usage, air pollution, and travel time, there has been an increase in demand for these solutions.

Transportation Infrastructure to Gain Momentum: Transportation systems and analytics are in high demand as a result of the development of electronic access, mobility management, traffic sensors, and displays to effectively monitor the system. Greater communication, increased safety, and upgraded infrastructure that automates control system management are the main benefits of the proliferation of smart cars on smart roads. The transportation systems and analytics industry may benefit from an increase in travelers understanding of how to effectively manage, monitor, and streamline their journey as well as from less congestion and traffic management.

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.

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Global Transportation Analytics Market Size, Share, Growth Analysis, By Type(Descriptive, Predictive), By Application(Traffic Management, Logistics Management) - Industry Forecast 2024-2031

Global Transportation Analytics Market Insights

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