PUBLISHER: The Business Research Company | PRODUCT CODE: 1425882
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425882
Transportation Analytics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on transportation analytics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for transportation analytics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The transportation analytics market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Transportation analytics involves employing advanced analytical tools to evaluate and optimize the efficiency of transportation operations. These analytics encompass a range of data, including driver information, travel duration, route analysis, and unloading periods. The transportation system integrates various elements, such as traffic sensors, monitoring displays, electronic access, mobility management, and global positioning systems (GPS).
The primary categories of transportation analytics are descriptive, predictive, and prescriptive analytics. Descriptive analytics involves examining current and past data to identify patterns and correlations. Components of transportation analytics consist of solutions and services available across on-premise, cloud-based, and hybrid platforms. These are applied in remote sensing, transit, traffic, incident, and logistics management, among other applications. Transportation analytics cater to multiple modes of transportation, including railways, roadways, maritime, and airways.
The transportation analytics market research report is one of a series of new reports from The Business Research Company that provides transportation analytics market statistics, including transportation analytics industry global market size, regional shares, competitors with a transportation analytics market share, detailed transportation analytics market segments, market trends and opportunities, and any further data you may need to thrive in the transportation analytics industry. This transportation analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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%. In the past, the growth of transportation analytics was driven by various factors, including the need for operational efficiency, traffic management improvements, governmental initiatives, adherence to safety and compliance standards, emphasis on environmental sustainability, and meeting evolving 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%. In the coming years, the growth of transportation analytics is expected to be driven by several factors, notably the integration of autonomous vehicles, increased adoption of predictive analytics, the expansion of Mobility as a Service (MaaS), initiatives aimed at addressing climate change and reducing emissions, the management of vast amounts of data, and growing concerns about cybersecurity. Major trends anticipated in this period include the integration of real-time data and IoT sensors, advanced predictive analytics for maintenance, improvements in fleet management and optimization, utilization of GIS (Geographic Information System) technology, robust cybersecurity measures for connected vehicles, and ongoing advancements in machine learning and AI technologies.
The growth of the transportation analytics market is being driven by increasing government initiatives aimed at developing smart cities and advanced commute systems. Smart cities, characterized by excellence in critical areas such as economy, mobility, environment, people, lifestyle, and government, employ transportation analytics to monitor and manage their traffic systems. The integration of monitoring equipment, including sensors in traffic lights and signals, enables continuous tracking of traffic movement. In a notable example from March 2023, the United States, with the $1.2 trillion Infrastructure Investment and Jobs Act (IIJA) passed in November 2021, committed to significant infrastructure improvement. Over the next decade, the IIJA plans to invest $550 billion in enhancing roads, bridges, airports, railroads, extending access to clean drinking water and broadband internet, and achieving environmental justice. Consequently, the surge in government initiatives to develop smart cities is a key driver for the growth of the transportation analytics market.
The transportation analytics market is poised for growth due to the increasing sales of commercial and passenger vehicles. As the number of vehicles on the road rises, transportation analytics plays a pivotal role in optimizing traffic management, implementing intelligent transportation systems (ITS), and adapting public transit systems. It addresses challenges such as parking management, supply chain optimization for automotive logistics, and efficiency in fleet management. Furthermore, transportation analytics provides insights into consumer behavior, contributes to road safety improvements, assesses environmental impacts, and aligns with smart city initiatives. For instance, in January 2022, the Office of Energy Efficiency and Renewable Energy reported an increase in sales of new light-duty vehicles to 14.9 million in 2021, reflecting a 3% rise over 2020. Therefore, the escalating sales of both commercial and passenger vehicles are propelling the growth of the transportation analytics market.
To gain a competitive edge in the transportation analytics market, major companies are focusing on developing new AI-based transportation management solutions. An example is SS Supply Chain Solutions, an India-based software development company, which, in September 2023, introduced iTMS (Intelligent Transport Management Solution). iTMS is a comprehensive platform for transportation planning, settlement, and execution, powered by advanced analytics and utilizing artificial intelligence. The platform features components such as 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, simplifying overseas trade processes and financial audits. This focus on AI-based solutions enhances companies' competitiveness in the dynamic transportation analytics market.
Prominent players in the transportation analytics market are actively developing new solutions tailored for enterprise rail analytics. Enterprise rail analytics involves the application of advanced data analysis and business intelligence techniques within the framework of rail transportation systems, specifically catering to the needs of businesses and enterprises. The primary objective is to augment decision-making processes, optimize resource utilization, and enhance overall productivity within the rail logistics and transportation sector. A case in point is the initiative by Kaleris, a Georgia-based software development company, in April 2021. Kaleris launched Transport Analytics, a business intelligence offering intricately designed to elevate enterprise analytics within the rail supply chain. Integrated into the KALERIS Supply Chain Execution Platform, Transport Analytics provides shippers, service providers, and carriers with advanced access to business insights and innovative rail analytics. Leveraging visualization tools and intuitive dashboards, users can analyze extensive data sets, aggregate key performance indicators, and swiftly identify and manage exceptions. This approach ultimately contributes to improved asset utilization, inventory turns, and overall productivity. With a specific focus on enterprise rail visibility, Transport Analytics empowers customers to measure and report on load status, in-transit performance, cycle time, dwell time, and detention charges.
In a significant development, Atlantia S.p.A., an Italy-based construction company, made a strategic acquisition in June 2022 by acquiring Yunex Traffic for an undisclosed amount. This acquisition reinforces Atlantia S.p.A.'s global presence and enhances its expertise in intelligent transport systems, positioning the company to offer innovative solutions for smart and sustainable mobility. Yunex Traffic, based in Germany, specializes in providing traffic solutions that assist cities and municipalities in integrating intelligent strategies into their traffic systems. The acquisition aligns with Atlantia S.p.A.'s commitment to advancing intelligent transport solutions and underscores the company's dedication to meeting the evolving needs of smart and sustainable mobility.
Major companies operating in the transportation analytics market report are International Business Machines Corporation, OmniTracs LLC, Cubic Corporation, Alteryx Inc., Cellint Corporation, Inrix Corporation, Siemens AG, Hitachi Limited, Conduent Inc., Oracle Corporation, Thales Group, Iteris Inc., Dataiku Inc., Ridecell Inc., Mara Labs Inc., GoFreight Inc., SmartDrive Systems Inc., Kapsch Trafficcom AG, Indra Sistemas S.A., Trimble Inc., TomTom N.V., CARTO Inc., Ticpoi Pte. Ltd., WeighMAST Limited, AirportTransfer.com, MoveInSync Rentlz Inc., Foley & Lardner LLP, SENGERIO Inc., Veritec Solutions LLC, StreetLight Data Inc., Arity LLC, Flexe Inc.
North America was the largest region in the transportation analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the transportation analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the transportation analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The transportation analytics market includes revenues earned by entities by providing transportation analytics services that are used to make commercial as well as personal transport easier. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.