Market Scenario:
Market Research Future (MRFR) studied the impact of social distancing due to coronavirus pandemic on The Transportation Predictive Analytics market industry is projected to grow from USD 5.7199 Billion in 2023 to USD 27.52 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 21.70% during the forecast period (2023 - 2032). MRFR study shows that the transportation predictive analytics market rise can be attributed the increase in volume of data in the transportation sector. The rise in need for better business technology that offers high predictive score for customers as well as organizational elements can prompt the expansion of the transportation predictive analytics market.
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Key Players:
Key Companies in the Transportation Predictive Analytics market include,
- Microsoft Corporation
- SAP SE
- Cubic Corporation
- Predikto Inc.
- T-Systems
- International Business Machines Corporation
The growing demand for cost effective solutions, operational efficiency, integrated security & safety, and better pricing of data in the transportation sector can propel the growth of the global transportation predictive analytics market. In the era of rapid technological progression, accurate data for transport management and the need for efficient transportation can support the expansion of the market.
The growing need to minimize the overall risk abled via transportation predictive analytics management can support the expansion of the worldwide market. The inclination towards advanced analytics to predict customer demands and future outcomes can promote the transportation predictive analytics market growth.
On the downside, the high initial price and technical challenges can restrain the expansion of the transportation predictive analytics market.
Segmental Analysis:
The segment study of the global transportation predictive analytics market is based on end-user, component, and transportation type.
The mode of component based segments of the global transportation predictive analytics market are software and hardware. The software service solution segment can expand at the highest growth pace due to the rise in the penetration of cloud-based services along with the augmented demand for smart transport management solutions.
The mode of transportation type based segments of the global transportation predictive analytics market are aviation, roadway, railway, and maritime. The aviation and roadway systems can gain considerable revenue for the market in the near future,
The mode of end-user based segmenst of the world transportation predictive analytics market are public enterprises and private enterprises.
Regional Insights:
The transport predictive analytics market in North America is likely to head the world market through the evaluation period. The increase in advanced infrastructure developments pertaining to transport operations can spur the expansion of the regional market. Europe transportation predictive analytics market can rise exponentially across the study period due to similar growth factors observed in North America.
In Asia Pacific region, the transportation predictive analytics market can exhibit rapid expansion through the review period. The rapid technical advancement with rise in urbanization, plus high investment in notable automotive players and the fast paced expansion of the transportation sector in the region can impel the expansion of the regional market. The penetration of the transportation predictive analysis in supply chain analytics, along with manufacturing and retail industries can boost the expansion of the regional market.
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Transportation Predictive Analytics Industry Developments:
January 2023: Space-Time Insight, a transportation analytics company, raises $10 million in Series A funding.
February 2023: IBM announces a new predictive analytics platform for the transportation industry.
March 2023: The US Department of Transportation releases a report on the use of predictive analytics in the transportation industry.
April 2023: The European Commission launches a new project to develop predictive analytics tools for the transportation sector.
May 2023: The World Economic Forum releases a report on the future of transportation, which highlights the potential of predictive analytics.
June 2023: The Transportation Research Board hosts a workshop on the use of predictive analytics in the transportation industry.
These are just a few of the many developments that have taken place in the transportation predictive analytics industry in 2023. As the use of predictive analytics in transportation continues to grow, we can expect to see even more innovative applications of this technology in the years to come.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
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