Global Transportation Analytics market share 2024, Forecast To 2033
4 Mar, 2024
The transportation analytics market size has surged in recent years, expanding 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, and environmental sustainability, as well as customer expectations. Looking ahead, the market is poised for further expansion, with a projected size of$41.61 billion in 2028, representing a CAGR of 19.6%. Factors driving this growth include autonomous vehicle integration, predictive analytics adoption, the growth of Mobility as a Service (MaaS), climate change and emission reduction goals, big data handling, and cybersecurity concerns.
Global Transportation Analytics Market Key Driver
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. The transportation analytics market is poised for substantial growth, reaching $X billion by 2023 and projected to achieve $Y billion by 2028.
Get A Free Sample Of The Global Transportation Analytics Market ReportGlobal Transportation Analytics Market Segments
The global 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
By Geography: The regions covered in the transportation analytics market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
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.
Major Transportation Analytics Industry Players
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.
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Transportation Analytics Market Overview
The transportation analytics refers to a platform built on advanced analytics to monitor the effectiveness of transportation. These analytics include data on the driver, the drivetime, the route, and the unloading period. The transportation system makes use of a number of different elements, including traffic sensors, monitoring display systems, electronic access, mobility management systems, and global positioning systems.
Transportation Analytics Global Market Report 2023 provides data on the global transportation analytics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The transportation analytics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.