CHICAGO, Oct. 11, 2019 /PRNewswire/ -- According to a new market research report "Transportation Analytics Market by Type (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics), Mode (Roadways, Railways, Airways, and Waterways), Region (North America, Europe, APAC, Latin America, MEA) - Global Forecast to 2024", published by MarketsandMarkets™, the Transportation Analytics Market is expected to grow from USD 10.3 Billion in 2019 to USD 27.4 Billion by 2024, at a Compound Annual Growth Rate (CAGR) of 21.6% during the forecast period. The major factors driving the growth of Transportation Analytics Market include the increasing population and adoption of connected and smart technologies in transportation infrastructure.
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Predictive analytics segment to have the largest market size during the forecast period
The Transportation Analytics Market has been segmented based on type into three categories Descriptive analytics, predictive analytics, and prescriptive analytics. The predictive analytics segment is estimated to hold a larger market size, because predictive analytics for managing transportation can be useful to make commercial as well as personal transport easier, particularly in terms of cost-efficiency. Moreover, it can be used to improve productivity, fuel optimization, and people efficiency thus lowering the operational costs
Roadways mode to hold the largest market size during the forecast period
The use of transportation analytics solution is increasing rapidly in roadways to ease congestion and improve road safety by effective monitoring and management of vehicular traffic; this would eventually accelerate the use of analytics in the transportation industry. Transportation analytics can help in understanding the reason for the crashes and help to overcome these issues.
Europe to hold the largest market size during the forecast period
Europe is a significant revenue-generating region for the Transportation Analytics Market. This region is considered as the most advanced region in terms of technology adoption and infrastructure. The extensive presence of key industry players offering transportation analytics solutions and services is the key driving factor for the growth of the Transportation Analytics Market. Enterprises in this region are leveraging IoT, AI and analytical technologies in their business processes to gain a competitive edge in the market.
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The major Transportation Analytics Market vendors include IBM (US), Siemens(Germany), Cubic (US), Cellint (Israel), Alteryx (US), Kapsch Trafficcom (Austria), INRIX (US), Indra Sistema (Spain), Trimble (US), TomTom (Netherland), Iteris (US), Conduent (US), Hitachi (France), Thales (France), OmniTracs (US), Techvantage (US), CARTO (US), Syntelic (US), SmartDrive Systems (US), Envista (US).
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