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Why You Should Invest In this Industry | The Transportation Analytics Market Size Reach USD 72.4 Billion by 2031
The emerging transportation analytics trends to meet the growing demand for autonomous operations, digitalization, and sustainability serves as a potential opportunity for the expansion of the global transportation analytics market. The outbreak of the COVID-19 pandemic led to implementation of the global lockdown which resulted to import & export restrictions, thereby causing disruptions in the supply chain.
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The global transportation analytics market was valued at USD 12.9 billion in 2021, and is projected to reach USD 72.4 billion by 2031, growing at a CAGR of 19.2% from 2022 to 2031.
The transportation analytics market is segmented into component, deployment mode, type, application, mode of transport, and region. As per component, it is bifurcated into solutions and services. According to deployment mode, it is divided into on-premise, hybrid, and cloud. On the basis of type, it is categorized into predictive, descriptive, and prescriptive. Depending on application, the market is segmented into traffic and incident management, transit planning and maintenance, logistics management, and others. By mode of transport, it is categorized into roadways, railways, airways, and waterways. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Covid-19 Scenario:
● The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global transportation analytics market, owing to implementation of global lockdown which resulted to import & export restrictions, thereby causing disruptions in the supply chain.
● Due to stoppage of import & export activities, the demand for transportation analytics decreased during the pandemic.
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Based on application, the traffic and incident management segment accounted for the highest share in 2021, contributing to more than two-fifths of the global transportation analytics market, and is expected to maintain its lead in terms of revenue during the forecast period. However, transit planning and maintenance segment is expected to manifest the highest CAGR of 25.4% from 2022 to 2031.
Based on mode of transport, the roadways segment accounted for the highest share in 2021, holding more than two-fifths of the global transportation analytics market, and is expected to continue its leadership status during the forecast period. However, the airways segment is estimated to grow at the highest CAGR of 26.6% during the forecast period.
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Based on region, Europe held the largest share in 2021, contributing to more than one-third of the global transportation analytics market share. However, the Asia-Pacific region is expected to manifest the fastest CAGR of 24.1% during the forecast period, and is projected to maintain its dominant share in terms of revenue in 2031. The research also analyzes regions including North America and LAMEA.
Leading market players of the global transportation analytics market analyzed in the research include IBM Corporation, INRIX, Indra Sistemas, S.A., Cubic Corporation, TomTom International BV, Alteryx, Inc., Siemens AG, Cellint, Trimble Inc., and Kapsch TrafficCom AG.
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