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Transportation Analytics Market Size, Share, Price, Growth, Analysis, Outlook And Forecast Report 2033
Transportation Analytics Market Trends
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According to The Business Research Company's, 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%. The growth in the historic period can be attributed to demand for operational efficiency, traffic management, government initiatives, safety and compliance requirements, environmental sustainability, 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%. The growth in the forecast period can be attributed to autonomous vehicle integration, predictive analytics adoption, growth of mobility as a service (maas), climate change and emission reduction goals, big data handling, cybersecurity concerns. Major trends in the forecast period include integration of real-time data and iot sensors, advanced predictive analytics for maintenanc, enhanced fleet management and optimization, integration of gis (geographic information system) technology, cybersecurity measures for connected vehicles, continued advancements in machine learning and ai.
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Market Drivers and Trends:
The increasing sales of commercial and passenger vehicles is expected to propel the growth of transportation analytics market going forward. As vehicle numbers rise, transportation analytics plays a crucial 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 fleet management efficiency. Transportation analytics also provides insights into consumer behavior, aids road safety improvements, assesses environmental impacts, and integrates with smart city initiatives. For instance, in January 2022, according to the Office of Energy Efficiency and Renewable Energy, a US-based government agency under the U.S. Department of Energy, sales of new light-duty vehicles rose to 14.9 million in 2021 a 3% increase over 2020. Therefore, the increasing sales of commercial and passenger vehicles is driving the growth of the transportation analytics market.
Major companies operating in the transportation analytics market are developing new ai-based transportation management solutions to gain a competitive edge in the market. For instance, in September 2023, SS Supply Chain Solutions, an India-based software development company launched iTMS (Intelligent Transport Management Solution). iTMS is a comprehensive transportation planning, settlement, and execution platform powered by advanced analytics, utilizing artificial intelligence and data analytics to optimize the entire logistics transportation lifecycle. The platform includes features like 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 for simplifying overseas trade processes and financial audits.
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Major Key Players of the Market:
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.
Transportation Analytics Market 2024 Key Insights:
• 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%.
• Government-Led Smart City Initiatives Drive Growth In Transportation Analytics Market
• Technological Advancements Transforming The Transportation Analytics Market
• North America was the largest region in the transportation analytics market in 2023
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