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Transportation Predictive Analytics And Simulation Market 2024-2033 : Market Size, Top Segments, Leading Region Forecast
Transportation Predictive Analytics And Simulation Global Market Report 2024
According to The Business Research Company's, The transportation predictive analytics and simulation market size has grown strongly in recent years. It will grow from $2.54 billion in 2023 to $2.79 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to emergence of iot, early smart city concepts, data collection efforts, government initiatives, transportation infrastructure growth..
The transportation predictive analytics and simulation market size is expected to see strong growth in the next few years. It will grow to $3.91 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to rise in smart cities, increasing iot adoption, demand for traffic management solutions, focus on sustainability.. Major trends in the forecast period include big data integration, artificial intelligence and machine learning, demand for smart transportation, climate and environmental concerns,integration of ai and ml.
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Market Drivers and Trends:
The growing instances of road accidents are expected to propel the growth of the transportation predictive analytics and simulation market going forward. Road accidents refer to accidents that occur on roads, highways, and other thoroughfares. This has resulted from an increase in the number of vehicles on the road, changes in traffic patterns or road conditions, driver error, or changes in weather patterns. Transportation predictive analytics and simulation help in reducing the number of road accidents by identifying high-risk areas, improving traffic flow, predicting and preventing accidents, and identifying and addressing driver behavior, thus increasing the adaption of transportation predictive analytics and simulation. For instance, in May 2022, the National Highway Traffic Safety Administration, a part of the US Department of Transportation, in 2021, around 42,915 people died in motor vehicle traffic accidents, this number has rose by 10.5% as compared to 38,824 fatalities in the previous year. Therefore, the growing instances of road accidents are driving the transportation predictive analytics and simulation market.
Product innovations are the key trends gaining popularity in the transportation predictive analytics and simulation market. Companies operating in the transportation predictive analytics and simulation market are adopting new technologies to sustain their position in the market. For instance, in April 2023, Geotab Intelligent Transportation Systems, a Canada-based telematics technology provider for GPS fleet management, launched Stop Analytics for commercial vehicle parking insights. Stop analytics is a data analytics module designed to improve the movements of goods and services, create safer truck stops and roadways, strategically identify new real estate sites, develop more efficient curbside management programs, and pinpoint where to place electric vehicle charging infrastructure. Stop analytics helps to identify parking for heavy-duty trucks and improves driver safety.
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Major Key Players of the Market:
SAP AG; IBM Corporation; T-Systems International GmbH; Xerox Corporation; Cubic Corporation; Cyient Insights Private Limited; Tiger Analytics Inc.; PTV Group; Predikto Inc.; Space-Time Insight India Private Limited; TSS-Transport Simulation Systems Inc.; Caliper Corporation; Dataiku; INRIX; Indra Sistemas S.A.; Siemens AG; Kapsch TrafficCom AG; TomTom International BV; HERE Technologies; Iteris Inc.; Citilabs Inc.; Dassault Systèmes SE; Altair Engineering Inc.; AnyLogic North America LLC; Simio LLC; FlexSim Software Products Inc.; Transoft Solutions Inc.; Trafficware Group Inc.; Mott MacDonald Group; WSP Global Inc.; IBI Group Inc.; Stantec Inc.; GHD Group Pty. Ltd.
Transportation Predictive Analytics And Simulation Market 2024 Key Insights:
• The transportation predictive analytics and simulation market will grow to $3.91 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%.
• Enhancing Safety With The Role Of Transportation Predictive Analytics And Simulation Amid Rising Road Accidents
• Revolutionizing Logistics With Geotab's Stop Analytics Redefining Safety And Efficiency In Transportation
• North America was the largest region in the transportation predictive analytics and simulation market in 2023
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