Transportation Predictive Analytics Market Business Growth, Industry Trends, Financial Planning, Sales Revenue and Forecast 2023
The growing demand for cost effective solutions, operational efficiency, integrated security & safety, and better pricing of data in the transportation sector can propel the growth of the global transportation predictive analytics market. In the era of rapid technological progression, accurate data for transport management and the need for efficient transportation can support the expansion of the market.
Market Research Future (MRFR), in its report on the transportation predictive analytics market, made a forecast about the valuation where it declared that the market could reach a worth of USD 1900 million with 22% CAGR during the forecast period of 2017 to 2022. The major tailwind providers would be a demand for effective practice, smooth transport network, cost management steps, and resource handling, a growing need for the same from private fleet operators, and others. In fact, the integration of the cloud service is going to ensure better expansion for the system. The market is also gaining well from the rising funds for research and development projects.
The segment study of the global transportation predictive analytics market is based on end-user, component, and transportation type.
The mode of component based segments of the global transportation predictive analytics market are software and hardware. The software service solution segment can expand at the highest growth pace due to the rise in the penetration of cloud-based services along with the augmented demand for smart transport management solutions.
The mode of transportation type based segments of the global transportation predictive analytics market are aviation, roadway, railway, and maritime. The aviation and roadway systems can gain considerable revenue for the market in the near future,
The mode of end-user based segmenst of the world transportation predictive analytics market are public enterprises and private enterprises.
The easy influx of funds, superior structure, inclination towards latest technologies are some of the factors that would support the transportation predictive analytics market in its expansion in North America and Europe. In Asia Pacific, China, South Korea, Japan, and others would make sure the market gets enough grounds to explore opportunities.
The global market report on the transportation predictive analytics market includes an analysis of the latest steps taken by companies like International Business Machines Corporation (U.S.), Cubic Corporation (U.S.), Microsoft Corporation (U.S), Space Time Insight, Inc. (U.S.), Xerox Corporation (U.S.), SAP SE (Germany), Cyient Insights (India), Predikto Inc. (U.S.), T-Systems (Germany), Tiger Analytics (U.S.), and others.
In September 2020, C.H. Robinson, a well-known global logistics company, has launched its extensive plan of reinventing the way transportation is purchased. To attain this, the company has introduced Procure IQ, a new tool that uses data from the world’s largest shipper and carrier community to ensure a proper disruption of the traditional methods and one-size-fits-all annual bidding approach that is used for buying freight transportation.
The system has been developed inside Robinson Labs, which is the company’s innovation incubator. Procure IQ is known to provide a personalized data visualization of a specific individual’s shipping lanes, routes, integrated with C.H. Robinson’s vast freight marketplace data. This creates scopes to find the optimal way to purchase transportation.
In September 2020, Geospark Analytics, an eminent name in developing applied artificial intelligence (AI) solutions to mitigate global threat and assess risk, was awarded a contract by the United States Transportation Command (USTRANSCOM). The contract would ensure that the company's Hyperion platform is used to enable analysts and operators with an all-inclusive situational awareness and prediction of risks led by AI at the global level. The system will analyze data in near real-time, which would arm the user with enough data to identify anomalies, changes in relevant activity, and track stability changes.
During the COVID-19 pandemic, the transportation system got disrupted by a series of laws implemented by governments to curb the crisis. These had a massive impact on the financial sector as well, owing to which the global market may witness some kind of a pause before going back to normalcy.
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