The global transportation predictive analytics market is presumed to garner USD 1,900 million with a CAGR of 22% during the forecast period (2016-2022), owing to the rising data volume across transportation sector, asserts Market Research Future (MRFR). Predictive analytics is referred to as a business technology which offers a predictive score for customers and organizational elements.
In order to make predictions, the predictive analysis uses different modeling and statistic techniques, business intelligence tools, data mining, and machine information. With the advent of a voluminous amount of unstructured and structured data along with ground-breaking technological advancements, the market is likely to boom. Transportation predictive analytics offers analysis of logistics data which can be used to transform the way companies perform the business, in terms of operational efficiency, cost-efficiency, dynamic pricing, and visualization of data.
Drivers and Constraints Impacting the Market
With the augmenting data volume across transportation sectors and several private agencies, the market for transportation predictive analytics is likely to stimulate. Adoption of the internet of things (IoT), software-based storage devices, cloud computing, and technological advancements, the market is likely to flourish during the assessment period. Moreover, with the increasing demand for cost saving, integrated security & safety, operational efficiency, and dynamic pricing of data, the market is considered to propel across the globe. In the era of rapid technological advancement, precise and accurate data of transport management along with the rising demand for efficient transportation, and minimizing the overall risk management is in high demand. The increasing need for advanced analytics in order to predict future outcomes and customer demands are some of the other factors fueling the market growth.
On the flip side, high initial cost coupled with technical challenges associated with the simulation software and integrating transportation predictive analytics, the market is likely to experience a slowdown in the coming years. Moreover, changing regulations resulting in the restructuring of analytics model is likely to deter the market growth.
Global Transportation Predictive Analytics Market: Segmental Analysis
The global transportation predictive analytics market has been segmented on the basis of component, transportation type, and end-user.
By mode of component, the global transportation predictive analytics market has been segmented into software and hardware. Among these, the software service solution is considered to expand at the highest growth rate owing to the penetration of cloud-based services coupled with the augmenting demand smart transport management.
By mode of transportation type, the global transportation predictive analytics market has been segmented into railway, roadway, maritime, and aviation. Among these, the aviation and roadway systems are considered to occupy the largest market share.
By mode of end-user, the global transportation predictive analytics market has been segmented into private enterprises and public enterprises.
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