Transportation Predictive Analytics Market Overview
Market Research Future (MRFR), in its report on the Transportation Predictive Analytics Market Report, made a forecast about the valuation where it declared that the market could reach a worth of USD 1900 million with 21.7% CAGR during the forecast period of 2022 to 2030. 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.
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Transportation predictive analytics refer to the use of statistical modeling, machine learning, and other analytical techniques to process large volumes of transportation-related data and derive insights to improve transportation operations. With transportation predictive analytics, companies can optimize their operations with predictive maintenance, demand forecasting, route planning, and dynamic pricing. By analyzing historical data on transit times, weather patterns, carrier service failures, and other relevant factors, predictive analytics algorithms can provide more accurate and informed predictions about future demand and market trends. This can help transportation operators to make data-driven decisions about their routes, schedules, and pricing, resulting in more efficient and profitable operations. Additionally, transportation predictive analytics can help address issues such as transportation barriers to healthcare access by improving the availability and reliability of transportation services.
Transportation Predictive Analytics Market Segmentation
The transportation predictive analytics market has been studied and segmented by MRFR analysts to create a better understanding of the market. These segments are end user, component, and transport type.
By component, the market report includes a study of hardware and software. The hardware segment includes servers and storage. The software segment has been studied on the basis of private, public, on-premise service, or hybrid cloud.
By transport type, the market report includes roadway and railway transportation.
By end user, the global market report on the transportation predictive analytics market can be segmented into private enterprises and public enterprises.
Regional Analysis
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.
Competitive Landscape
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.
Industry News
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.
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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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