Transportation Predictive Analytics Market Share
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.
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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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Transportation Predictive Analytics MarketThe increasing data volumes across transportation sector and various private agencies are the key drivers governing the market growth of the transportation predictive analytics market.
The transportation predictive analytics market aims to provide the predictive analysis of logistics data and can be used to transform the way companies do business, particularly in terms of cost efficiency, operational efficiency, cost saving, dynamic pricing and collection and visualization of data.Along with technology development, new adoptions of cloud computing, software based storage devices and internet of things (IoT) have boosted the transportation predictive analytics market.
The study indicates that rising demand of integrated security & safety, cost saving, dynamic pricing and operational efficiency of data is driving the transportation predictive analytics market.
It has been observed that the biggest restraints in the transportation predictive analytics are high initial cost and technical challenges related to integrating transportation predictive analytics and simulation software with the current systems, are the factors likely to decline the progression of market andThe transportation predictive analytics market is segmented on the basis of component and transport type.
The component segment consists of hardware and software.
The software solutions can be deployed on the basis of on-premise service, private, public or hybrid cloud.
The market is also gaining well from the rising funds for research and development projects.Segmentation:The transportation predictive analytics market has been studied and segmented by MRFR analysts to create a better understanding of the market.
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.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/2672Regional 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.
Transportation Predictive Analytics IndustryThe availability of advanced analytics is projected to motivate the growth of the market for prescriptive analytics.
Reports that scrutinize the information and communication technology industry have been offered by Market Research Future, which generates reports on industry verticals that judge the market development and possibilities.
Moreover, the upsurge in cyber-crime is expected to create favorable traction for the prescriptive analytics market in the coming years.Segmental AnalysisThe segmental study of the prescriptive analytics market is conducted on the basis of application, deployment, organization type, component, business sector, vertical, and region.
Based on the application types, the prescriptive analytics market is segmented into revenue management, network management, operation management, supply chain management, and others.
On the basis of deployment, the prescriptive analytics market is bifurcated into on-cloud and on-premise.
Based on the business sector, the prescriptive analytics market is segmented into marketing, operations, finance, HR and sales.
