In real time, connected cars can produce data about traffic flow, engine performance, etc., according to a report by Future Market Insights. Predictive analytics and simulation for transportation can be used to extract this data, improving analysis of transportation authority.
Predictive analytics and simulation for transportation were valued at US$ 1,550.0 million in 2016; by the end of 2027, this market is anticipated to be worth US$ 3,916.6 million. The market will have strong growth throughout this projected period with a CAGR of 8.9%.
Predictive analytics & simulation software are projected to be in high demand in the future as the global transportation & logistic industry witnesses convergence through the adoption of data-centric solutions. Predictive analytics and simulation software use the collected data to identify patterns and depict potential outcomes & trends related to transportation in an effort to increase the effectiveness of transportation operations.
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According to a survey by Future Market Insights, a major driver of the use of transportation predictive analytics & simulation solutions would be the growing number of connected vehicles. A number of automakers have changed their automotive products to include technologies like sensors and sophisticated tracking systems with engine diagnostics as vehicle connectivity has increased.
Increasing vehicular traffics witnessed across the globe, and the earnest need for saving costs through cost-effective data solutions, and thereby rendering operational efficiency in logistics sector are also observed as key drivers for growth of global transportation predictive analytics & simulation market. In the report, titled “Transportation Predictive Analytics & Simulation Market:
Global Industry Analysis and Opportunity Assessment, 2017-2027,” North America is projected to remain the largest market for transportation predictive analytics and simulation solutions North America’s transportation predictive analytics and simulation market will account for 35% of the market revenues by 2027-end. The region will also register fastest revenue growth at 10.5%, while Japan and the Asia-Pacific excluding Japan region will reflect growth at more than 9% CAGRs.
The report emphasizes on how predictive analytics can help companies to maximise revenue and minimise transportation costs by predicting customer demand while dealing with any capacity limitations. They can help airline companies devise a business strategy such as adjusting flight schedules or flight fares during different demand periods, and help maximise revenues as well as increase customer satisfaction.
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In 2016, more than US$ 230 Mn worth of transportation predictive analytics and simulation solutions were deployed in airline transport sectors across the globe. Nevertheless, in the long run, roadways will remain the most crucial component of transport for adoption of predictive analytics and simulation solutions; global revenues from which will soar at 9.8% CAGR through 2027.
Taking into account the rising use of microscopic transportation simulation platforms for infrastructure planning, more than one-third of global transportation predictive analytics and simulation revenues will be accounted by microscopic simulation throughout the forecast period.
Demand for macroscopic simulation, however, is projected to witness marginal decline in terms of its global revenue share. The report also predicts that on-premise deployment models will lose traction, but will still dominate the market revenues. Meanwhile, cloud-based deployment of transportation predictive analytics and simulation in the forecast period will bring in over US$ 1,400 Mn in global revenues.
More than 90% of the global transportation predictive analytics and simulation market will remain dominated by software over services. And, the report has profiled leading developers of transportation predictive analytics and simulation software & solutions, which include, IBM Corporation, Xerox Corporation, SAP AG, PTV Group, Cubic Corporation, Space-Time Insight, Tiger Analytics Inc., T-Systems International GmbH, Predikto Inc., and Cyient-Insights.
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Market segmentation
By Region
- North America
- Latin America
- APEJ
- Japan
- Western Europe
- Eastern Europe
- MEA
By Component
- Software
- Services
By Deployment Model
- On-Premise
- Cloud-based
By Simulation Method
- Microscopic
- Macroscopic
- Mesoscopic
By Component of Transport
- Roadways
- Railways
- Airways
- Seaways
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years
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