Predictive analytics and simulation for transportation are expected to reach a global market value of US$3,916.6 million by 2027, up from US$1,550.0 million in 2016
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. According to a survey by Future Market Insights, a major driver of the use of transportation predictive analytics and simulation solutions would be the growing number of connected vehicles.
Predictive analytics and simulation for transportation are expected to reach a global market value of US$3,916.6 million by 2027, up from US$1,550.0 million in 2016. The market is estimated to grow at a CAGR of 8.9% by 2027. The global airline transportation industries spent more than US$ 230 million on simulation and predictive analytics technologies in 2016.
By 2027, North American revenues from predictive analytics and simulation in the transportation sector will represent 35% of the global total.
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According to Future Market Insights’ report, connected cars are capable of generating information regarding traffic flow, engine performance, etc. in real time. This data can be extracted using transportation predictive analytics and simulation, thus providing better analysis of transportation authorities. In terms of value, the global transportation predictive analytics and simulation market was valued at US$ 1,550.0 Mn in 2016, and is expected to reach US$ 3,916.6 Mn by 2027-end. During this forecast period, the market will reflect robust growth at a CAGR of 8.9%.
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. 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.
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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 Component
By Deployment Model
By Simulation Method
By Component of Transport
By Region
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.
Jan 20, 2023
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