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.
By 2027, the global market for transportation-related predictive analytics and simulation is projected to be worth US$3,916.6 million, up from US$1,550.0 million in 2016. By 2027, the market is anticipated to expand at a CAGR of 8.9%. In 2016, the worldwide aviation and transportation sectors invested over US$ 230 million in simulation and predictive analytics technologies.
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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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 and simulation in transportation are expected to rise due to factors such rising vehicle traffic around the world, the sincere desire to save costs through cost-effective data solutions, and the need to improve operational efficiency in the logistics industry. North America is anticipated to continue to be the largest market for transportation predictive analytics and simulation solutions, according to the research, “Transportation Predictive Analytics & Simulation Market: Global Industry Analysis and Opportunity Assessment, 2017-2027.” By the end of 2027, 35% of the market revenues for transportation predictive analytics and simulation will come from North America. In terms of revenue growth, the area will do best with 10.5%, while Japan and the Asia-Pacific region excluding Japan will see development with CAGRs of over 9%.
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
- Software
- Services
By Deployment Model
- On-Premise
- Cloud-based
By Simulation Method
- Microscopic
- Macroscopic
- Mesoscopic
By Component of Transport
- Roadways
- Railways
- Airways
- Seaways
By Region
- North America
- Latin America
- APEJ
- Japan
- Western Europe
- Eastern Europe
- MEA
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