TRANSPORTATION PREDICTIVE ANALYTICS AND SIMULATION MARKET ANALYSIS

Transportation Predictive Analytics and Simulation MarketSize and Trends

The global transportation predictive analytics and simulation market was valued at US$ 2,817.5 Mn in 2022 and is expected to grow at a CAGR of 7.7% over the forecast period (2023-2030).

Predictive analytics is the practice of obtaining crucial information from existing data sets, in order to ascertain certain patterns and predict future outcomes and trends. It does predict the future or what will happen rather it forecasts what might happen in the future with some acceptable facts. Predictive analytics is largely used in the transportation sector wherein it provides valuable insights from data collected from numerous sources. These sources include vehicle location systems, on-board sensors, and data collection points embedded in fare and ticketing system and scheduling, and asset management systems. Transportation predictive analytics and simulation software utilizes the extracted data to determine patterns and trends associated with transportation in order to improve the efficiency of transportation operations.

Global Transportation Predictive Analytics And Simulation Market -Trends

Growing installation of predictive analytics to reduce risk

With the introduction of IoT, the number of connected devices has increased significantly and is expected to rise further over the forecast period. These devices create large amounts of data, which can be analyzed and used for transportation sector. This data can be used to obtain valuable insights with the help of predictive analytics software, which has increased the demand for the same software.