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The core objective of the Transportation Predictive Analytics Market is to facilitate logistics data predictive analysis and to transform the business performance. The rising developments of the market are benefit enterprises with advantages such as operational efficiency, cost efficiency, dynamic pricing, cost-saving, and the collection and visualization of data.
In today’s generation, people are inclined to technological advancements. The increase in adoption of the IoT and frequent developments in the internet of things are propelling the growth of the Transportation Predictive Analytics Market. The higher demand for cloud-based technologies and implementation of cloud computing in different industrial sectors due to its advanced features is driving the market.
The market’s growth drivers are largely driving the market at the global level. The increased adoption of cloud computing platforms is a major driving factor. The higher demand for stored devices for the security of sensitive data is accelerating the demand of the Transportation Predictive Analytics Market. The increase in data volumes in the transportation sector and several other agencies are driving the share value of the market. New technological advancements and their awareness among the public worldwide are emerging the market growth.
During the COVID-19 pandemic, the market faced stable growth because of the adoption of cloud computing and software-based storage devices in various industries. Most of the employees were working remotely. This factor has propelled the growth rate of the market during the period.
The Transportation Predictive Analytics Market is estimated to reach a CAGR of 22 % and a value worth USD 1900 Million during the forecast period.
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The Transportation Predictive Analytics Market is segmented based on transport type, component, and end-users. These segments are further divided into different types.
The transport type segment of the market is sub-segmented into railway, roadway, maritime, and aviation. Road and railway transportation is in a higher amount of risks. Therefore, it requires efficient software to track down the machines and devices running on the railway track and road.
The end-user section of the market consists of private enterprises and public enterprises. The Transportation Predictive Analytics Market is divided into software and hardware segments based on the component. Further, the hardware segment is classified into storage and servers. In contrast, the software segment of the component segment is categorized into on-premise service, hybrid cloud, private cloud, and public cloud.
According to the geographical status, the Transportation Predictive Analytics Market covers major regions worldwide such as North America, South America, Asia-pacific, Europe, and other regions of the world. Among these above regions, the North American region holds the largest market share as it is the dominating region compared to others. Various transport operations and advanced infrastructure development are propelling the regional market of the region.
The Asia-Pacific region is considered the fastest-growing region due to rapid urbanization and increased investment in the transportation sector. The presence of top players in the Asia Pacific region is also promoting regional market growth.
In the past year, the Aware AI for Pathways counter, co-developed with local tech company Aware Group, developed the Transport Data Analytics Platform and became the first in New Zealand. Transport Data Analytics Platform is an innovative system that automatically monitors the transport network.
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Transportation Predictive Analytics Market, By Component (Hardware, Software), By Transport Type (Roadway, Railway, Aviation, Maritime), By End-User (Public Enterprises, Private Enterprises) – Forecast 2027.
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