Transportation Predictive Analytics And Simulation Market
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. In transportation sector, predictive analytics and simulation software are used to determine traffic patterns and predict future outcomes and trends concerned with transportation. Predictive analytics is increasingly 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 systems and scheduling and asset management systems. This software provides various results to the transportation sector such as predictive maintenance, traffic optimization, network and capacity optimization, revenue optimization, and customer behavior. It finds applications in different components of transport, including railways, roadways, seaways, and airways, as it offers cost-saving operations for these components.
Market Dynamics:
The growing popularity of IoT among consumers has increased the number of connected vehicles in the recent past significantly. OEMs are launching premium as well as mid-range cars with pre-installed sensors such as OBD-II, vehicle tracking, and black box among others. These sensors enable automated driving capabilities, vehicle data tracking, and vehicle to safety pertaining to engine diagnostics and vehicle usage. Furthermore, connected cars generate information related to traffic flow and density in real-time. This data can be obtained using transportation predictive analytics and simulation software, which facilitates better analysis of the traffic flow. Moreover, nowadays this data is used by insurance companies to determine the driving pattern of customers and to provide them a Usage Based Insurance (UBI). Predictive analytics and simulation software for transportation offer cost-saving operations. Freight carriers in the transportation sector require constant maintenance, which is the major reason behind increasing costs. Transportation redictive analytics and simulation software provide predictive maintenance for vehicles by collecting data from sensors installed in vehicles and ascertaining which components are most likely to require immediate attention. Owing all these benefits, the demand for transportation predictive analysis and simulation software is increasing globally.
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Table of Contents
*Browse 24 market data tables and 28 figures on “Global Transportation Predictive Analytics and Simulation Market” - Global forecast to 2030
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