The global transportation systems and analytics market is expected to witness potential growth in the next few years due to rapid globalization, high travel convenience, and hyper-urbanization. Escalating need for improved access to resources, customer base, and systems that provide proficient control to companies to efficiently manage vehicle traffic may spur demand. High scale innovations in the field of transportation control systems, management solutions, analytics solutions, and applications are anticipated to propel growth over the next few years. Enhanced infrastructure has paved the way for the smart vehicle that exhibits better infrastructure, less traffic congestion, high safety, and increased communication facilities.
Smart vehicles and application utilizing road sensing are widely used in verticals including roadways, railways, seaways, airways, and intermodal. Incorporation of intelligent technologies offers extensive growth opportunities by providing unrestricted and smooth mobility to the growing population and traffic problems coupled with driving efficiency & fast service which may also increase demand for transportation analytics system over the forecast period. The advent of disruptive technologies in sectors including advanced traveler systems, advanced vehicle control systems, and analytics is also expected to fuel product demand across railways, roadways, and other verticals. The transportation systems and analytics market is witnessing a surge in demand due to induction of electronic access, mobility management, traffic sensors, and displays to monitor the system efficiently.
Highly efficient advanced solutions are necessary to overcome challenges emerging from intelligent systems including management of operational efficiencies, maintaining security & safety, and reducing environmental impact. Transportation systems and analytics facilitate businesses with efficient and smarter decisions, advanced analytics, and improved customer satisfaction by providing on time delivery of information. Mobile computing and personal computing provides real-time data about the individual’s travel and experience which in turn enables companies to offer targeted set of services to specified user making proficient use of the infrastructure. The industry is poised for growth over the next few years owing to the aforementioned factors.
Companies emphasize on increasing R&D investments to develop products that offer video analytics, fleet analytics, advanced travelers information, parking management solutions, transportation management systems, ticketing platforms, traffic analytics, predictive analytics, and GIS analytics which enable efficient traffic management and travel convenience to customers. Travelers' information system and vehicle control system assist customers by providing real-time information about the positioning of the vehicle which in turn aids monitoring the schedule of the transit vehicle and provides definite information about the location and status of the vehicle.
The emergence of smart vehicles on smart roads mostly contribute towards better communication facility, better safety, and advanced infrastructure which automates the overall management of control systems. Growing awareness among travelers to effectively manage, monitor, and streamline their travel along with less congestion and traffic management may favorably impact transportation systems and analytics market growth over the coming years.
Complexity in the installation of the advanced control system that requires building up of Traffic Management Center (TMC) involving high cost may pose a challenge to industry growth. Slow infrastructure growth coupled with the lack of proper technical knowledge is some factors that are anticipated to hinder product demand.
Employing transportation analytics enables the system to transform trapped images and data into meaningful information and signals. The emergence of the vehicle to infrastructure communication and vehicle to vehicle technologies has significantly advanced the traffic management facility by providing features including early warnings before the accident which detects the danger and immediately displays the warning message on the screen. Additionally, collision avoidance technology enables drivers to exchange information with other road users ensuring the vehicle to either display a warning message or immediately apply automatic breaks in accidental situations, which is also anticipated to catapult product demand significantly.
Transportation systems and analytics have large scale coverage over railways due to the advent of smart railways technology. The introduction of smart cities, high-speed rail ventures, and metros contribute vastly towards the growing demand for smart services. Prominent applications in the aviation sector including predictive maintenance, trajectory optimization, targeted advertising, crew performance assessments, delay estimation, sentiment analysis, and customer behavior prediction enables companies to launch effective solutions for customers resulting in enhanced transportation systems and analytics market share.
Increasing migration of people from rural to urban areas paired with rising population are the dominant factors for traffic problems. Congestion of vehicles increases environmental problems, reduces efficiency of transportation management system, elevates fuel consumption & air pollution, and increases the time of travel. The government of several countries including Germany, the UK, the U.S., Japan, and China is employing analytics solutions to overcome to abovementioned issues.
Notable companies in the industry include Cubic Corporation, Garmin Ltd., IBM, Cellint, Deltion Ltd., Kapsch, Kewill Ltd., Trimble Navigation Ltd., Ryder System Inc., Qualcomm Inc., Honeywell, INRIX, Image Sensing Systems, LeddarTech Inc., Decawave Ltd., NovAtel, Emkay, Moxa, Thales, Tomtom, Traffic Master, and Siemens. Major industry participants emphasize on mergers and acquisitions as part of key growth strategy. For example, IBM and Honeywell are adopting the analytics solutions and are acquiring small scale local domain experts to tap into niche markets.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.