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Predictive analytics is the
use of data, statistical algorithms, and machine learning techniques to
identify the possibility of future results based on historical data. The goal
is to know what has happened to provide the best assessment of what will happen
in the future. It is widely used in the transportation
industry, it provides valuable insights from data collected from multiple
sources. Transportation predictive analytics and simulation is a type of
software that uses extracted data to determine trends and patterns to improve
the efficiency of transport operations.
In the recent past, the demand for transportation
predictions has been on the rise due to several reasons. The need to understand
the traffic flow is becoming imperative for planning for future business
expansion and the need to determine the impact of the economic and social
factors on travel needs and expenditures. These are some of the important factors
that contribute to the growth of the market. The number of vehicles worldwide
has been increased significantly in the recent past. Increase in road traffic
congestion across the world is expected to drive the transportation
predictive analytics and simulation market growth. According to the
Department for Transport (GOV.UK), the U.K. traffic expected to rise by 50% by
2050.
Transportation predictive analytics and
simulation software collects data from sensors mounted in vehicles and
processes it to yield meaningful insights, which help manage traffic flow and reduce
road congestions. Moreover, with an increasing focus on the Internet of Things
(IoT), there has been a substantial increase in connected vehicles worldwide.
Thus, increasing demand for connected vehicles is expected to propel the market
growth. For instance, the European Commission plans to roll-out highly
automated and connected vehicles by 2030 under the ‘GEAR 2030’ initiative.
Moreover, lack of skilled operators is expected
to hamper the market growth. The software is complex and requires highly
skilled operators. In terms of geography, the transportation predictive analytics
and simulation market is divided into six regions, such as North America, Europe,
Asia Pacific, South America, the Middle East, and Africa. Key players operating
in the market are focused on participating exhibitions and conferences to
enhance their market presence. For instance, in 2019, Cubic Corp. showcased a
range of innovative and scalable Trafficware and GRIDSMART capabilities at the
Intelligent Transportation Society of America 2019 (ITS America). Moreover, the
company invested in the future of transportation and mobility.
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