A new report is predicting that the value of the transportation systems and analytics market will reach more than $57 billion by 2018, up from $28 billion in 2013.
The study by researchers Marketsandmarkets says globalization, hyper-population, and demand for high travel convenience have created the need for efficient transportation systems, and the increasing use of analytics and advanced transportation control systems, along with the system integrators, are helping to get rid of various problems associated with transportation system.
It adds that the applications derived from the technologies are “benefitting the users greatly,” and more innovations are expected in the years to come.
It also says the increase in population and migration of people from rural areas to cities are the major factors of traffic congestion, which in turn “reduces the efficiency of transportation infrastructure and also increases the traveling time, fuel consumption, and air pollution”. To overcome this problem, the UK, US, Germany and Japan are leading deployment of transportation analytics solutions.
It predicts the market will grow from $28.09 billion in 2013 to $57.46 billion by 2018, at an estimated compound annual growth rate of 15.4%.