How Advanced Technology is Revolutionizing Transportation Analytics?
Transportation analytics has become increasingly popular in recent years as it plays a crucial role in improving the safety, efficiency, and sustainability of transportation systems. It involves collecting and analyzing data from various sources, such as traffic sensors, GPS data, and social media feeds to better understand traffic patterns and congestion.
Transportation analytics applications include traffic management systems, predictive maintenance for vehicles and infrastructure, route optimization for logistics and transportation companies, and real-time traffic update for commuters.
According to Statista, 40% of respondents state that artificial intelligence can help improve inventory management in the transport and logistics industry. AI has the capacity to understand complex real-time inventory control dynamics, predict scenarios, recommend actions, and act accordingly. With the integration of various technologies to deliver more faster and efficient solutions, the use of transportation analytics is going to increase in the coming days.
What kind of technologies are used in Transportation Analytics?
In transportation analytics, technology plays a very important part as it helps to collect, process, and analyze the data related to the transportation network and systems.
- GPS and GIS: Global Positioning System (GPS) and Geographic Information System (GIS) technologies are used to track and map the movement of vehicles and people. This data can be used to improve safety and optimize routes.
- Automatic Vehicle Location (AVL): AVL systems use GPS technology to track the location and movement of vehicles in real time. This information can be used to improve the routing, dispatching, and scheduling of vehicles.
- Intelligent Transportation Systems (ITS): Intelligent Transportation Systems (ITS) is a combination of hardware, software, and communication technologies designed to improve transportation efficiency, safety, and sustainability. It includes technologies such as traffic management, broadcasting live road information, electronic toll collection, and better accident management.]
- Real-time Data Analytics: Real-time data analytics allow transportation agencies to monitor traffic conditions in real-time, allowing them to quickly respond to incidents and manage traffic flow. It can also be used to optimize public transportation systems, such as adjusting bus or train schedules in response to changes in demand.
- Big Data: Big data analytics can transform the transportation industry by providing transportation professionals with the tools and insights to better understand traffic patterns, optimize routes and schedules, improve safety, reduce congestion, and provide better service to users.
- Machine learning: Machine learning algorithms are being used to analyze large volumes of transportation data to identify patterns and make predictions. It is also used to identify patterns, predict traffic flow, and optimize transportation systems.
- Internet of Things (IoT): The Internet of Things (IoT) is currently disrupting every industry by increasing work efficiency. IoT provides connectivity, security, analytics, and monetization to enable more intelligent transportation strategies. With the integration of IoT solutions, companies can save money on shipping by enabling drivers to access information about weather conditions, rest stops, and parking lots.
Companies such as Cubic Corp.; Oracle Corp.; Cellint Corp.; Hitachi Ltd.; Omnitracs LLC; IBM Corp.; Sisense Inc.; Inrix Corp.; and Alteryx Inc are heavily investing in implementing new technological advancements to make transportation services faster and more efficient for users.
With the ongoing trend of implementing IoT and cloud computing solutions, the global transportation analytics market size was valued in 2020 to be USD 7.8 billion and is anticipated to register a CAGR of 15.45% during the forecast period, 2020-2028.
Increasing adoption of advanced traffic management systems and rising 5G internet penetration across the globe is fueling the transportation analytics market. Global companies are adopting cloud-based solutions for easy data storage and access to analytics tools and this can open up new pathways for market players in the coming years.