-- Data and analytics are already shaping the way market develops connection between buyers and sellers for many product and services. These platforms are also meeting the unmet demand in transportation industry. For instance, conventional taxicabs relied on hand waving signal mechanism - a passenger waving hands to the empty cabs in the street. This process has created significant demand in the transportation industry. Growth in hailing business has created an urge for different business model to emerge. This business model combines the use of digital platforms with location based navigation technology to instantly meet the needs of passengers in close proximity. This is just a niche example of the model of disruption fueled by predictive analytics and simulation.
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Concept of smart cities on the other hand requires automating complex decision making to become more efficient. Transportation for the development of smart cities is one of the major area in which rapid decision making is of utmost importance. Smart transportation utilizing the IoT and automated algorithms can result in 10 - 20% of potential reduction in traffic congestion. For instance, in some cities deployment of such technology is already reaping benefits. In Singapore, data obtained from sensors is being utilized to predict traffic congestion in real time and is also aiding to adjust tolls to limit jams. We predict that using predictive analytics and simulation in transportation management could produce an economic impact of US$ 100 - US$ 500 Bn by reducing traffic congestion.
Companies Mentioned
1. Cubic Corporation
2. IBM Corporation
3. PTV Group
4. Xerox Corporation
5. SAP AG
6. Space - Time Insight
7. Predikto Inc.
8. Cyient - Insights
9. Tiger Analytics Inc.
10. T - Systems International GmbH
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Contact Info:
Name: Sameer Joshi
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Organization: The Insight Partners
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Release ID: 237423
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