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In the five years to 2016, a new report from IBISWorld, the nation's largest provider of industry research, estimates that revenue for the Real-Time Traffic Information Providers industry will increase at an average annualized rate of 38.9% to $1.6 billion. While the industry is forecast to continue growing at a phenomenal rate, revenue growth is expected to decelerate compared with the past five years. In 2012 and beyond, companies like Nokia will benefit from the continued adoption of smartphones, which will increase the number of mobile internetconnections. As a result, the number of consumers using the industry's services will rise. The industry will also benefit as disposable income rises and more consumers replace their vehicles with new GPS-enabled cars. For this reason, industry research firm IBISWorld has added a report on the Real-Time Traffic Information Providers industry to its growing Technology and Business Productivity Software report collection.
Los Angeles, California (PRWEB) December 05, 2011
In the five years to 2016, a new report from IBISWorld, the nation's largest provider of industry research, estimates that revenue for the Real-Time Traffic Information Providers industry will increase at an average annualized rate of 38.9% to $1.6 billion. While the industry is forecast to continue growing at a phenomenal rate, revenue growth is expected to decelerate compared with the past five years. In 2012 and beyond, companies like Nokia will benefit from the continued adoption of smartphones, which will increase the number of mobile internet connections. As a result, the number of consumers using the industry's services will rise. The industry will also benefit as disposable income rises and more consumers replace their vehicles with new GPS-enabled cars. For this reason, industry research firm IBISWorld has added a report on the Real-Time Traffic Information Providers industry to its growing Technology and Business Productivity Software report collection.
In the five years to 2011, revenue for the Real-Time Traffic Information industry is expected to increase at an average annual rate of 42.7% to $308.9 million, including growth of 63.8% in 2011. The industry's major players including Nokia and Inrix (a provider of real-time traffic data, tools and related mobile traffic applications) have benefited from an increasing number of vehicles equipped with real-time traffic global positioning systems (GPS) and a rising number of mobile internet connections. According to IBISWorld, other notable companies will continue to influence the industry over the next five years include Waze Ltd. and Google Inc. Operators use data from road sensors, GPS-enabled vehicles and mobile phones to gain insight into traffic conditions. The rising number of GPS-connected systems has increased data timeliness and reliability, further boosting demand for industry services.
According to IBISWorld analyst, Justin Molavi, Nokia's acquisition of Navteq greatly bolstered revenue growth as Nokia invested in the newly acquired company to increase revenue. Navteq's industry-specific revenue is anticipated to increase 106.3% per year in the five years to 2011. Additionally, a customer base expansion also benefited the company's top line, as more customers joined the platform. Nevertheless, profit has lagged behind revenue and is still in negative territory. Along with purchasing the company, Nokia has employed a loss leader strategy, where investments that are made in the early stages of the company are expected to pay off down the road. As such, profit has stayed in negative territory during the five years to 2011. However, the introduction of new advertising platforms with real-time traffic data will begin to build profit for this segment.