Transportation Management System Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Transportation Management System Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Transportation Management System Global Market Report 2024, The transportation management system market size has grown rapidly in recent years. It will grow from $11.37 billion in 2023 to $13.39 billion in 2024 at a compound annual growth rate (CAGR) of 17.7%. The growth in the historic period can be attributed to increased complexity in logistics, regulatory compliance, rise in fuel costs, demand for cost efficiency, customer demand for speedy deliveries, integration with other systems..

The transportation management system market size is expected to see rapid growth in the next few years. It will grow to $24.31 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be attributed to emergence of autonomous vehicles, demand for sustainable practices, increasing complexity in last-mile deliver, growing importance of data analytics, expansion of cross-border trade, focus on scalability.. Major trends in the forecast period include adoption of cloud-based tms, real-time visibility and tracking, collaborative platforms and ecosystems, mobile tms applications, automated and autonomous vehicles in tms, globalization and multi-modal transport, subscription-based tms models..

The adoption of cloud and IoT applications is expected to drive the growth of the transportation management system market. APIs and other interfaces for pushing and extracting data to and from IoT sensor devices and downstream applications are included in IoT and cloud applications. The Internet of Things (IoT) delivers highly integrated and simplified transportation and warehouse management solutions in the transport, logistics, and fleet management sectors, connecting in-vehicle sensors and other cohesive digital devices through the network. For instance, in 2022, according to a Finoit Inc., a US-based IT services firm report, many transportation and logistics organizations implementing RFID today are achieving nearly 100% shipping and receiving accuracy, 99.5 % inventory accuracy, 30% faster order processing, and 30% labour cost reduction. Therefore, the adoption of cloud and IoT applications will propel the transportation management system market.

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The transportation management system market covered in this report is segmented –

1) By Solution Type: Planning And Execution, Order Management, Audit, Payment, And Claims, Reporting And Analytics, Routing And Tracking

2) By Deployment: On-Premise, Cloud

3) By Transportation Mode: Roadways, Railways, Airways, Maritime

4) By Industry Vertical: Retail, Healthcare And Pharmaceutical, Manufacturing, Energy And Utilities, Government Sector, Other Industry Verticals

Technological advancement and automation are key trends gaining popularity in the transportation management system market. Major market players are focusing their efforts on creating innovative technologies for enhancements to planning and execution, rating, and integration. For instance, in November 2023, ACERTUS, a US-based logistics company, launched an innovative Transportation Management System (TMS) designed to offer unmatched visibility into vehicle shipments. This TMS seamlessly connects shippers with North America’s largest multimodal transport network, simplifying auto shipping through features such as instant quotes, single and multi-VIN ordering, standard and expedited shipping rates, and API connectivity for effortless integration with existing operating systems.

The transportation management system market report table of contents includes: