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Managed Transportation Services 2024: Industry Analysis and Share Report
Managed Transportation Services Global Market Report 2024
According to The Business Research Company's, the managed transportation services market size has grown rapidly in recent years. It will grow from $11.03 billion in 2023 to $13.03 billion in 2024 at a compound annual growth rate (CAGR) of 18.2%. The growth in the historic period can be attributed to growth in e-commerce, rising fuel costs, rise in transportation management costs, growing demand for flexibility in transportation solutions, and growth in transportation network optimization.
The managed transportation services market size is expected to see rapid growth in the next few years. It will grow to $25.72 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%. The growth in the forecast period can be attributed to rising demand for real-time freight visibility, rising demand for efficient route planning solutions, growing demand for scalable transportation solutions, increasing investment in digital transformation initiatives, rising demand for enhanced customer service. Major trends in the forecast period include technological advancements, adoption of artificial intelligence and machine learning, real-time tracking, omnichannel logistics, and integration of blockchain technology.
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Market Drivers and Trends:
The growing manufacturing sector is expected to propel the growth of the managed transportation services market going forward. The manufacturing sector encompasses industries and businesses involved in producing goods through transforming raw materials, components, or parts into finished products using machinery, tools, and labor. The manufacturing sector's growth is due to the introduction of automated systems and robotics, global trade agreements, improved international relations, and transportation infrastructure development. Managed transportation services enhance manufacturing by providing expertise, technology, and strategic solutions to optimize transportation and logistics operations. This results in cost savings, improved efficiency, enhanced visibility, and better risk management, ultimately contributing to manufacturing enterprises' overall success and competitiveness. For instance, in February 2023, according to Statistics Canada, a Canada-based government agency, Canada's manufacturing business showed a 17.9% increase in sales to reach $850.9 billion in 2022. Therefore, the growing manufacturing sector is driving the growth of the managed transportation services market.
Major companies operating in the managed transportation services market are focused on developing innovative technologies, such as visual AI technology, to optimize logistics operations. Visual AI technology encompasses artificial intelligence systems that process and analyze visual information from images or videos to extract insights or execute tasks autonomously. For instance, in January 2024, RXO Inc., a US-based company that provides transportation solutions, launched AI-powered truck check-in technology for warehouses and distribution centers. The technology leverages advanced artificial intelligence to automate and streamline the truck check-in process, significantly reducing wait times and improving operational efficiency. It includes features such as real-time vehicle recognition, automated scheduling, and dynamic dock assignment to optimize the flow of incoming and outgoing shipments. The system integrates with existing warehouse management software, providing seamless data transfer and real-time updates on truck status.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
UPS Supply Chain Solutions; FedEx Supply Chain; Oracle Corporation; Kuehne + Nagel International AG; SAP SE; C.H. Robinson Worldwide Inc.; Expeditors International of Washington Inc.; J.B. Hunt Transport Services Inc.; GEODIS; Ryder Systems Inc.; Schneider National Inc.; GlobalTranz; XPO Logistics Inc.; Penske Logistics; Livingston International; Descartes Systems Group; Uber Freight LLC; MIQ Logistics; Aptean; Practical Law; Endicia; CLX Logistics LLC; Amber Road Inc.; BluJay Solution; DHL Supply Chain; Supply Chain Brain
Managed Transportation Services Market 2024 Key Insights:
• The managed transportation services market size is expected to grow to $25.72 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%.
• Growth Of Manufacturing Units Driving The Managed Transportation Services Market
• RXO Launches AI-Powered Truck Check-In Technology For Warehouses And Distribution Centers
• Asia-Pacific was the largest region in the managed transportation services market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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