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Transportation Management System Global Market Report Competitive And Growth Analysis 2033
Transportation Management System Global Market Report 2024
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
The expansion of the e-commerce industry is expected to propel the growth of the transportation management system market going forward. E-commerce refers to the exchange of goods and services or the sending of money or data over an electronic network, primarily the Internet. Transportation management systems in e-commerce optimize logistics, ensuring timely deliveries, cost-efficiency, and enhanced visibility, which are crucial for meeting customer expectations. For instance, in September 2022, according to the International Trade Administration, a US-based department of commerce, consumer e-commerce made up 30% of the UK's overall retail sector (up from 20% in 2020), with an annual e-commerce revenue of more than $120 billion. Furthermore, in May 2021, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, the rise in e-commerce increased online retail sales' share of total retail sales from 16% to 19% in 2020. Therefore, the expansion of the e-commerce industry is driving the growth of the transportation management system market.
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.
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Major Key Players of the Market:
Oracle Corporation, SAP SE, C.H. Robinson Worldwide Inc., Oracle Corporation, SAP SE, Trimble Transportation Enterprise Solutions, 3Gtms Inc., Alpega Group, Blue Yonder Group Inc., BluJay Solutions Ltd., CargoSmart Limited, Descartes Systems Group Inc., E2open LLC, FourKites Inc., Generix Group, GlobalTranz Enterprises Inc., InMotion Global Inc., JDA Software Group Inc., LeanLogistics Inc., Loadsmart Inc., Logistically Inc., Manhattan Associates Inc., MercuryGate International Inc., MP Objects B.V., Omnitracs LLC, One Network Enterprises Inc., project44 Inc., Revenova Limited, ShipBob Inc., ShipCaddie, ShipEdge LLC
Transportation Management System Market 2024 Key Insights:
• 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%.
• Cloud And IOT Applications Accelerate Growth In The Transportation Management System Market
• Technological Advancements And Automation Revolutionize The Transportation Management System Market
• North America was the largest region in the transportation management system market in 2023
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