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Transportation Management Systems Global Market Report 2024 Market Strategies 2024-2033 | Insights, Demand, Outlook"
Transportation Management Systems Global Market Report
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According to The Business Research Company's, The transportation management systems market size has grown rapidly in recent years. It will grow from $10.53 billion in 2023 to $12.01 billion in 2024 at a compound annual growth rate (CAGR) of 14.0%. The growth in the historic period can be attributed to globalization of supply chains, rise in e-commerce, regulatory compliance, demand for cost efficiency, focus on customer satisfaction.
The transportation management systems market size is expected to see rapid growth in the next few years. It will grow to $20 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The growth in the forecast period can be attributed to complexity of supply chain networks, sustainability and green initiatives, evolving consumer expectations, rise of last-mile delivery solutions. Major trends in the forecast period include demand for cloud-based solutions, dynamic route planning and optimization, integration of Internet of things (IoT) sensors, emphasis on user-friendly interfaces and mobile applications.
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Market Drivers and Trends:
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. 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% labor cost reduction. Therefore, the adoption of cloud and IoT applications will propel the transportation management system market.
Major companies operating in the transportation management system market are focused on developing innovative software such as Transportation Management System (TMS) software to increase their profitability in the market. Transportation Management System (TMS) software optimizes logistics by streamlining the planning, execution, and optimization of goods movement, aiming to enhance efficiency and visibility in transportation operations. For instance, in December 2022, WrxFlo, an Ireland-based software company launched WrxFlo Transport Management System. WrxFlo's Transport Management System optimizes supply chain processes, enhancing warehouse efficiency and cutting transportation expenses. This cloud-based solution ensures real-time data access for agile decision-making, curbing inefficiencies. The WrxFlo 3PL solution supports third-party logistics management, aiming to boost sales, lower risks, and heighten operational efficiency by seamlessly integrating with existing business systems. Through secure cloud storage, it facilitates streamlined freight management and superior logistics planning and execution.
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.
Major Key Players of the Market:
Oracle Corporation, SAP SE, C.H. Robinson Worldwide Inc., GlobalTranz Enterprises Inc., Trimble Inc., Blue Yonder Group Inc., Manhattan Associates Inc., JDA Software Group Inc., E2open LLC, The Descartes Systems Group Inc., Transporeon Group, Transplace LLC, BluJay Solutions Inc., Generix Group SA, Parade Inc., Alpega Group, project44 Inc., Southern Motor Carriers Rate Conference Inc., Shippo Inc., LeanLogistics Inc., TMW Systems Inc., Unifaun AB, UltraShipTMS, vTradEx International Ltd., Shipwell Inc., 3GTMS Inc., InMotion Global Inc., MP Objects B.V., ShipStation, Logistically Inc., Revenova LLC, MercuryGate International Inc., Supplystack NV
Transportation Management Systems Market 2024 Key Insights:
• The transportation management systems market size is expected to see rapid growth in the next few years. It will grow to $20 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%.
• Impact Of Cloud And IOT In Transportation Management Systems
• Unveiling WrxFlo's Next-Gen Tms Solution
• North America was the largest region in the transportation management system 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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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
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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