Chicago, July 05, 2024 (GLOBE NEWSWIRE) — The Transportation Management System Market is projected to grow from USD 16.0 billion in 2024 to USD 40.3 billion by 2029 at a CAGR of 20.2% during the forecast period, according to new research report by MarketsandMarkets™.
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Transportation Management System Market Dynamics:
Drivers:
- Use of cloud-based SaaS solutions
- Mergers & acquisitions of top-tier TMS product players with startups
- Strengthening bilateral trade relations between countries and growth in global trade
- Technological advancements in transportation and logistics industry
- Rise of last-mile delivery in transportation
Restraints:
- Growing concerns over data security
- Slow adoption due to high capital investment
Opportunities:
- Evolving 5G logistics
- Use of autonomous and connected vehicles in transportation and logistics
- Rising adoption of cloud-based technology and Industry 4.0
List of Key Players in Transportation Management System Market:
- Oracle (US)
- SAP (Germany)
- Manhattan Associates (US)
- C.H. Robinson (US)
- Trimble (US)
- WiseTech Global (Australia)
- Descartes (Canada)
- E2open (US)
- Generix Group (France)
- MercuryGate (US)
- Blue Yonder (US)
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These players not only have a comprehensive and diverse product portfolio but also have a strong geographic presence. These players can focus on developing innovative TMS market technologies and offerings owing to the emergence of new application areas for TMS markets. These companies offer several product offerings and have operations worldwide. They rely on their R&D capabilities and diversified product and service portfolios to increase their market share. These companies focus on product launches, collaborations, acquisitions, contracts, and partnerships to strengthen their footprint through product innovations and extend their business reach.
As companies venture into new markets, they encounter diverse logistical challenges, including navigating complex regulatory environments, coordinating cross-border shipments, and managing multi-modal transport. TMS solutions provide essential support by facilitating seamless communication and collaboration across global supply chains. They enable businesses to optimize transportation routes, ensure compliance with international trade regulations, and enhance overall operational efficiency. By effectively managing global logistics, TMS helps businesses maintain competitiveness, minimize costs, and meet the increasing demands of a globalized marketplace.
The planning & execution solution segment contributed the largest market share in the transportation management system market during the forecast period.
The global supply chain has undergone profound digitization with advancements in technologies such as blockchain, connected vehicles, AI/ML, IoT, and big data. This transformation has reshaped supply chain fulfillment strategies, distribution networks, and customer expectations within the transportation industry. In response to these changes, TMS have emerged as critical tools offering real-time insights. These insights empower shipping professionals, logistics providers, and distributors to make informed decisions regarding transportation modes and carrier choices. By automating essential functions like carrier and shipment management, rate acceptance, dispatching, and electronic data interchange (EDI), TMS enhances efficiency in planning and executing transportation operations.
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The maritime transportation mode registered the highest CAGR in the transportation management system market during the forecast period.
Sea transportation plays a dominant role in global trade, accounting for more than 80% of goods transported worldwide. Despite international maritime transport costs being typically two to three times higher than customs duties, it remains the most economical method for transporting many goods. Beyond cost considerations, factors such as service quality—covering speed, reliability, frequency, safety, and security—are increasingly crucial in today’s globalized production landscape and demand for just-in-time deliveries. The optimization of shipping routes through TMS can effectively mitigate unnecessary international charges and tariffs, leading to reduced shipping costs and faster delivery times. This underscores the critical role of TMS in enhancing efficiency and competitiveness in global supply chains by ensuring reliable and cost-effective sea transportation.
Based on region, North America holds the largest market size during the forecast period.
The North American transportation management market is thriving, driven by factors such as the rapid growth of e-commerce and the complex nature of freight operations across the US and Canada. Major corporations are swiftly embracing TMS solutions to optimize operations, enhance employee satisfaction, and navigate challenges posed by recent lockdowns. North America’s emphasis on developing innovative TMS solutions incorporating analytics, AI, and ML is expected to propel market growth. The region’s strong economic stability and technological advancements continue to drive its position as a leading revenue contributor in the global TMS market. Companies like Manhattan Associates are at the forefront, developing TMS solutions that support sustainability initiatives such as carbon footprint tracking and optimization for alternative fuel vehicles, further bolstering market expansion.
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