Northbrook, IL 60062 -- (SBWire) -- 07/18/2023 --The global Transportation Management System Market size is projected to grow from USD 13.5 billion in 2023 to USD 33.3 billion by 2028, at a CAGR of 19.7% during the forecast period, according to research report by MarketsandMarkets™.
The demand for transportation management system solutions is anticipated to rise due to the growing need for management systems across the verticals for cost reduction and improving operational efficiency.
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By offering, the solutions segment holds the largest market size during the forecast period.
Based on solutions, the TMS market is segmented into planning and execution; order management; audit, payment, and claims; analytics and reporting; and routing and tracking. These solutions assist end users in addressing transportation needs for their businesses with reduced costs while improving operational performance. The rise of digitization and the use of cloud computing in recent years have increased the demand for TMS solutions across the globe. The emergence of domestic and international eCommerce has further boosted the growth of the solutions segment.
By transportation mode, the maritime segment is projected to register the highest CAGR during the forecast period.
The adoption of TMS solutions and services in the marine sector is driven by the fact that more than 80% of global trade is conducted by sea, making it the most significant mode of international freight transportation. International maritime transport costs tend to be between two to three times as high as the customs duties of importing countries. Still, maritime transport is the cheapest way of transporting many goods. The price of container shipping depends on the route and the current economic situation. Hence, TMS helps route optimization to avoid unnecessary international charges and tariffs, saving shipping costs and time.
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By region, the Asia Pacific region has the highest growth rate in the Transportation Management System market
In the Asia Pacific, developing countries are expected to experience significant growth, primarily in automating transportation and supply chains. Most of the countries in the Asia Pacific are shifting their focus on improving safety, operational efficiency, and passenger comfort by reducing travel time congestion. The Asia Pacific is witnessing high growth due to increasing global competition, the growing penetration of smart devices and connected machines, and the rising investments in smart cities. High economic growth in developing countries, such as India, China, and Vietnam, has increased the number of connected solutions that consist of sensors and RFID tags, resulting in a sudden outburst of vast amounts of data. TMS is a prominent feature in this region's growing transportation and logistics sector. Hence, Asia Pacific is the current hotspot of the TMS market and attracts several companies.
Market Players
The major vendors covered in the transportation management system market include 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), Uber Freight (US), Alpega Group (Belgium), Worldwide Express (US), Infor (US), 3Gtms (US), Shipwell (US), 3T Logistics & Technology Group (UK), Ratelinx (US), oTMS (China), nShift (UK), BlueRock Logistics (Netherlands), Elemica (US), TESISQUARE (Italy), DDS Logistics (France), vTradEx (China), Shiptify (France), GlobalTranz (US), InMotion Global (US), Kinaxis (Canada), Logistically (US), One Network Enterprises (US), IntelliTrans (US), Allotrac (Australia), Revenova (US), Princeton TMX (US), CTSI Global (US), and PCS Software (US).
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Transportation Management System Market Size Is Rising at 19.7% CAGR to Surpass US $ 33.3 Billion by 2028
This research report categorizes the transportation management system market to forecast revenues, analyze trends, offering, transportation mode, vertical, solutions, services & end user, and region.