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Transportation Management System Market
The global transportation management system market is growing, driven by rapid e-commerce expansion and tech advancements in transportation and logistics.
WILMINGTON, DE, UNITED STATES, November 14, 2024 /EINPresswire / -- As per the report, the global transportation management system market size was pegged at $5.46 billion in 2019, and is projected to reach $11.36 billion by 2027, growing at a CAGR of 9.6% from 2020 to 2027.
As
technology advances, transportation management systems (TMS) are becoming essential in
supply chain management, offering valuable solutions to streamline logistics. A TMS is a specialized platform within the supply chain that manages, organizes, and oversees transportation, from order placement to final delivery. The adoption of TMS is on the rise, with recent studies showing that nearly 35% of businesses now utilize this platform to manage their transportation networks. As logistics and transportation complexities grow, the demand for TMS continues to surge.
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On a technical level, TMS platforms enhance transactional and communication processes, enabling users to leverage real-time data, make quicker decisions, and strategically plan for optimized transport solutions. Equipped with advanced tools, TMS provides shippers with a centralized dashboard to oversee and manage multiple shipments efficiently. This centralized approach helps eliminate stress and uncertainties that can arise from limited visibility across the transportation process.
Environmental sustainability is gaining importance among businesses and consumers. With governments enforcing stricter carbon emission regulations, companies are pursuing ambitious sustainability goals. Transportation Management System (TMS) solutions aid these efforts by optimizing routes to reduce fuel usage, incorporating electric and alternative-fuel vehicles, and providing analytics to monitor environmental impact. These capabilities allow businesses to cut their carbon footprint, comply with regulations, and potentially lower fuel and emission costs.
For efficient inventory management and distribution, many companies work with third-party logistics providers (3PLs). The rise in tracking technologies like RFID and GPS has greatly boosted 3PL growth by improving supply chain visibility. To streamline operations and reduce manual workloads, users of 3PL services increasingly adopt TMS solutions. Leveraging automation and analytics, these systems provide insights that enhance delivery speed, reduce shipping costs, and optimize planning.
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Exponential growth within the e-commerce industry and technological advancements across the transportation and logistics sectors have boosted the growth of the global transportation management system market. However, the data security concern hinders the market growth. On the contrary, advent of autonomous and connected vehicles, rise in adoption of cloud technology, and arrival of Industry 4.0 are expected to create opportunities for the market players in the future.
The Asia Pacific TMS market is experiencing dynamic growth, fueled by strong domestic demand in nations like Australia, South Korea, Japan, China, and India. Economic expansion across the region is supporting growth in logistics and transportation. Key growth drivers include robust intra-regional trade agreements, recovering global demand, and the adoption of advanced cloud-based transportation solutions. Developing nations in Asia Pacific are particularly focused on automating transportation and supply chain processes, utilizing new platforms and services to improve efficiency.
Covid-19 scenario:
1. The pandemic resulted in disrupted supply chains due to market volatility and ban on international trade. Moreover, the pandemic caused enormous strain on the supply chains as there is a rush to ship orders as quickly as possible. This, in turn, boosted the adoption of transportation management systems among the end-users.
2. During the pandemic, companies tightened their budgets. However, the need to stay connected increased more than ever for logistics companies to maintain mobility. This increased the demand for transportation management systems.
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By industry vertical, the manufacturing segment held the largest share in 2019, accounting for nearly two-fifths of the global transportation management system market, due to growing significance of tracking and maintenance of goods and raw materials and cost-effective operations. However, the healthcare and pharmaceutical segment is expected to manifest the highest CAGR of 10.2% during the forecast period, as healthcare is emerging as a key industry, as traceability, visibility, and shipping controls contributing toward growth of the TMS market in pharmacy sector. Moreover, the lower expedited transportation costs supplemented the market growth.
By component, the solution segment held the lion's share in 2019, contributing to nearly three-fourths of the global transportation management system market. Moreover, the segment is estimated to register the highest CAGR of 9.7% during the forecast period, as the introduction of digital solutions from connected warehouses to new mileage delivery services increase the value and presence of TMS. The research also analyzes the services segment.
Key Findings Of The Study
1. By component, in 2019, the solution segment dominated the transportation management system awareness market. However, the services segment is expected to exhibit significant growth during the forecast period.
2. Depending on solution type, the planning and execution segment generated the highest revenue in 2019. However, the reporting and analytics segment is expected to witness highest growth rate in the future.
3. On the basis of deployment model, the on-premise segment accounted for the highest revenue in 2019; however, the hybrid segment is expected to witness highest growth rate during the forecast period.
4. On the basis of industry vertical, the manufacturing sector accounted for the highest revenue in 2019; however, the healthcare & pharmaceutical segment is expected to witness highest growth rate during the forecast period.
5. Region-wise, the transportation management system market was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years.
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Major market players
Oracle Corporation
SAP
C.H. Robinson
Trimble
BluJay Solutions
MercuryGate International
Blue Yonder
Transplace
3GTMS
E2Open
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