SAN FRANCISCO, Oct. 27, 2021 /PRNewswire/ -- The global transportation management systems market size is expected to reach USD 27.48 billion by 2028, according to a new report by Grand View Research, Inc., the market is expected to register a CAGR of 14.3% from 2021 to 2028. The unabated growth of the e-commerce and retail industries and the strong emphasis on automating the supply chain and logistics processes using the latest technologies are expected to drive the demand for Transportation Management Systems (TMS) over the forecast period.
Key Insights & Findings:
The cloud segment is anticipated to register a significant CAGR over the forecast period. The growth can be attributed to the continued digitalization and growth of the e-commerce industry in emerging economies
The airways segment is expected to register a considerable CAGR over the forecast period. The growing demand for fast-paced delivery of products from the incumbents of the retail, e-commerce, healthcare, and logistics industries is expected to encourage the deployment of TMS for air transportation
The government organizations segment is anticipated to register a moderate CAGR over the forecast period owing to the rising demand for traffic management solutions, including automatic number plate recognition, signaling, information management, and parking management, among others
North America accounted for the largest revenue share owing to the increasing import and export activities across the U.S. and Canada, which are driving the demand for TMS for real-time tracking of products across the region
The logistics industry has been evolving in line with the advances in technology. The latest technologies, such as artificial intelligence (AI), blockchain, Internet of Things (IoT), and big data, are rapidly transforming the way transportation systems are designed and implemented. Logistics and transportation activities involve a significant exchange of information between all the stakeholders, especially the customers and service providers. At this juncture, efficient TMS facilitates the rapid exchange of information. They also enhance visibility and control over the shipments and subsequently efficiency and customer satisfaction.
The demand for Software-as-a-Service (SaaS)-based TMS is growing owing to the cost-effectiveness and flexibility associated with the SaaS delivery model. Cloud-based services account for a significant share of the global TMS market. Given the increasing demand for customized solutions, vendors are competing aggressively to offer advanced, on-demand software.
Transportation management systems help in accelerating the order-to-delivery cycle times, reducing inventory management costs, ensuring compliance, reducing freight costs, and cutting the time spent on maintaining customs documentation. The higher ROI offered by transportation management systems is particularly serving as a primary driver of the growth of the TMS market.
Grand View Research has segmented the global transportation management systems market based on deployment, mode of transportation, end-use, and region:
Transportation Management Systems Deployment Outlook (Revenue, USD Billion, 2018 - 2028)
Transportation Management Systems Mode of Transportation Outlook (Revenue, USD Billion, 2018 - 2028)
Transportation Management Systems End-use Outlook (Revenue, USD Billion, 2018 - 2028)
Retail & E-commerce
Transportation Management Systems Regional Outlook (Revenue, USD Billion, 2018 - 2028)
Middle East & Africa
List of Key Players in the Transportation Management Systems Market
Intelligent Traffic Management System Market– The global intelligent traffic management system market size was valued at USD 9.12 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 11.9% from 2021 to 2028.
Advanced Driver Assistance Systems Market– The global Advanced Driver Assistance Systems (ADAS) market size was estimated at USD 14.15 billion in 2016. Increasing demand for these systems in compact cars is anticipated to be a key factor driving market growth.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.