The transportation management systems market is expected to experience significant growth, with projections indicating an increase from USD 16 billion in 2024 to USD 40.3 billion in 2029 at a compound annual growth rate of 20.2%. Key drivers of this growth include the use of cloud-based solutions, mergers and acquisitions in the industry, global trade relations, and technological advancements in transportation and logistics. Companies are focusing on developing innovative technologies to capitalize on the expanding TMS market.
The planning and execution solutions segment is expected to contribute the largest market share in the transportation management systems market, driven by digitalization of the global supply chain and the emergence of technologies like Blockchain, connected vehicles, AI/ML, IoT, and big data. These advancements have redefined supply chain strategies and increased the importance of TMS in providing real-time insights to make informed decisions.
Maritime transportation has seen the highest compound annual growth rate in the TMS market, given its dominant role in global trade. Optimizing shipping routes through TMS can lead to lower costs and faster delivery times, enhancing efficiency and competitiveness in global supply chains.
North America is expected to hold the largest market size in the transportation management market during the forecast period, thanks to factors such as rapid e-commerce growth and complex freight operations in the region. Companies in North America are adopting TMS solutions to streamline operations and improve overall efficiency, further driving market growth.
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Article Source
https://finance.yahoo.com/news/transportation-management-system-market-40-140000029.html
