New York, Oct. 02, 2023 (GLOBE NEWSWIRE) -- The global transportation management system market size is projected to expand at ~12% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 32 Billion by the end of 2035, up from a revenue of ~USD 12 Billion in the year 2022. The rising e-commerce sector has increased the demand for goods and services through online portals, which in turn has increased the demand for transportation, with a complete record of shipped, delivered, and received items. Moreover, the return of packages has made transportation a two-way need for the sector. As of 2023, there are nearly 3 billion digital buyers in the world which makes up for approximately 33% of the global population.
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Transportation Management System Market: Key Takeaways
- Market in North America region to propel the highest growth
- The Cloud segment to garner the highest growth
- Market in Asia Pacific to grow at the highest rate
The rising Adoption of Automation is to Boost the Growth of the Transportation Management System Market
Manufacturing industries are rapidly shifting towards automation, this is an outcome of various reasons. The limitation on human work hours and strict labor laws imposed by the government is one of the factors which has boosted automation in these industries. Automation has increased production in less time and has significantly cut labor costs. It is studied, that automation can save up to 20% cost spent on labor. Further, the onset of the fourth revolution of industrialization has pumped the demand for automation. Owing to this, there has been lesser human interference and the industry need better system, such as transportation management systems to organize their operations and records. In the world, nearly 64% of the operations in the manufacturing industry will be automated soon, it will be one of the most influenced industries.
Transportation Management System Market: Regional Overview
The global transportation management system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Usage of Public Transportation to Boost Market Growth in the North American Region
The market in North America region is estimated to have the highest share by the end of 2035. North America has a huge network of transportation and a huge share of the population in the region takes public transportation services to commute. In the United States, there are around 6800 organizations that provide the service of public transportation and it is an approximately USD 80 billion industry, that has employed more than 430,000 workers. This has dramatically increased the demand for transportation management services in the region to manage the huge industry and keep well-maintained records of the workers.
The Development of Waterways Transportation is to Elevate Market Growth in the Asia-Pacific Region
The transportation management system market in Asia Pacific region is projected to have significant growth by the end of 2035. The Asia Pacific has been putting continuous efforts into developing inland water transportation. The government has put huge investments in boosting the water trade, which in turn will significantly increase the demand for transportation management systems. In India, the trade through Indian waters has increased by a remarkable 315%. Moreover, the Indian government has started new projects Arth Ganga Projects and Jalmarg Vikas, which are combined worth USD 553 million.
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Transportation Management System, Segmentation by Component
- Services
- Solutions
Transportation Management System, Segmentation by Transportation Mode
- Roadways
- Railways
- Waterways
- Airways
Based on transportation mode, the airways segment is expected to show significant growth. This is majorly attributed to the rise in the number of passengers traveling by air. Moreover, after the advent of the COVID-19 pandemic, there have been various regulatory changes in air transportation and the sector is in the recovery phase. Therefore, all these factors are cumulatively boosting the segment’s share in the market. After the sharp decline in air travelers in 2021, finally in 2022, the total number of passengers has reached around 97% of the levels in 2019 across the globe. Moreover, it is projected, that by the end of 2023, there will be a full recovery of over 100%.
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Transportation Management System, Segmentation by Deployment
- On-Premise
- Cloud
Transportation Management System, Segmentation by End User
- Manufacturing
- Retail & E-commerce
- Logistics
- Government Organizations
Based on end users, the manufacturing segment is expected to gain the highest market revenue over the forecasted period. A rise in the number of manufacturing enterprises is expected to augment the market growth. The government of developing countries is also putting efforts to boost manufacturing and contribute to global trade. By the end of 2023, the manufacturing sector is expected to have around 7 million businesses, worldwide.
A few of the well-known market leaders in the global transportation management system market that are profiled by Research Nester are 3GTMS, BluJay Solutions Ltd., MercuryGate International, Inc. Oracle Corp., SAP SE, Cerasis Inc., inetlogistics GmbH, Infor Inc., JDA Software Group, Inc., and Manhattan Associates.
Recent Developments in the Market
- MercuryGate International Inc. has the largest transportation management system and it has further added new key intelligence and delivery features in its platform to assist the customer in the supply chain in a much smarter way.
- Oracle Corp. announced the integration of the logistics management features to boost their Oracle Fusion Cloud Supply Chain & Manufacturing to help companies strengthen their position in the global supply chains.
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