Dublin, March 26, 2024 (GLOBE NEWSWIRE) -- The "Transportation Management System - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029" report has been added to ResearchAndMarkets.com's offering.
The Transportation Management System Market size is estimated at USD 2.08 billion in 2024, and is expected to reach USD 3.19 billion by 2029, growing at a CAGR of 8.92% during the forecast period (2024-2029).
The growing trend toward utilizing TMS by retailers and logistics companies and increasing backhaul support services for reverse logistics are extensively driving the market's growth.
Key Highlights
- One of the most recent trends gaining pace is the integration of advanced technology, including blockchain and artificial intelligence, to improve the capabilities of transportation management systems. Additionally, the adoption of sophisticated transportation management systems is fueled by the growing preference for cloud-based, anti-theft GPS and IoT-enabled systems to ensure transparency and security. The introduction of AI-enabled self-driving trucks and the overall ongoing rollout of 5G networks are expected to significantly affect the transportation sector and create new market opportunities.
- For instance, recently this year, BluWave-ai declared the introduction of version 2.0 of the BluWave-ai EV Fleet Orchestrator with the support of USD 1.7 million in co-funding from FedDev Ontario. This software-as-a-service (SaaS) product supports vehicle fleet operators as they can electrify their operations. These operators involve last-mile delivery, municipal mass transit, corporate vehicle fleets, airport ground support, and various electric vehicle (EV) fleet operations. Moreover, the EV Fleet Orchestrator also lowers the overall cost of operations and carbon footprint for fleet operations with mixed battery electric and fossil fuel vehicles operating from buildings, depots, or regional networks of depot/hubs due to its built-on BluWave-ai's established AI energy optimization platform and leveraging its technology IP portfolio.
- Further, nowadays, retailers are inclining toward omnichannel systems that incorporate brick-and-mortar, online, mobile, catalog, and other sales channels under a single umbrella. That increases freight transportation, and TMS helps increase visibility to all shipments under one user's control. This visibility allows for better business decisions when making transportation decisions.
- However, the shortage of experienced professionals and higher implementation costs with higher maintenance costs are a few factors expected to hinder the market's growth during the forecast period.
- The COVID-19 pandemic has had a severe impact on new sales and installations. The market's expansion was constrained by lockdowns and the limitations on the movement of people and goods implemented to stop the spread of the virus, resulting in changes in consumer behavior and interruptions in the supply chain. Nevertheless, the surge in the overall usage of innovative solutions based on advanced technologies and the increasing significance of various data-driven solutions in transportation and logistics are anticipated to contribute to the market's growth.
Increasing Use of Cloud and Artificial Intelligence in Supply Chain Management
- Industry landscapes are evolving rapidly primarily due to the wide adoption of artificial intelligence (AI), which includes computer vision and machine learning (ML) technology. The adoption of AI solutions and services is anticipated to be augmented by the need to achieve robotic autonomy to remain competitive in a global market. The market for artificial intelligence is expanding across the globe as a result of the growth of data-based AI and advancements in deep learning.
- The growing trend of multi-cloud functionality and the expanding demand for cloud-based intelligence services are boosting the market's overall growth. Modern AI tools add new and increased value to cloud computing. This factor is essential for incorporating new technologies within the sector, improving process viability overall. AI software also helps close the technological gap between modern breakthroughs and cloud computing.
- Consequently, since the AI cloud facilitates the convergence of two technologies, AI software and hardware, cloud computing and artificial intelligence are well combined in an AI cloud hybrid system. It helps to create a cloud environment similar to the human brain. Hence, the businesses functioning in the market are widely adopting and using AI through the cloud delivery of AI software-as-a-service., enabling them to utilize AI capabilities.
- For instance, recently this year, Oracle announced that it would open up its ERP applications platform to customer developers and partners. It also unveiled new B2B commerce services and declared a wide variety of additions to its supply chain management (SCM), enterprise planning management (EPM), and human capital management (HCM) Fusion Cloud offerings.
A selection of companies mentioned in this report includes
- 3Gtms Inc. (Sumeru Equity Partners)
- CargoSmart Ltd
- Descartes Systems Group Inc.
- Manhattan Associates Inc.
- JDA Software Group Inc
- Oracle Corporation
- SAP SE
- Precision Software Inc. (QAD Inc)
- MercuryGate International Inc (Summit Partners)
For more information about this report visit https://www.researchandmarkets.com/r/d1m7vn
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