Transportation Management System Market Trends

Growth Drivers

• Growing Accuracy of RFID Technologies In Industrial Applications - RFID systems have increased inventory accuracy by more than 95% on average. RFID technology enables automatic tracking of goods from the point of origin to their destination. This provides real-time visibility for the transportation of goods, which makes it easier for companies to optimize their supply chain and improve efficiency.
• Rapid emergence of Industry 4.0 - Industry 4.0 combines digital and physical technologies, such as the Internet of Things (IoT), artificial intelligence (AI), and augmented reality (AR). By providing real-time data and insights, these technologies are expected to help transportation management systems reduce operational costs and improve customer service. IoT Analytics' survey on Industry 4.0 adoption showed that 25% of use cases had already been fully or extensively rolled out by enterprises globally.
• Increased Movement of Goods Through Waterways - Compared to 2020, the volume of goods transported on European inland waterways increased by 3.6% to 520 million tonnes in 2021. TMS allows for the tracking of goods as they move through waterways, making it easier to monitor the flow of goods and identify any bottlenecks.

Challenges

• Rising Data Security Concerns - Consumers and businesses alike are becoming increasingly concerned about the security of their data, especially in the transportation industry. Issues such as data breaches, hacking, and identity theft are driving people away from using transportation services, which has a direct negative effect on market growth.
• Complexity of managing a transportation network
• Lack of standardization in the industry