According to Berg Insight, the European transport management systems (TMS) market, including asset tracking, was estimated to be approximately €0.9 billion in 2021. It is expected to experience steady growth, with a compound annual growth rate (CAGR) of 9.7 percent, leading to a forecasted market value of €1.5 billion in 2026.
Simultaneously, the North American TMS market is projected to increase from an estimated €1.3 billion in 2021 to nearly €2.0 billion in 2026, with a CAGR of 9.3 percent. In addition, according to Transforma Insights, remote tracking systems are forecasted to grow by 23.2 million units by 2024. This growth is driven by the adoption of advanced technology, increased demand for supply chain optimization, data-driven decision-making, regulatory compliance, and the economic imperative of cost efficiency.
Given that over 26% of our customers come from the automotive and logistic sector, including asset tracking use cases, 1NCE can logically track the high relevance of the use case to IoT.