U.S. Transportation Secretary Elaine Chao says the truck driver shortage in the United States is a real and growing problem for the country.

Historically, technological advances developed for military purposes find their way into the civilian sector in an organic fashion, taking years for the transfer.

Traffic congestion that delays trucking traffic now costs the industry $74.5 billion in lost productivity every year, according to a report by the American Transportation Research Institute (ATRI).

In its annual survey among motor carriers and industry professionals, the American Transportation Research Institute (ATRI) found that an ongoing driver shortage and the number of hours drivers are allowed to drive per day are the top concerns.

Financial technology startup FreightRover has inked a $500 million deal with Crayhill Capital Management to provide accelerated payments to truck operators, a process that traditionally takes several weeks for processing.