According to TMR, the global transportation management system market is noted at a valuation of US$ 9,600.8 mn in 2016. The market is likely to rising at a CAGR of 13.6% from 2017 to 2025. Rising at this CAGR, the opportunities in the transportation management system market is expected to touch a valuation of US$ 30,044.1 mn by the end of 2025.
Oracle, Werner Enterprises, MercuryGate, SAP, Accenture, JDA Software, Ceva Logistics, UPS, DB Schenker and C.H. Robinson TMC are some of the prominent vendors operating in the transportation management system market says Transparency Market Research.
The presence of established and big players make competition in transportation management system highly fierce and intense. Some of the most successful business strategies adopted by these players to remain competitive in the market is business expansion, product innovation and application of latest technologies. Some players in the market are relying in collaborations, acquisitions and mergers and joint ventures to enhance their market share.
On the basis of geography, North America is expected to hold largest share in the transportation management system during the forecast period. This is mainly attributed to rising adoption of advanced technologies such as freight management solutions and services by several users in the region. Further, countries such as the U.S. and Canada is expected to have a major dominance in the market this is mainly due to the presence of several prominent players in the region. The revenue generated by these players will make this region as the fastest growing regions across the globe.
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The global transportation management system market is expected to rise at a healthy pace in the owing few years. This is mainly due to the significant rise in research and development activities in the field which has contributed to the development of new technologies and increase application scope.
A transportation management system can be defined as subset of supply chain management system mainly concerning transportation operations. It refers to the efficient management of several transportations related activities, such as moving goods from the supplier to production place. There is growing concern to reduce overall delivery time, owing to the increase in global trade is another factor expected to drive the global transportation management system market in the coming few years.
Apart from this, increase requirement to control time-in-transit, advancements in freight security, safety, and transportation solutions, and increasing IoT adoption are some other factors expected to offer a positively influence growth in the transportation management system market during the coming future.
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Incompetency of People to Cope with Technical Aspects of Software to Impede Growth
However, incompetency of the employees to use advanced technology, high cost of system implementation and maintenance and unavailability of appropriated infrastructure in developing region are some of the prominent factors expected to drive the global transportation management system market.