The global market for transportation management systems stood at US$ 12,249.9 Mn in 2018. Rising at a healthy CAGR of 14.3% from 2020 to 2030, the opportunity in this market is likely to touch US$ 59,748.5 Mn by the end of 2030.
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A transportation management system (TMS) is a subset of supply chain management and is centered mainly on transportation and logistics. Increasing use of cloud computing technologies for managing supply chain activities is one of the major trends prevailing in the transportation management systems market across the globe. Cloud-based deployments generally need less customization and configuration. These two factors are driving down lifecycle costs, making web-based applications much more attractive and appealing to shippers. Retailers across the globe have realized the importance of technology for achieving real-time visibility of operations to track products as they leave manufacturing facility and move through the supply chain. Thus, retailers are gradually moving away from platform-based solutions and are switching to the cloud. Cloud technologies enable retailers to process huge customer data faster, better match customer demand with a sales season, and offer personalized solutions. Thus, cloud technologies enable mass customization, which is of growing interest to both manufacturers and retailers.
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Increasing preference for SaaS based TMS solutions is the major factor driving the TMS market sales growth. Furthermore, the need to replace and update the existing and conventional transportation management systems is expected to support the demand for advanced transportation management solutions. However, lack of awareness among end-users coupled with high deployment cost is the major inhibitor to the growth of the market. Integration of cloud computing and Radio Frequency Identification (RFID) technologies with supply chain management systems offer healthy opportunities for the growth of TMS Market over the forecast period.
Transportation Management System is a major technology tool used by enterprises for enhanced collaboration. Additionally, in order to extend their reach globally, organizations across the world are increasingly focusing on curtailing costs related to their means of communication. This has created immense opportunities for the Transportation Management System market, thereby, leading to development of advanced conferencing solutions and services. Furthermore, considering the rising need to reduce operating costs, there has been a recent shift from the traditional immersive telepresence systems to software solutions in the Transportation Management System market. Enterprises across the world seek to deploy cheaper and scalable cloud-based Transportation Management System solutions to lower the total cost of ownership (TCO).
Transportation and Logistics Segment to Register Higher Demand Rate
The integration of automation and functions such as real-time market monitoring coupled with shippers’ desire to ensure supply chain optimization and visibility has ensured an extended application base for transportation management systems. The electrical and electronics, industrial, food and beverage, transportation and logistics and retail sectors have surfaced as the prime application areas of transportation management systems across the world. Among these, the transportation and logistics segment is expected to continue its dominance over the forecast, majorly on account of demand from third-party logistics providers, with road transportation service providers being the largest end-users of TMS solutions. Over the forecast period from 2017 to 2025, the emerging end-use verticals such as food and beverage, retail, and electronics are expected to witness the fastest growth, fueling market momentum. Increasing demand for supply chain optimization and visibility is expected to drive the adoption of TMS across these verticals.
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On the basis of the geography, the global market has been categorized into North America, Europe, Asia Pacific, the Middle East and Africa and Latin America. North America, closely followed by Europe, reports a greater deployment of TMS solutions, compared to other regions and is expected to continue doing so over the next few years. Along with the proliferation of cloud-computing technologies, increasing use of RFID technology in the supply chain system has also fueled market momentum in the region. Transportation management system vendors in the region are collaborating with RFID technology providers to develop advanced, integrated solutions and, in turn ensure better returns on R&D investments.
Some other significant players engaged in Transportation Management System market include
- 3GTMS, Inc.
- CargoSmart Ltd.
- Descartes Systems Group, Inc.
- Manhattan Associates, Inc.
- BluJay Solution
- One Network Enterprises
- JDA Software Group, Inc.
- Oracle Corporation
- SAP SE
- Precision Software, Inc.
Read TMR Research Methodology at: https://www.transparencymarketresearch.com/methodology.html
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