Transportation Management Systems Market Size, Share, Growth, Trends and Industry Statistics
by Susan Hill Business ConsultantThe global transportation management systems market size is
expected to reach USD 198.82 billion by 2025, at a CAGR of 16.2%, according to
a new report by Grand View Research, Inc. The emerging growth of the retail and
e-commerce sector and the increasing need for automation and technology in
supply chain and logistics are driving the adoption of transportation
management system (TMS). Advancements in digital technologies which have led to
the implementation of cloud transportation management systems, Internet of Things
(IoT), predictive analytics, Artificial Intelligence (AI) solutions, and
blockchain technology facilitate the market growth. In addition, the high
Return on Investment (RoI) on the implementation of a TMS module is drawing a
large number of players to the market, which is expected to drive the growth.
Logistics and supply chain companies are
significantly investing in the deployment of the latest technologies in their
transportation management systems to make optimum use of the high volume of
data produced daily. AI is extensively used by logistics companies to enhance
real-time decision-making abilities related to cost, carriers, inventories, and
the availability of cargos and shipments. Big data-driven applications have
already emerged to help streamline the logistics industry on a global scale.
The need for visibility, scalability, and
flexibility across the supply chain is a major driving force for the
transportation management system market. With the growth in the e-commerce
industry around the world, the online retail market is developing rapidly, and
customers are looking for highly personalized retail experiences, which
subsequently helps drive the market. As the logistics and transportation
sectors continue to grow, the need for faster, smarter, and more efficient
shipping services becomes crucial, which is expected to make a significant
contribution to the growth of the market.
There has been a rise in the competition among
various module developers due to the introduction of technologies such as AI
and blockchain. These technologies significantly contribute to the improvement
of transportation management systems. Companies are making huge investments in
their technological R&D to improve payment processing, freight location
monitoring, and order fulfillment. Automation in logistics is gaining a lot of
importance in the market, and module developers see this as a significant
market opportunity. It would prove important for companies to embrace these
technologies over the coming years to maintain a competitive position in the
TMS market.
Further
key findings from the report suggest:
- Increasing digitalization and growth of the e-commerce industry in
emerging economies are expected to drive the transportation management
system market over the forecast period
- The Cloud TMS segment is expected to register the highest CAGR of
17.2% over the forecast period
- Growing investments in railway infrastructure are expected to fuel
the overall market growth in the forthcoming years
- North America held the largest market share in 2018. The increasing
import and export activities between U.S. and Canada, U.S. and Mexico, and
U.S. and other countries are expected to drive the market
- Key players including Oracle Corporation; SAP SE; The Descartes
Systems Group, Inc.; and JDA Software Inc. among others accounted for a
majority share of the overall market in 2018
Access
full research report on global transportation management systems market:
www.grandviewresearch.com/industry-analysis/transportation-management-systems-market
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Created on Feb 12th 2020 07:00. Viewed 281 times.