ALBANY, New York, December 18, 2018
ALBANY, New York, December 18, 2018 /PRNewswire/ --
The global transportation management system market is projected to see bountiful growth over the coming years according to Transparency Market Research (TMR). The market's business landscape features moderately high competition among the vendors. Players in the global transportation management system market form a niche market space, and are largely driven by innovation and technological advances. As technology advances, the rivalry among these vendors is expected to elevate.
Vendors in the global transportation system management market are focused on expansion of their functionality and capabilities. They are further ensuring that their end-users are enabled to utilize their supply chain operation to the maximum. A key trend being capitalized on is shift towards cloud technology. Use of cloud-based solution enables players in the transportation management system market achieve real-time visibility of their operations. This trend is expected to offer immense growth opportunities to new entrants in the global transportation management system market in the coming years.
Prominent players in the global transportation management system market are Descartes Systems Group, Inc. SAP SE, Oracle Corporation, CargoSmart Ltd., Precision Software, Inc., and 3GTMS, Inc.
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TMR Projects TMS Market to reach US$ 30,044.1 mn by 2025
According to TMR, the global transportation management system market is expected to exhibit a 13.6% CAGR over the forecast period 2017 to 2025. The market was valued to be at US$ 9,600.8 mn in 2016 is prognosticated to reach US$ 30,044.1 mn by 2025.
Among the different application segments, the segment of transportation and logistics held over 67% of the overall market share in 2016. This trend is expected to continue over the forecast period on account of growing demand from third-party logistics providers.
Geographically, North America led the global transportation management system market with 37.5% market share in 2016. The soaring adoption of cloud is expected to bolster the region further over the forecast period.
High Adoption of Cloud Technology to Bolster Growth
Advances in technology in addition to the expansion of online business and omni-channel conveyance are both pushing more shippers to consider transportation management systems as a major aspect of their management procedure. With the extension in expansiveness of contributions and joining abilities, transportation management systems have turned into a favored decision for firms all things considered and over different ventures. Surge in popularity of SaaS-based solutions offering unrivaled advantages as far as cost, perceivability, and upkeep is recognized as the main factor driving the transportation management system market. The development of these cloud-based solutions is additionally expected to trigger the substitution of customary TMS solutions.
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High Initial Cost May Challenge Growth
Absence of awareness in regards to transport management system among different end-use ventures is a noteworthy factor hampering the development of the global transport management system market. Additionally, high costs related with the underlying establishment of transport management system is another key factor limiting the smooth growth of worldwide transport management system market.
In any case, the market is coming up with solutions that are less expensive, progressively important, and significantly user friendly. Merchants have capitalized, and are putting forth solutions that fit the small-scaled shipper's finances while additionally offering features that bigger systems are putting forth. This is expected to boost sales in the global transportation management system market, and overcome any challenges.
This review is based on TMR's report titled, "Transportation Management System Market (Application - Electrical and Electronics, Industrial, Food and Beverage, Retail, and Transportation and Logistics; Software Deployment - On-Premise and On-Demand) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025."
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Global Transportation Management Systems Market Segmentation
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