Market Research Future offers a five-year forecast for the Global Transportation Management System (TMS) Market 2020 between 2017 and 2025. By value, the global Transportation Management Systems Market might register 6.7% CAGR during the forecast period. As the economy has started to mend after long terms impact of COVID-19, the market will be attaining a high valuation by the year 2025 up from the previous share.
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Transportation Management System Growth Boosters
Rapidly mounting economies offer opportunities and challenges to the transportation industries. Surged shipment of goods across the globe is a foremost cause behind channel congestion and boost in competition between market players. Thus, the requirement of the transportation management system is escalating owing to the need for safety standards during transportation, storage and handling of goods.
MRFR finds that with the escalating transportation costs owing to complex and intensive transportation networks, the need for transportation management system is also growing which is motivating the overall global transport management system market. In fact, surging demand for ‘software as a service (SaaS)’ based transport management system is further anticipated to kindle the global transport management system market.
Apart from this, the rising advancements in transport management systems over the conventional ones is yet another significant factor fuelling the growth of the global transport management system market. Furthermore, an escalating collaboration between hardware providers and content suppliers is a prime element driving the global transport management system market.
On the contrary, the factor such as lack of awareness concerning the transport management system among various end-use industries is a foremost challenge hampering the growth of the global transport management system market. With this, the factor of the high cost associated with the initial installation of the transport management system is yet another critical factor restraining the smooth development of global transport management system market.
Transportation Management System Market Size by region has been studied for the prime regions of Europe, North America, Asia-Pacific, the Middle East and Africa, and South America.
Among these, North America grabbed the largest market share in 2018, with a market value of USD 1,241.0 million; thus, the market is expected to register a CAGR of 5.9% during the forecast period. The development in the North American market is motivated by the incidence of significant transportation management solutions providers such as JDA Software Group, Oracle Corporation, and CTSI Global, among others. Moreover, early adoption of technology and a heave in demand for TMS systems from the e-commerce sector in the region are further likely to propel the growth transportation management system market in North America in the near future.
Asia-Pacific region also might register the highest CAGR of 8.4% during the forecast period. The factors such as the adoption of IoT based fleet management solutions, high investments by domestic e-commerce sector, and growth of smart logistics are the factors driving the market growth in the region.
The vendors present in the global Transportation Management System Market are JDA Software Group, Inc. (US), Oracle Corporation (US), Descartes Systems Group Inc. (Canada), Manhattan Associates Inc. (US), BluJay Solutions Ltd (US), SAP SE (Germany), EFKON GmbH (Austria), CTSI-GLOBAL (US), HighJump (US), Alpega Group (Austria), One Network (US), MercuryGate (US), TMW Systems (US), Next Generation Logistics (US) ORTEC (The Netherlands), and Omnitracs, LLC (US).
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By the segment of component, the market has included solution, hardware, and services.
By the segment of deployment, the market has included on-premise and cloud.
By the segment of the industry, the market has included travel and tourism, retail, construction and mining, healthcare, and others.
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