The global transportation management systems market size is projected to touch USD 198.82 billion by the year 2025, according to a new report by Million Insights. It is anticipated to grow at a CAGR of 16.2% through the forecast period of 2019-2025. The evolving e-commerce and retail sector and the rising demand for technology and automation in logistics and supply chain are propelling the adaption of transportation management system (TMS). Advancing digital technologies which have resulted in implementing cloud transportation management systems, predictive analysis, blockchain technology, Artificial Intelligence (AI) solutions and Internet of Things (IoT) facilitating the growth of the market. Additionally, the high rate of return on investment on implementing TMS module is captivating the attention of huge number of players that would want to penetrate the market, which would further drive the market growth.
Supply chain and logistics companies are making huge investments in deploying advanced technologies in their TMS to make the best of use of the large volume of data produced on a daily basis. Logistics companies extensively use AI to enhance their real-time decision making abilities to cut costs, make the optimum utilization of inventories and track the availability of shipments and cargos. The logistics industry is streamlined mostly by big data-driven applications on a global level.
The demand for scalability, flexibility and visibility all over the supply chain is a key factor in driving the transportation system market. With the growing e-commerce market across the globe, the online retail market is evolving at an accelerated speed and the customers are eyeing on highly personalized experiences that further drives the growth of the market. As the transportation and logistics sectors continue growing, the demand for smarter, efficient and faster shipping services is very important and would contribute significantly in the transportation management system market growth.
The competition in the market is fierce amongst several module developers owing to the presence of advanced technologies like blockchain and AI. These technologies considerably contribute in improving the TMS. Companies are making hefty investments in R&D to improve the process of making payments, order fulfillment and freight location monitoring. Automation in logistics would prove crucial for companies trying to embrace blockchain and AI to maintain an edge over its competitors in the market.
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Further key findings from the report suggest:
• Growing e-commerce industry and rapid digitalization in developing countries are anticipated to drive the TMS market in the forecast period
• The cloud TMS is anticipated to grow at the fastest CAGR of 17.2% in the forecast period.
• Increasing investments in the railway infrastructure sector are anticipated to propel the growth of the transportation management systems market in the upcoming years
• North America dominated the market in 2018. The rising export and import activities between Canada & U.S., Mexico and U.S. and other countries with U.S. are projected to drive the growth of the market
• Major companies operating in the market are Oracle Corporation; The Descartes Systems Group, Inc.; JDA Software Inc. and SAP SE. They majorly account for the maximum revenue generated in 2018
Million Insights has segmented the global transportation management system market on the basis of deployment mode, mode of transportation, end user, and region:
Transportation Management Systems Deployment Mode Outlook (Revenue, USD Billion, 2015 - 2025)
Transportation Management Systems Mode of Transportation Outlook (Revenue, USD Billion, 2015 - 2025)
Transportation Management Systems End User Outlook (Revenue, USD Billion, 2015 - 2025)
• Retail & E-commerce
• Government Organizations
Transportation Management Systems Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• South America
• Middle East & Africa