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Transportation Management System Market to Witness Exponential Growth by 2025
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“Companies targeting dominance, are focusing on upgrading their existing transportation management product portfolio,” said a lead TMR analyst. Besides this, closely monitoring consumer preference to provide them customized solution is a key strategy adopted by the market players. Considering conscious efforts made my market players to gain traction, the market is poised to surge at an exponential pace.
As per TMR, the global transportation management system market is forecast to reach US$30.04 bn by the end of 2025, from its earlier valuation of US$9.6 bn in 2016. If these figures hold true, the market will exhibit a CAGR of 13.6% between 2017 and 2025.
By end-use application, the transportation and logistics segment held dominance in the market with a share of 67.5% in 2016. Regionally, North America emerged as the dominant segment with a share of 37.5% in the overall revenue generated by the global transportation management system market. The rising demand for cloud-based transportation management system is forecast to help the market continue strongly through the forecast period.
Globally the demand for advanced technologies to replace their conventional counterparts is at its peak. Cashing in on the trend, the manufacturers of transportation management system are likely to offer innovative solutions. A majority of TMR solutions in operation at present, were deployed prior to the proliferation of smartphones and tablets. Updating supply chain applications although a difficult task, has thus become imperative. Furthermore, it will provide several cost benefits to transportation companies, which is a key factor aiding growth in the global transportation management system market.
Besides this, the rise in intermodal transportation is expected to fuel the demand for TMR solutions. Also with the growing popularity of software-as-a-service (SaaS)-based TMR solutions, the market is expected to witness greater demand from logistics and transportation companies.
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On the downside, the lack of awareness among end users and high deployment costs are the prime challenges that the market players are faced with at present. While there has been a gradual increase in awareness about upgrading TMS capabilities, a large section in the shipping industry is still unaware of its associated benefits. This could hinder the market’s trajectory to an extent. Also deploying evolving technologies necessitate regular up gradation of older versions of a software. This increases software cost, which is also expected to create challenges for the market.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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