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(Hosting-NewsWire.com, September 10, 2019 ) According to a new market research report "Transportation Management System Market by Transportation Mode (Railways and Roadways), Component (Solution Type, Hardware, and Services), Deployment Mode (Hosted and On-Premises), Application, and Region - Global Forecast to 2022", published by MarketsandMarkets, the global transportation management system market size is expected to grow from USD 78.2 billion in 2017 to USD 202.1 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 20.9% during the forecast period.
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The factors that drive the market growth are a digital revolution in transport, and urbanization and rising congestion.
Browse and in-depth TOC on “Transportation Management System Market”
111 - Tables
56 - Figures
161 - Pages
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Moreover, high Return on Investment (RoI), and enhanced visibility and control are a few other factors driving the market growth. With the adoption of digital technologies, transportation vendors and third-party providers have reduced the overall transportation costs and minimized delivery errors, resulting in the growth of the transportation management system market.
Support and maintenance segment to grow at the highest CAGR during the forecast period
Among services, the support and maintenance segment is expected to account for the highest CAGR during the forecast period. These services provide transport operators with the necessary tools to control the entire transportation supply chain, leading to an increase in the demand for transportation management solutions. The support and maintenance services have a promising future as the transportation management system market is rapidly evolving; hence, the requirement for appropriate pre- and post-sales services, such as design and implementation, maintenance, and overall training and system support would run high.
Roadways segment to account for a larger market size during the forecast period
The roadways segment is anticipated to account for larger market size, as compared to the railways segment, during the forecast period. Roadways enable logistics companies to reduce their cartage, loading, and unloading expenses significantly. Moreover, they are used for short-distance transportation and ideal for moving small quantities of goods to widely dispersed markets. The use of Information and Communication Technology (ICT) in the transportation management system has witnessed considerable advancements through cellular, Wi-Fi, Radio Frequency Identification (RFID), and Near Field Communication (NFC) technologies. The use of such technologies in the transportation management system would, in turn, result in market growth.
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Asia Pacific to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is projected to grow at the highest CAGR during the forecast period. The region is involved in rapid deployment of interactive technologies, due to the growing use of cellular devices and rapid proliferation of the internet. The ongoing smart city projects across countries in APAC is expected to show significant growth opportunities in the transportation management system market, thus opening new avenues to the market growth. The implementation of transportation management solutions helps organizations in maintaining and managing their distribution networks and supply chains and in reducing expenses and increasing profitability, leading to market growth.
Major vendors offering transportation management solutions and services include SAP SE (Germany), Oracle (US), Manhattan Associates (US), Descartes (Canada), JDA Software (US), CTSI-Global (US), Inet-Logistics GMBH (Austria), BluJay Solutions (UK), MercuryGate International (US), and Efkon AG (Austria).
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