Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Transportation Management System Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”
The Global Transportation Management System Market is expected to grow at a CAGR of around 19.5% from 2021 to 2028 and expected to reach around US$ 25.5 Bn by 2028.
North America dominates; Asia Pacific set to record fastest growing CAGR for the transport management system (TMS) market
North America held the largest share in 2020 and is expected to maintain this trend throughout the forecast period. This is due to large enterprises and SMEs focusing on the development of innovative transportation management solutions (TMS) that are heavily supported by advanced tools and technologies such as analytics, AI, and machine learning (ML). Furthermore, the region saw early adoption of advanced technologies such as cloud and mobile technologies, as well as advanced IT infrastructure, resulting in lower operational expenditures due to various advances in technologies across verticals.
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In contrast, Asia Pacific is expected to have the fastest growing CAGR for transport management systems (TMS) in the coming years. From 2017 to 2025, Asia Pacific had the highest transport volumes and growth rates in the world. This has also resulted in a high level of TMS adoption in this region. This is one of the primary reasons for the expansion of the transportation management system in APAC market.
A transport management system (TMS) platform makes it much easier for shippers to track and monitor the entire shipment process. Furthermore, the reduction of unnecessary stress and dubiousness that occur unknowingly has a positive impact on the growth of the global transportation management system market. Apart from that, a high-tech influx transport management system (TMS) simplifies the entire process by keeping track of orders, freight rates, and delivery records, tracking shipments, understanding market demand, and studying customer behavioral patterns. These factors contribute to the expansion of the global transportation management system (TMS) market.
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TMS platform simplifies business decisions for the organization
A transportation management system (TMS) platform records and monitors every detail about a specific order and its successful delivery patterns. TMS platform advancements have robust reporting capabilities that include analytical reports and provide important insights to the organization. This greatly aids the organization’s decision-making process and enables business leaders to make effective decisions with quick access to a vast information pool.
Challenges associated with transport management system (TMS) market
With the advancement of technology, there are some issues that must be addressed. A transportation management system (TMS) has limitations that must be considered when integrating the platform to manage and monitor the entire transportation network. The organization’s current challenges in managing the TMS platform include selecting the best carrier, tracking multiple shipments at once, and the cost of integration, among other things.
The prominent players of the global transport management system (TMS) involve 3Gtms, BluJay Solutions Ltd., C.H. Robinson, The Descartes Systems Group Inc., Infor, International Business Machines Corporation (IBM), Blue Yonder, Manhattan Associates, MercuryGate, Oracle, SAP SE, Trimble, Inc., and among others
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Some of the key observations regarding the transport management system market include:
- In July 2021, The Descartes Systems Group Inc. announced the acquisition of a global pioneer in uniting logistics intensive businesses in commerce namely, GreenMile. Through this acquisition, the GreenMile community helps Descartes adding a team with deep domain expertise in retail food and beverage distribution extending the operational footprint and presence in Latin America and adding to the community of truly distribution companies.
- In October 2018, Infor announced a collaboration with Itemize Corp. a pioneer in data extraction provider in New York City. Through this collaboration between the two companies, it will offer an embedded solution that utilizes cloud technology and artificial intelligence (AI) to automatically capture the receipt data and transfer the data to Infor Expense Management.
The global transport management system (TMS) market is segmented as deployment, mode of transportation, and end-use. Based on deployment, the market is classified into on-premise and cloud. By mode of transportation, the market is segregated as roadways, railways, waterways, and airways. Based on end-user, the market is segmented as retail & e-commerce, manufacturing, logistics, government organizations, and others.
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Content Source: https://www.globenewswire.com/news-release/2021/07/28/2270592/0/en/Transportation-Management-System-Market-Value-Anticipated-To-Reach-US-25-5-Billion-By-2028-Covering-Covid-19-ERA-Acumen-Research-and-Consulting.html