Pune, India, March 18, 2021 (GLOBE NEWSWIRE) -- Market Analysis
As per Market Research Future (MRFR), the global transportation management system market size is anticipated to expand at a 6.7% CAGR from 2017–2025 (forecast period).
Transportation Management System (TMS) helps to make shipping inexpensive and more effective by arranging it into accurate, easy-to-read lists that can then be used easily to make the best possible decisions.
The demand for higher agility in transport and logistics operations that allow companies to provide superior customer service is driven largely by digital transformation across the industry. Many companies are adopting a new range of emerging technologies as part of the digital transformation trend, creating unprecedented opportunities for operational efficiency, sustainability, new business models, and richer customer experience. Advanced technologies such as Big Data, the Internet of Things (IoT), and Artificial Intelligence (AI) and their predictive capabilities make transport operations smarter and more effective. For example, AI has enabled back-office automation, predictive operations, intelligent transport assets, and new customer experience models. These emerging technologies are digitizing the entire end-to-end transport process of order management, contracting, delivering, and payment. Digital transformation in the transport sector has proven to be a competitive catalyst for improving the ROI of any company. Consequently, digital innovation from connected warehouses to new autonomous last-mile delivery services has elevated the importance and presence of TMS, making the age-old industry an exciting place to drive change in order to improve society. The continuing digital transformation in the transport sector, which aims to improve production efficiency by promoting innovation and reducing the cost of a variety of business processes, is expected to drive the TMS industry.
However, the risks of misuse and theft of data are increasing alongside the digitization of processes by shippers, forwarders, transport companies, and infrastructure operators. According to the study, the logistics industry could have incurred a financial loss of USD 7 billion by 2025. Enterprises have confidential data that must be protected in order to prevent data breaches and fraud since this can affect the credibility of companies. Company data can leak over the Internet and be accessed by unauthorized users, which is a serious concern. For example, TMS needs a multi-tenant architecture in which a single version of the software is operated on a server shared by multiple customers. Here, there is a chance that the customers of the company will be able to access the data of the competitors. These security issues related to the data access by unauthorized users will also jeopardize the data security of the company and the competitive position of the company. According to Hornet Security, the logistics industry is the second most targeted area by attackers. As a result, these concerns about security and privacy increase the level of concern among companies, thus limiting the growth of the TMS market during the forecast period.
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COVID-19 Impact on the Global Transportation Management System Market
The global transportation management systems (TMS) industry has had a detrimental effect since the coronavirus outbreak in December 2019. The pandemic has led to a number of countries imposing lockdowns and shutting down businesses, with the exception of essential services (allowed with minimal workforce). In recent years, these lockdowns have resulted in a substantial decline in travel and transport. Transport is a critical part of the transport and tourism industry. Companies operating in the sector need to manage their fleets effectively so that they can offer better services to end-users. With the growth of the overall travel & tourism sector, particularly in developing countries, overall competition in the industry is increasing significantly and, in order to compete effectively in the market, companies are investing in strengthening their supply chains and logistics channels by deploying comprehensive transport management systems (TMSs). These travel and tourism companies are primarily looking for TMS solutions that effectively collect real-time data on fleet status and carrier contract management, among other applications. As a consequence, manufacturers operating in the market are expanding their solutions to satisfy the needs of travel and tourism enterprises. The demand for this software is predicted to recover in the coming months as many governments are planning to lift the lockdown. Governments in several countries have issued permission to the majority of businesses to restart operations in compliance with the safety guidelines. The demand for transport management systems is projected to increase significantly in the long run.
COVID-19 Impact on Transport Management System Market:
https://www.marketresearchfuture.com/report/covid-19-impact-transportation-management-systems-market
Market Segmentation
The global transportation management system industry has been segmented into components, deployment, and industry.
By component, the global transportation management system market has been segregated into solutions, hardware, and services.
Based on deployment, the global transportation management system market has been segregated into on-premise and cloud.
Based on industry, the global transportation management system market has been segmented into retail, travel and tourism, healthcare, construction and mining, and others.
Browse In-depth Market Research Report (122 pages) on transportation management Industry:
https://www.marketresearchfuture.com/reports/transportation-management-systems-market-1397
Regional Analysis
By region, the global transportation management system market has been segmented into North America, Asia Pacific, Europe, the Middle East, and Africa, and South America.
North America to dominate the global market
North America captured the highest market share in 2018, with a market value of USD 1,241.0 million; the market is expected to have a CAGR of 5.9% over the assessment period. The growth in the North American market is driven by the involvement of major providers of transport management solutions such as Oracle Corporation, JDA Software Group, and CTSI Global, among others. Furthermore, the early adoption of technology and increased demand for TMS systems from the e-commerce sector in the region are predicted to further propel the growth of the transport system market in North America in the near future.
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Competitive Landscape
The transport management systems market is highly competitive. This market has an enormous potential to grow due to rapid industrialization. As a result, vendors started targeting untapped smaller companies. This is fuelling the industry to hit every corner of the business.
Notable Players of The Global Transportation Management Market Are:
- Oracle Corporation (US),
- JDA Software Group Inc. (US),
- EFKON GmbH (Austria),
- Manhattan Associates Inc. (US),
- Descartes Systems Group Inc. (Canada),
- SAP SE (Germany),
- BluJay Solutions Ltd (US),
- Alpega Group (Austria),
- HighJump (US),
- MercuryGate (US),
- One Network (US),
- QAD Precision (US),
- CTSI-GLOBAL (US),
- Cargosmart (Hong Kong),
- Next Generation Logistics (US) ORTEC (The Netherlands),
- TMW Systems (US),
- Omnitracs LLC (US)
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