The global Transportation Management System Market is expected to grow from USD 78.20 Billion in 2017 to USD 202.14 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 20.9% during the forecast period as per a report by MarketsandMarkets.
Why rise of SaaS and cloud is an opportunity?
The advent of cloud applications in the transportation industry has ensured that companies no longer need to worry about upfront investments in terms of software, hardware, and storage. Several cloud-based transportation management system solutions are now available in the marketplace, such as Omnitracs Transportation Management System, which is delivered in the solution as a service (SaaS) web model, and eSOMA, a cloud-based transportation management enterprise resource planning (ERP) solution.
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Cloud-based transportation management systems are empowering companies to connect with their global supply chain partners in real time by giving them role-based access to the same system. These systems ensure compliance with legislation and enable delivery automation and real-time visibility across the global supply chain. These integrated solutions automate the freight management process, starting from the carrier selection to the final delivery of shipments. They also enable multiple supply chain partners to collaborate in real time to resolve issues as they arise, thereby creating huge opportunities for cloud-based solution providers in the transportation management system market.
The regional markets in North America and Europe are expected to be the main revenue contributors in the transportation management system market as these regional markets are the first to experience the benefits offered by transportation management systems. These regions also host the major market players and are open to technology-related innovations. The emerging economies in the Asia Pacific (APAC) and Middle East and Africa (MEA) regions offer several untapped and unexplored opportunities for transportation management vendors. Among the regions, APAC is expected to witness the fastest growth rate in the transportation management system market during the forecast period due to increasing digitalization of the industries situated in the region.
On the basis of applications, the transportation management system market is broadly classified into consumer goods and retail, parcel and package, fire station, hospital, travel and tourism, mining, and others. The others segment includes food and beverage, and electronics and electricals. The fire station application segment is expected to grow at highest CAGR during the forecast period. This growth is mainly attributed to the increasing deployment of transportation management systems in fire stations to improve the response time in emergency situations. The various solutions that are integrated into transportation management systems include notification and paging, video and alarm management systems, fire station alerting systems, and record management systems.
Among the components, the services segment is expected to grow at the highest CAGR during the forecast period. Under services, the support and maintenance services segment offers the essential tools needed for the timely maintenance, monitoring, and application updates of transportation management systems. The support and maintenance services segment is expected to have a promising future as the transportation management market is evolving rapidly and needs organized pre and post-sales services, such as design and implementation, maintenance, and overall training and system support. Hence, service providers are focused on understanding buyer demands and needs to deliver dedicated services.
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