The global transportation management systems market size is expected to reach USD 198.82 billion by 2025, at a CAGR of 16.2%, according to a new report by Radiant Insights, Inc. The emerging growth of the retail and e-commerce sector and the increasing need for automation and technology in supply chain and logistics are driving the adoption of transportation management system (TMS). Advancements in digital technologies which have led to the implementation of cloud transportation management systems, Internet of Things (IoT), predictive analytics, Artificial Intelligence (AI) solutions, and blockchain technology facilitate the market growth. In addition, the high Return on Investment (RoI) on the implementation of a TMS module is drawing a large number of players to the market, which is expected to drive the growth.
Logistics and supply chain companies are significantly investing in the deployment of the latest technologies in their transportation management systems to make optimum use of the high volume of data produced daily. AI is extensively used by logistics companies to enhance real-time decision-making abilities related to cost, carriers, inventories, and the availability of cargos and shipments. Big data-driven applications have already emerged to help streamline the logistics industry on a global scale.
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The need for visibility, scalability, and flexibility across the supply chain is a major driving force for the transportation management system market. With the growth in the e-commerce industry around the world, the online retail market is developing rapidly, and customers are looking for highly personalized retail experiences, which subsequently helps drive the market. As the logistics and transportation sectors continue to grow, the need for faster, smarter, and more efficient shipping services becomes crucial, which is expected to make a significant contribution to the growth of the market.
There has been a rise in the competition among various module developers due to the introduction of technologies such as AI and blockchain. These technologies significantly contribute to the improvement of transportation management systems. Companies are making huge investments in their technological R&D to improve payment processing, freight location monitoring, and order fulfillment. Automation in logistics is gaining a lot of importance in the market, and module developers see this as a significant market opportunity. It would prove important for companies to embrace these technologies over the coming years to maintain a competitive position in the TMS market.
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Further key findings from the report suggest:
• Increasing digitalization and growth of the e-commerce industry in emerging economies are expected to drive the transportation management system market over the forecast period
• The Cloud TMS segment is expected to register the highest CAGR of 17.2% over the forecast period
• Growing investments in railway infrastructure are expected to fuel the overall market growth in the forthcoming years
• North America held the largest market share in 2018. The increasing import and export activities between U.S. and Canada, U.S. and Mexico, and U.S. and other countries are expected to drive the market
• Key players including Oracle Corporation; SAP SE; The Descartes Systems Group, Inc.; and JDA Software Inc. among others accounted for a majority share of the overall market in 2018
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