- Growing integration of cloud computing technologies in the field of supply chain management is projected to be one of the most prominent trends in the global transportation management systems market
- With lesser configuration and customization needed for these cloud-based systems, the adoption rate is high as it helps in cutting down lifecycle costs and other benefits
ALBANY, New York, May 21, 2020 /PRNewswire/ --Transparency Market Research has now published a new research report that talks about the working dynamics of the transportation management systems market. The research report tried highlight the important growth factors, inhibiting factors, key segments, current geographical outlook, and the overall state of the vendor landscape of the global transportation management systems market.
As per the research report, the global market for transportation management systems devices is projected to have a massive CAGR of 14.3% for the given course of forecast period ranging from 2020 to 2030. Initially, the global market was valued at US$12,249.9 Mn in 2018. With the given rate of growth, the valuation of the global market is projected to rise up to US$59,748.5 Mn by the fall of 2030.
Global Transportation Management Systems Market – Key Takeaways
A transportation management system is a subset of the supply chain management system and is related mainly to logistics and transportation.
In terms of product, the global market for transportation management systems is segmented into on demand and on premise. Of these, the segment of on premise systems is expected to witness a promising rate of growth in the coming years of the forecast period.
With growing cloud based integration and preference towards SaaS, the market is expected to witness lucrative growth opportunities.
Global Transportation Management Systems Market – Key Driving Factor
In recent years, there have been a growing preference towards using Software as a Solution (SaaS) – based transportation management systems. It has thus emerged to be one of the most prominent growth factors for the global market.
In addition to this, there has been a growing use of cloud computing technologies for the management of supply chains. With lesser configuration and customization, it not only helps in reducing the lifecycle costs, but also makes the overall web application working and handling easier and attractive for shippers and retailers.
Naturally, there has been an increasing preference to cloud based transportation management system market.
Another important factor that is helping to drive the growth of the global market has been the requirement to update and replace the traditional and existing transportation management systems.
Global Transportation Management Systems Market – Key Restraining Factors
Even though the market is projected to have a promising growth, there are a couple of factors that might impede the growth of the global market and stop it from reaching its full potential.
One of the key restraining factor for the global transportation management systems market has been the general lack of awareness about the benefits of using transportation management systems.
In addition to this, initial high deployment costs might also hamper the market growth in the near future.
Analyze Global Transportation Management Systems Marketgrowth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a Sample of the Study
Global Transportation Management Systems Market – Geographical Outlook
Currently, the global market for transportation management systems is being led by the regional segment of North America.
Increasing deployment of advanced transportation management systems and growing demand for the same from variety of application sectors is key for the growth of the regional segment.
The regional segment of Europe is next in line after that of North America. A strong presence of market leaders and increasing awareness about the benefits TMS are expected to help the development of the regional market.
Global Transportation Management Systems Market – Key Players
Some of the other significant players engaged in the global transportation management systems market include 3GTMS, Inc., Cargo Smart Ltd., Descartes Systems Group, Inc., Manhattan Associates, Inc., BluJay Solution, One Network Enterprises, JDA Software Group, Inc., Oracle Corporation, SAP SE and Precision Software, Inc.
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