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Transportation Management System Market size was valued at $8.23 billion in 2019, and it is estimated to grow at a CAGR of 18.20% during 2020-2025. The growth of the TMS system is attributed to adoption of advanced technologies such as IoT, machine learning, artificial intelligence and others. Trucking software assists in managing the supply chain management in trucking logistics industry. Increasing investments on transportation and logistics software solutions is estimated to propel the transportation management industry during forecast period 2020-2025.
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Type – Segment Analysis
The hosted deployment mode held the major share of 52.46% in 2019 is expected to grow at a higher CAGR during forecast period. As this deployment is less expensive compared to on-premises deployment in terms of implementation and infrastructure costs, there is high adoption of this deployment mode which drives the TMS market. Additionally, the benefits associated with this mode such as low maintenance requirements and cost effectiveness are the factors that drive the market. Advancements in technology coupled with expansion of online business and omni-channel conveyance are driving more shippers to adopt TMS as their management process.
Application – Segment Analysis
Parking is the fastest growing segment in Event Management Software market and is estimated to grow at a CAGR of 18.3%. There has been increasing adoption of TMS for parking applications owing to government policies in reducing parking problems. Parking problems can be minimized and can be managed efficiently with the operation of TMS and with the interconnection of them with other management systems. This system is also used in parking applications such as collecting information regarding vehicles, demand management, navigation, safety and security of the vehicles and this set to fuel the demand of TMS.
Geography – Segment Analysis
Europe dominated the Transportation Management System market in 2019 with a share of 38.4%, followed by North America and APAC. Adoption of advanced technologies by European Union (EU) and providing projects to various TMS vendors for upgrading its transportation solutions set to drive the market growth. TMS vendors in Europe focused their applications on offering various shipment execution capabilities and on integrating complex carrier networks. Additionally presence of large number of players has been fueling the market growth in this region.
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Drivers – Transportation Management System Market
With growing trend of E-commerce sector, there is increase in adoption of TMS system in transportation and logistics sector. TMS plays a crucial role in managing customer expectations and keeping fulfillment and delivery costs in update. It also helps customers in leveraging optimization and the utilization of all available modes such as pool distribution, multi-stop truck load TL, and less than truck load (LTL), and to find the most cost-effective way to deliver freight. The adoption of TMS in e-commerce also enable shippers in leveraging all modes of transportation, critical during peak shipping times and through the ongoing capacity crunch. TMS offers E-commerce sector with additional benefits in finding the most cost-effective shipping options. In other words, adoption of TMS has become a single part of an effective transportation and logistics strategy, thereby driving the market.
There has been increase in adoption of advanced technologies such as machine learning, IoT, artificial intelligence and automation in transportation industry which set to drive the market growth. Transportation companies have been implementing these technologies for various applications such as multi carrier parcel management, 3D load design, and others. The companies also have been partnering with radio frequency identification (RFID) providers in order to develop integrated solutions to enhance operational efficiency by reducing manual inputs and broadcasting signal information regarding location and specifications of the product in transit. Additionally, increasing use of wireless connectivity and smart sensor technologies have been driving the market in order to provide real time information to companies about transport vehicles.
Challenges – Transportation Management System (TMS) Market
High initial cost and maintenance cost hamper the growth of transportation management system market. High skilled workforce is required and lack of proper training facilities restrain the market growth. For instance, installing a TMS system set up requires minimum cost of $10,000 and can reach up to $50K. However benefits associated with TMS such as reduction of freight expenses, real time track deliveries increasing efficiency and productivity set to create opportunities for the TMS market.
Technology launches, acquisitions and R&D activities are the key strategies adopted by players in the Transportation Management System market. In 2019, the market of Transportation Management System top 10 companies are SAP, Oracle, Manhattan Associates, The Descartes Systems Group Inc, JDA Software Group, Inc, CTSI Global, Trimble Transportation Enterprise Solutions, Inc, BluJay Solutions, MercuryGate International Inc, EFKON GmbH, and among others.
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