The global Transportation Management System (TMS) market is expected to grow at a CAGR of nearly 18.2% during the forecast period (2024-2031). The market is driven by the growing technological innovations such as Advanced Driver Assistance Systems (ADAS) in the transportation industry and logistics industry and rising transportation in the e-commerce industry. Additionally the cloud-based SaaS solutions are said to contribute significantly to the growth of the market. Furthermore, the transformation towards the 5G technology is bringing forth novel opportunities for the market growth.
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The market is segmented by component (into solution and services), transportation mode (into roadways, railways, airways, and maritime), deployment type (into on-premises and cloud), organization size (into small and medium-sized enterprises, and large enterprises), verticals (into retail, healthcare and pharmaceutical, manufacturing, transportation and logistics, energy and utilities, government, and others (construction and agriculture)) and geographies (into north america, europe, asia-pacific and rest of the world). The solution segment is further augmented into planning and execution, order management, audit, payment, and claims, reporting and analytics, routing and tracking). Also, the services segment is bifurcated into (consulting, integration and implementation, and integration and implementation).
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Key Market Forecasts
- The large enterprise segment is projected to show a considerable growth during the forecast period attributing to the increasing contribution of the market players advanced technologies in order to boost their total production and efficiency. Additionally, the rising demand for flexible, scalable, and easy services among large enterprises is expected to drive market players to develop newer technologies and potential solutions.
- The North American region is anticipated to hold the largest share during the forecast period attributing to the favorable government initiatives and regulations to expand the transportation sector. Other factors include global competition, development of smart cities, technological advances incorporated by the market through the integration of Artificial Intelligence (AI) and Machine Learning (ML). Also, the rising adoption of RFID tags, for the development of connected solutions is also driving the growth of the regional market.
- The market is restrained by the rising inaccuracies in the datasets, due to the rise of big data across the industry. Also, the lack of awareness about the benefits of TMS among the end users is challenging the market growth.
The key players contributing to the growth of the global TMS market include Oracle, Blue Yonder, Manhattan Associates, C.H. Robinson, Trimble, among others. These are contributing significantly to industry growth by the adoption of various strategies. For instance, in September 2020, Tyrell launched TMS, a tyrell media service with a range of reliable, bespoke, scalable, cloud services for broadcast, production, and post production.
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