Albany, NY, May 4, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research Transportation Management Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022, the global transportation management systems market for was valued at US$ 6.85 billion in 2013 and is expected to reach US$ 19.20 billion by 2022, growing at a CAGR of 12.2% from 2014 to 2022.
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The growing popularity of software-as-a-service (SaaS)-based TMS solutions is the major factor driving the TMS sales growth. Growing preference for SaaS-based TMS solutions among logistics and transport companies is due to the benefits offered such as easy and quick installation and low total cost of ownership. Other factors including growth in the intermodal transport and growing need to replace traditional and aging transportation management solutions is expected to support the demand for advanced transportation management systems, fueling the market momentum. However, lack of awareness regarding benefits associated with advanced TMS capabilities among end-users has hampered the growth of the TMS market. Advancements in the cloud computing and integration of Radio Frequency Identification (RFID) technology in transportation management solutions offers sound opportunity for the growth of TMS market over the forecast period.
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On-premise solutions accounted for the maximum revenue share (67.4%) in 2013. Although, on-premise is expected to remain the largest application segment over the forecast period, on-demand solutions are expected to witness fastest growth during the same period. Transportation and logistics segment is expected to continue its dominance over the forecast, majorly on account of demand from third-party logistics providers, with road transportation service providers being the largest end-users of TMS solutions. In 2013, North America was the largest market for transportation management systems, accounting for over one third of the global market revenue.
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However, Asia Pacific is expected to witness maximum growth over the forecast period on account of favorable trade environment and growth in intermodal transport in the region. Countries such as China, India, and Japan are expected to offer lucrative growth opportunities, largely due to growth in the logistics network, supported by the favorable trade environment in the region. Thus, growth in the logistics network and the growing need to ensure operational efficiency and supply chain visibility is expected to trigger the adoption of TMS solutions in the region. Some of the major industry participant includes Descartes System Group, JDA Software Group, Manhattan Associates, Oracle Corporation, SAP SE, 3GTMS Inc, CargoSmart Ltd., LeanLogistics Inc., Precision Software Inc., and One Network Enterprises among others. These transportation management system vendors are continually striving to expand the capabilities of transport management solutions to enable end-users coordinate their supply chain operations effectively.
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The market has been segmented as follows:
Transportation Management Systems Market, By Application:
- Electronics and Electrical
- Industrial (Machinery Manufacturing)
- Food & Beverage
- Transportation and Logistics
- Others (Pharmaceutical, Construction and Engineering)
Transportation Management Systems Market, By Software Deployment:
Transportation Management Systems Market, By Geography:
- North America
- Asia Pacific
- RoW (Latin America, Middle East, and Africa)
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Source:Transparency Market Research