Global Transportation Management Systems Market – Rising Popularity of Software-As-A-Service Based Transportation Management Systems to Boosts the Market Growth
Published On : Dec 13, 2018 | Category : IT & Telecom
Intervention of technology has changed the working process and outlook of every sector. Technology has not helped to tune up the speed of work in a sector despite of numerous complex tasks present. It has also successfully scrapped off possible human errors made in a tasks. Transportation management system is one such example which has eased off pressure from the transportation sector. Transportation management system is critical components of supply chain management that is used to control and mange freight movement. Rapid progression in technology has helped transportation management system to become more instrumental, as it helps numerous companies to control their freight costs. Transportation management system also help companies to communicate with trade partners, customers, and carriers. As transportation management systems expands, its offerings widen, attracting all types of firms. Increasing demand for enhanced transporting management system is considered to be the major factor lifting the market.
It is expected that the global transportation management systems to expand at a robust CAGR of 13.6% during the forecast period 2017 – 2025. The market which was valued at US$9600.8 mn by the end of 2016 is anticipated to be worth at US$30044.1 mn by the end of the tenure period.
What Factors are driving the Market?
Significant rise in economies is predicted to provide various lucrative growth opportunities and challenges to the transportation industries. Rapid increase in shipment of goods throughout the world is key reason for channel congestion. This is also intensifying the competition among players, which will help the market to reach new heights. High demand for safety, storage and handling of products are expected to play a pivotal role in pushing the market in forward direction. Surge in transportation costs owing to intensive and complex transportation networks, has compelled various firms form to rely on transportation management system.
Furthermore, increasing uptake of software as a service based transport management system is having a positive influence of the global market. Rising awareness regarding the numerous benefits associated with the transportation management system over the conventional ones is fostering the market to grow. Increasing popularity of cloud based technologies is supporting the growth of the market.
What are The Factors that is stalling the Market Growth?
The market is riding on numerous drivers, however, lack of awareness about transportation management system among several end-users is foreseen to plunge the market growth. Need for a high initial cost for installing is predicted to dissuade numerous end users from relying on the transportation management system.
Which Region Holds the Leading Position and Why?
On the basis of region, the global transportation management system is divide into Middle East and Africa, Latin America, Asia Pacific, Europe, and North America. Amongst the pack, North America is prognosticated to hold the leading position owing to presence of established players and fast adoption of latest technology. Europe trails North America, and is predicted to exhibit a robust CAGR over the forecast period.