Transportation performance management (TPM) is a data-driven methodology. Transportation performance management solutions focus on performance of vehicles for safe or reliable journeys. Transportation performance management uses system information to make policy decisions and investments to achieve performance objectives. It is used for providing information to decision makers through which they can understand the consequences of investment decisions in transportation. Transportation performance management solutions improve the communication between the traveling public, decision-makers, and stakeholders. The transportation performance management solution uses the geographic information systems (GIS) application for finding the geographic location.
Transportation performance management solutions perform cost assessments for optimizing logistics spends. The goal of transportation performance management solutions is to provide safety in order to achieve major reduction in serious injuries on public roads and traffic fatalities, attain considerable decrease in congestion on the National Highway System (NHS), and to improve the efficiency of the surface transportation system. It also promotes jobs and economic growth, and reduces project costs and delays in project development and project delivery process, including reduction in regulatory burdens and improvement in agencies' work practices.
The global transportation performance management solutions market is primarily driven by rise in demand for continuous monitoring of the performance of transportation programs in order to determine regional goals and objectives related to transportation. A rising number of transportation agencies is emphasizing on adopting cloud technology for providing better services to passengers and clients. Transportation performance management solutions provide transportation agencies a better ability to mitigate and identify issues associated with their corresponding transportation networks and help them increase communication between partner agencies through data information. This is another major factor boosting the demand for transportation performance management solutions globally. However, factors such as lack of adequate funds and shortage of skilled personnel are restraining the growth of the transportation performance management solutions market. In the transportation sector, even a minute human error can lead to irreparable loss. Thus, the need to eliminate human errors is anticipated to create growth opportunities for the transportation performance management solutions market in the next few years.
The global transportation performance management solutions market can be segmented based on component, enterprise size, application, end-user, and region. Based on component, the transportation performance management solutions market can be classified into solutions and services. In terms of enterprise size, the transportation performance management solutions market can be divided into small and medium enterprises and large enterprises. Based on application, the market can be divided into electrical and electronics, industrial, geographic information systems, and others. In terms of end-user, the market can be segregated into travel agencies, transportation and logistics, manufacturing, and retail.
In terms of region, the global transportation performance management solutions market can be segmented into Europe, North America, Middle East & Africa, South America, and Asia Pacific. The transportation performance management solutions market in North America is expected to expand at a significant CAGR during the forecast period. This is primarily due to the increase in the number of transportation companies in the region. North America is expected to constitute a prominent share of the global transportation performance management solutions market. Asia Pacific is projected to be a rapidly growing region of the transportation performance management solutions market during the forecast period. The region is estimated to present lucrative opportunities to the transportation performance management solutions market in the near future. Factors such as increase in passenger traffic and road accidents are propelling the demand for transportation performance management solutions in the region.
Major players operating in the global transportation performance management solutions market include Cognizant Technology Solutions Corporation, Socrata Inc., Federal Highway Administratio, Memphis Urban Area Metropolitan Planning Organization, Santa Fe MPO, One Network Enterprises, CargoSmart Ltd., Descartes Systems Group, Inc., and OneLogistics.
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