The global TMS market size is expected to grow from USD 7.7 billion in 2020 to USD 17.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 18.2% during the forecast period. The major factors driving the growth of the TMS industry include Technological advancements in the transportation and logistics industry and exponential growth in the eCommerce industry.
Consulting segment to grow at the highest CAGR during the forecast period Vendors offer consulting services to help in-house staff understand TMS systems.These services provide a cost-effective way to ensure performance at the highest level of in-house staff.
Consulting services are important for end users because certain companies do not have the expertise to understand the complexities involved in configuring TMS.These services play an important role in the implementation of TMS solutions.
Consulting service providers guide companies in the deployment of TMS that helps address specific business-process requirements in the most feasible manner. These services assist enterprises in making appropriate and informed decisions for gaining desired business outcomes.
Manufacturing segment to account for the largest market size in 2020 Dealing with quick and smart responses to emergency situations and costs involved in the transportation of materials and finished goods are some of the top challenges faced by manufacturers.TMS helps in tracking and managing inventory, route optimization, and minimizing shipment/freight costs.
It also increases visibility and control over the transportation chain, reducing operational costs, unscheduled downtime, and improving production performance. Hence, the manufacturing vertical is experiencing a high adoption of TMS across the globe.
SMEs segment to record the fastest growth rate during the forecast period The adoption of TMS among SMEs is estimated to grow at the highest CAGR during the forecast period.These enterprises face greater challenges of limited budgets as compared to large enterprises and require better methods to resolve complexities for improving the cost optimization of their business processes.
The implementation of TMS systems would result in reduced costs and improved business efficiency for SMEs.The SMEs segment is expected to grow at a faster growth rate in the TMS market.
Reliability, scalability, user-friendly capabilities, easy integration, increased agility, and improved efficiency are the key factors that are expected to encourage SMEs to adopt TMS solutions and services at a rapid pace.
North America to account for the highest market share during the forecast period North America witnessed the earliest adoption of cloud computing and mobile technologies, which has been significantly responsive to the adoption of TMS solutions and services.Advancements in Machine-to-Machine (M2M), and mobile and cloud technologies in transportation are the major factors that have led to the improved efficiency of business processes.
Hence, to derive benefits from these technologies, large enterprises are adopting TMS solutions rapidly to enhance the overall employee experience and tackle business continuity challenges amid the lockdown.North America is projected to encourage market growth, as large enterprises and SMEs are focused on developing innovative TMS solutions, which are integrated with technological advancements, such as analytics, AI, and ML.
North America also witnesses the early adoption of cloud and mobility technologies and has an advanced IT infrastructure, which reduces operational expenditure through various advancements in technologies across verticals.Currently, North America is the largest contributor in terms of revenue, as compared to the other regions.
The region includes the US and Canada for this study. • By Company Type: Tier 1 – 18%, Tier 2 – 44%, and Tier 3 – 38% • By Designation: C-level Executives – 32%, Directors Level – 36%, Manager Level -32% • By Region: North America – 38%, Europe – 26%, APAC – 18%, MEA – 10%, and Latin America – 8%.
Some prominent players across all service types profiled in the TMS market study include Oracle (US), SAP (US), Manhattan Associates (US), C.H. Robinson (US), Trimble (US), Blujay Solutions (US), MercuryGate International (US), Blue Yonder (US), Transplace (US), Descartes Systems Group (Canada), E2open (US), Alpega Group (Belgium), 3Gtms (US), 3T Logistics & Technology Group (UK), Globaltranz (US), InMotion Global (US), vTradEx (China), MP Objects (US), Logistically (US), One Network Enterprises (US), Elemica (US), Tailwind Transportation Software (Canada), IntelliTrans (US), Allotrac (Australia), Revenova (US), Fretron (India), Ratelinx (US), Tracx Systems (Canada), WiseTech Global (Australia), Princeton TMX (US), CTSI Global (US),Generix Group (France), Unifaun (Sweden), Supplystack (Belgium), Efreightsolutions (US), Ultraship TMS (US) and Infor (US).
Research coverage The market study covers the TMS market across different segments.It aims at estimating the market size and the growth potential of this market across different segments, such as component (solutions and services), transportation mode, deployment type, organization size (large enterprises and SMEs), verticals (Retail, Healthcare and Pharmaceutical, Manufacturing, Transportation and Logistics, Energy and Utilities, Government, and Other Verticals (include consytruction and agriculture)) and regions (North America, Europe, APAC, MEA and Latin America).
The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall TMS market and its segments.This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and to plan suitable go-to-market strategies.
The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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