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(IT-NEWSWIRE.COM, July 14, 2018 ) The report "Transportation Management System Market by Transportation Mode (Railways and Roadways), Component (Solution Type, Hardware, and Services), Deployment Mode (Hosted and On-premises), Application, and Region - Global Forecast to 2022", The global transportation management system market is expected to grow from USD 78.20 Billion in 2017 to USD 202.14 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 20.9%.
The real-time economy demands faster and timely execution of business processes in every industry, especially in the supply chain, logistics, and transportation industries. This is expected to drive the growth of the transportation management system market. Speed, timing, efficiency, and optimization are the crucial factors in logistics and transportation, which are now achievable due to the adoption of digital technologies. With the adoption of digital technologies, transportation vendors and third-party providers have reduced the overall transportation costs and minimized delivery errors.
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Support and maintenance services segment is expected to grow at the highest CAGR during the forecast period.
The transportation management support and maintenance services segment is expected to have a promising future as the transportation management market is rapidly evolving and therefore, requirements for proper pre and post-sales services, such as design and implementation, maintenance, and overall training and system support will run high. Hence, service providers are focused on delivering dedicated services by understanding buyer demands and needs.
Travel and tourism application segment is expected to have the largest market size by the end of the forecast period.
Various travel agencies are installing web portals to provide easy access to their customers for planning their journeys. People are interested in exploring places. In addition to this, travel and tourism is one of the highest revenue generators for many countries. Therefore, the adoption of transportation management systems in the travel and tourism segment is expected to gain pace, resulting in future growth.
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APAC is expected to grow at the highest CAGR during the forecast period.
In the recent times, the APAC region is emerging as a center for economic and international trade developments. The progress in international trade is an important element that has supported infrastructure developments and solution deployments for logistics services. In many APAC countries, the transportation infrastructure is inadequate for effective goods and public transportation.
The transportation management system market report encompasses the competitive landscape, which presents the positioning of the 25 key transportation management system vendors based on their product offerings and business strategies. Some of these major vendors include SAP SE (Walldorf, Germany), Oracle Corporation (California, US), Manhattan Associates (Georgia, US), Descartes (Waterloo, Ontario), JDA Software, Inc. (Arizona, US), CTSI-Global (Tennessee, US), Inet-Logistics GMBH (Dornbrin, Austria), BluJay Solutions (Greater Manchester, UK), MercuryGate International, Inc. (North Carolina, US), Efkon AG (Raaba/Graz, Austria), Metro Infrasys Private Limited (New Delhi, India), and TMW Systems, Inc. (Ohio, US).
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