LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global transportation management systems (TMS) market to grow at a CAGR of close to 9% during the period 2018-2022, according to their latest report.
This market research report segments the global transportation management systems market into the following end-users (large enterprises, SMEs, and government organizations) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
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In this report, Technavio analysts highlight the increase in the number of smart connected devices as a key factor contributing to the growth of the global transportation management systems market:
Increase in the number of smart connected devices
The number of smart connected devices has been increasing around the world, and the total number of installed smart devices is expected to reach nearly 21 billion by 2020. As the number of devices increases, it becomes more difficult to manage, monitor, and maintain the data in an organization. Therefore, the demand for M2M and M2H communications will increase as they help end-users simplify the management, monitoring, and maintenance of connected devices.
Transportation management systems use data from many technologies such as radio-frequency identification (RFID), sensors, barcodes, and the global positioning system (GPS). These technologies assist in the efficient monitoring and managing of physical assets in many sectors. For instance, RFID aids to manage and maintain inventory levels. This increases the efficiency of an enterprise and improves business values.
According to a senior analyst at Technavio for transportation and distribution, “Enterprises currently experience substantial improvements in business processes due to the adoption of IoT analytics. The closer monitoring of business processes leads to more effective decisions in real time. The increase in the number of connected devices across the globe is a major factor, which drives the demand for transportation management systems. Connected devices include imaging devices with cellular communications, portable navigation devices, and media players.”
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Global transportation management systems market segmentation
Large enterprises are the largest market contributors to the global transportation management systems market. This segment is expected to lead the market during the forecast period because of the increasing demand for business process optimization, the high spending on technology advances, and the growing adoption of the bring your own device (BYOD policy).
The Americas was the leading region for the global transportation management systems market in 2017, accounting for a market share of close to 44%. However, the market share of this region is anticipated to decrease significantly during the forecast period.
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