LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the transportation management system (TMS) market in North America to grow at a CAGR of above 8% during the period 2018-2022, according to their latest report.
In this report, Technavio highlights the integration of meta-intelligence concept in TMS as one of the key emerging trends in the transportation management system market in North America. To improve business efficiency and to have business intelligence, players in the market are planning to introduce the meta-intelligence concept into the TMS. In order to have full visibility over the business process to build an efficient decision-making process, players are integrating big data and IoT analytics into the TMS. Organizations are looking to integrate sales, marketing, distribution, and customer service units to obtain the business intelligence from the transportation management network. The transportation and logistics players are aware of the environmental and financial costs of every process, every load for each lane, achieve maximum utilization of their facilities, adjust and anticipate for capacity constraints by managing inbound and outbound appointments in the future. Several companies are integrating the meta-intelligence concept into TMS.
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In this report, Technavio analysts highlight the increase in a number of smart connected devices as a key factor contributing to the growth of the transportation management system market in North America:
Increase in number of smart connected devices
Globally, the number of smart connected devices is increasing. The increasing number of devices makes it difficult to manage, monitor, and maintain the data in an organization. Thus, there is an increase in demand for the machine to machine (M2M) and machine to human (M2H) communications, as they help end-users simplify the management, monitoring, and maintenance of connected devices. TMS takes data from several technologies such as radio-frequency identification (RFID), sensors, barcodes, and GPS. Such technologies help in effective monitoring and managing of physical assets in many sectors. For example, RFID helps manage and maintain inventory levels. This augments the efficiency of an enterprise and improves business values. Moreover, the adoption of IoT analytics leads to significant improvements in business processes in an enterprise. Closer monitoring of business processes leads to more effective decisions in real-time.
According to a senior analyst at Technavio for transportation and distribution, “A major factor that drives the demand for TMS is the growth in the number of connected devices like imaging devices with cellular communications, portable navigation devices, and media players globally. Hence, the demand for TMS will grow during the forecast period.”
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Transportation management system market in North America – segmentation analysis
This market research report segments the transportation management system market in North America into the following end-users, including large enterprises, SMEs, and government organizations and key regions, including the US, Canada, and Mexico.
Of the three major end-users, the large enterprises segment dominates the TMS market in North America owing to the increased adoption of TMS among large enterprises. TMS offers performance and affordability, enterprise-class scalability, and easy management of shared sensitive information like documents, passwords, and digital identities. TMS also aids large enterprises in end-to-end supply chain visibility, improving time efficiency, and coordinating all the data points in a transportation network.
The US was the leading region for the transportation management system market in North America in 2017, accounting for a market share of nearly 53%. By 2022, the US is expected to continue dominating the market, however, Mexico will register the highest growth rate.
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