Today, as supply chains become more complex and stretch from one side of the world to the other, companies are required to adapt to rapidly changing business environments with increased resilient distribution operations, tighter inventory control and faster, more efficient processing. This all adds up to higher demand for proficient and effective process execution.
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Consolidation is the major trend observed in this market where top players are acquiring the smaller startup companies for their unique solution offerings which are then levered to improve their presence in the particular market. Solutions vendors in this industry are spending huge amount of money on developing real-time solutions. Optimization is the other trend seen in this market where the main focus is to reduce the losses which are caused due to the time delay. Optimization in inbound operations has also gained importance due to the consumers demand for on-time delivery. Fleet management solutions have to be managed effectively and efficiently and use of analytics in managing these fleets has been the main focus of the players. Shippers want the real-time updates for their goods and thus connectivity solutions related applications have been swiftly expanding.
Asia Pacific (APAC) is projected to grow at the highest CAGR during the forecast period. The region is involved in rapid deployment of interactive technologies, due to the growing use of cellular devices and rapid proliferation of the internet. The ongoing smart city projects across countries in APAC is expected to show significant growth opportunities in the TMS market, thus opening new avenues to the market growth. The implementation of transportation management solutions helps organizations in maintaining and managing their distribution networks and supply chains and in reducing expenses and increasing profitability, leading to market growth.
While technology vendors continue to dominate the transportation and logistics solutions space, Third-Party Logistics (3PL) providers are making their own impression. Transportation management continues to be a focal point as shippers confront looming Hours-of-Service changes, inevitable capacity and driver shortages, and fluctuating fuel costs.
Today and in the future too, the roadways is expected to be the most preferred way of transport and then followed by the railways, intermodal, airways, and ships. There will be increase in the ocean ports as the logistics industry is expected to expand due to formation of mega corridors connecting mega regions. Though the trade via airways is reduced, it is expected to quietly grow in the upcoming years.
Considering the future trends, Europe followed by China are the leading countries in export industries and U.S., Europe, and China are at the top in import trade; thus they are the main contributors in the revenue generation of transportation business solutions. The developing countries are expected to experience rise in the trade, in the future, demanding real-time updated transportation management solutions.
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