Market Research Future (MRFR) expects the global market for terminal management system to garner a valuation of approximately USD 2 billion by 2023. The CAGR achieved by the market during the forecast period (2017-2023) is estimated to be 13%.
Top Drivers and Key Barriers
Facilitation of seamless integration between different business operations coupled with cost control are some benefits offered by terminal management systems, which has boosted its market demand. On the face of frequent technological advancements, terminal management system offers standardization of various business processes, including a centralized system for real-time monitoring as well as reporting. Besides, terminal management systems lead to efficient contract management and planning, which induces business growth on account of association between partners and clients.
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With the hike in the number of locations, the personnel and operation costs increase, which can be brought down with the deployment of a terminal management system. This leads to the effective use of resources as well as the assets of a company, which optimizes the cost allocation of any project. Some opportunities signaling the growth of the terminal management systems market include the soaring demand across the oil and gas industries in almost every region of the world. Oil and gas stand as an important industry vertical that requires accurate monitoring, and control for the process of extraction, storage along with distribution.
Currently, numerous oil and gas industries are making extensive use of terminal management systems to create a purpose-driven approach for the rising number of locations. Since terminal management systems lead to safe and automatic working of business management operations, it can gain huge traction in the oil and gas industry vertical in every phase in the following years.
The MRFR report has segmented the terminal management system market with respect to component, project type and vertical
Given the component segment, the market consists of software and hardware.
Depending on the project type, the market includes Brownfield and Greenfield. The Brownfield project, which modifies or upgrades the existing structure, whereas the Greenfield project involves the construction of new facilities in a country that is located outside the headquartered country.
Vertical-based segments in the market are Chemicals, Oil & Gas, and others.
North America, Asia Pacific (APAC), Europe, and the Rest-of-the-World (RoW) are the main markets for terminal management system.
North America is the biggest market for terminal management system, thanks to the high concentration of international players in the developed countries like the United States (U.S.) as well as Canada. Expanding IT industry along with the rising deployment of cloud computing in the middle and large enterprises are some factors boosting the growth of the terminal management system market in the region. Apart from this, strong demand for latest technological solutions, surging number of Brownfield projects, mounting consumer awareness about security solutions and intensifying competition between developers within the region are also adding to the market strength.
Europe is believed to have high potential of achieving a significant share in the global terminal management system market, backed by the booming financial and healthcare sector. The expansion of this sector is resulting in higher demand for on-premises and on-cloud terminal infrastructure, which favors the regional market.
APAC is emerging as a profitable market for terminal management system and can mushroom significantly in the coming years. Expanding manufacturing and BFSI sector in India and China benefits the regional market to a great extent. Moreover, companies based in Japan and China are making massive investments in the upgradation of efficient management systems, which can lead to better market growth in the region during the review period.
Endress+Hauser Management AG (Switzerland), General Atomics Corp. (California), Yokogawa Electric Corporation (Japan), Schneider Electric (France), Emerson Electric Corporation (US), Honeywell International, Inc. (US), Implico GmbH (Germany), Siemens AG (Germany), Rockwell Automation, Inc. (US), ABB Ltd. (Switzerland), are the top vendors that shape the worldwide market for Terminal Management System.