A Grand View Research report indicates that blockchain is among the digital technologies powering the growth of the transportation management systems (TMS) niche around the world.
TMS Sector Expected To Hit $198.82 Billion
As per Grand View Research’s report, the TMS sector is expected to hit $198.82 billion around 2025. It is expected to have a compound yearly growth rate of 16.2%.
The San Francisco-based market research firm listed several digital technologies as the driving force behind the present TMS growth and its projected expansion in the future. Aside from blockchain, Grand View Research also mentioned Artificial Intelligence (AI), the Internet of Things (IoT), predictive analytics, and cloud transportation management systems.
AI and blockchain technology are said to contribute largely to the streamlining of TMS. These two technologies are responsible for the increasing competition among module creators as they race to invest in the most innovative streamlining technology.
There’s also a reported increase in demand for supply chain and logistics tech and automation. This is said to push companies in using TMS. There’s also a flourishing demand for supply chain flexibility, scalability, and visibility.
The supply chain sector is also seeing an increasing demand for blockchain tech that will improve efficiency and provide transparency.
World Bee Project
The increasing number of companies adopting blockchain appears to support the report’s findings. For instance, the World Bee Project has started utilizing the blockchain to track how honey journeys from the hive to the store. The project is using the technology to collate data on the bee population and its decline and to track and coordinate international shipments.
A Canadian company is also using blockchain to track marijuana in a move designed to enhance its reputation and to gather data on specific strains.