Intelligent Roadways Transportation Management Systems Market | Outlook 2030
The report further discusses the Market Summary, Industry Outlook (Parent Market Analysis, Porter's Five Forces Analysis, Market Maturity Analysis, Industry Components, Regulatory Framework, Key Buying Impact Analysis, Key Market Strategies, Drivers, Challenges, Opportunities, Analyst Perspective), Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2023-2030).
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Triton's research report suggests that the global intelligent roadways transportation management systems market would show an uptrend at a CAGR of 10.32% during the forecast period 2023-2030.
An intelligent roadways transportation management system (IRTMS) refers to a logistics platform that utilizes technology to help plan, execute, and optimize the physical movement of goods. It ensures that the incoming & outgoing shipment is properly documented and compliant. Globally, the e-commerce sector has witnessed strong growth over the years. This is attributable to the growing use of smartphones and the internet, which is leading to a rise in time spent online and the use of shopping applications.
And due to the boom of the e-commerce industry, the transportation of goods and services has skyrocketed in the last few years and is expected to increase in the long term as well. Therefore, the use of IRTMS would be necessary to manage all business needs and for customer support. This, in turn, will drive the market's growth.
However, the high initial costs associated with installing intelligent roadways transportation management systems are largely limiting market expansion. Owing to the expenditure required, small businesses generally avoid on-premise deployment of IRTM systems.
The Asia-Pacific is expected to observe the fastest growth in the global market over the forecasted period. It is a dynamic region and is on the rise due to the growth in many sectors. The market in this region is anticipated to offer IRTMS vendors numerous lucrative opportunities. The reasons for this include the explosive rise of the e-commerce sector, a complex mix of investment drivers, which include increased global trade and manufacturing growth (for example, Made in China), and new opportunities for infrastructure development.
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Leading companies in the intelligent roadways transportation management systems market include Manhattan Associates Inc, Tata Consultancy Services (TCS) Ltd, Blue Yonder, SAP SE, Oracle Corporation, Denso Corporation, IBM Corporation, 3T Logistics and Technology Group, and MercuryGate International Inc.
Traditional transportation management methods exist but cannot be considered direct substitutes for IRTMS solutions. Market vendors are expected to differentiate and influence the market by incorporating technological advancements into their offerings, such as AI, ML, analytics, and forecasting, but such capabilities are a niche. From the automation perspective, there are almost no substitute products in the market. Furthermore, market players offer open-source solutions, allowing customers to easily incorporate them.
Overall, the threat of substitutes is expected to be low and to remain so throughout the forecast period.
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