Electronic Data Interchange (EDI) Solutions Market: Innovation – a Key Survival Strategy
Amid the routine chaos of handling an extensive trading network, monitoring transactions, and communicating through multiple media, electronic data interchange (EDI) solutions emerge as a digital panacea to the ineffectual manual process for enterprises of all scales. As technology-enabled businesses are keen on acquiring the early slice of innovation, electronic data interchange solution providers entail a movement towards converging applications of Blockchain with EDI to integrate security in core business processes.
With high expenditures on R&D activities, future-pervasive technologies – Internet of Things (IoT), Artificial Intelligence, and Machine Learning – are likely to offer new tangents to the existing course of EDI. As the ‘need for automation’ becomes the need of the hour for businesses, digital business models will become more pervasive and demand EDI solutions to facilitate paperless communication in the future.
Sensing the incremental growth opportunity for the electronic data interchange solutions market, Transparency Market Research (TMR), in its latest study, brings actionable intelligence to the fore, so as to equip decision-makers with reliable insights and aid them in making their next successful business moves.
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Tracing the Evolution of the EDI Solutions Market
Similar to numerous information technologies, electronic data interchange solutions trace their advent for addressing the needs of military logistics to the early 1950s. However, through the journey – from nascent to mature – electronic data interchange solutions underwent transmutation in terms of adapting to specific entrepreneurial needs to simplify the information exchange process by blurring physical borders.
In 2018, the sales of electronic data interchange solutions recorded a value of ~ US$ 22.9 Bn, and are likely to spectate lucrative growth opportunities through to 2027. In recent times, as consumers think digital to suit their shopping needs, effective communication becomes integral for achieving a streamlined distribution network with the ease of supply chain management. The emergence of cloud-based EDI solutions further erases the physical boundaries, and offers access to thousands of suppliers, retailers, warehousing managers, and distributors operating on a global level.
Service providers scramble towards the development of web-based, Blockchain-integrated, and cloud-based EDIs that outweigh traditional EDIs that lack collaboration, workflow, and search engine features. The ease of handling every level of business communication at a single stop has been gaining ground in the logistics industry. As business success significantly relies on e-Commerce channels, the retail, healthcare, and automotive sectors are likely to remain at the forefront of the adoption of EDI solutions in the future.
Large Enterprises – A Key Segment to Focus on
With the perpetual rise in the online shopping behavior of consumers, logistics service providers are making headway towards next-day or same-day delivery of products to hold on to a distinguished position in their domain. However, numerous shipments and distribution points add up to the complexity level, which steers the shift towards effective communication solutions such as EDI.