The freight management software market is expected to escalate at a CAGR of 6.4% from USD 9.6 billion in 2022 to USD 17.7 billion through 2032.
There has been a supply chain disruption in several industries, including pharmaceuticals, automotive, and electronics, due to the Coronavirus pandemic. China’s major container ports were experiencing a backlog of charges because of a shortage of truck drivers to pick up containers despite travel restrictions. There have also been some cancellations of ocean shipping routes by shipping companies in order to limit the spread of the virus, which may also inhibit the demand for freight transportation and distribution systems.
Increasing visibility of the supply chain is likely to lead to the growth of the freight management software market. As companies continue to grow in the Freight management software market, they turn to technologies to help them track, trace, secure, and control their in-transit cargo. It is expected that, during the forecast period, the market for third-party logistics services will grow at a fast rate due to the fact that freight management systems are employed in that segment.
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In addition to the higher growth rate, the free-tailoring policy implemented by several countries around the world has been attributed to the increase in growth. Similarly, the rapid rise in demand for on-time shipment of products & raw materials, as well as a growing need for warehouse efficiencies, has also contributed to the growth of freight management systems in the third-party logistics industry.
Due to technological advancements and increasing digitization, organizations today generate an enormous amount of data but struggle to use it to their advantage. Through big data analytics, logistics companies can improve operational efficiencies and customer satisfaction over time while reducing costs.
Owing to the rapid increase in big data applications, it became necessary to develop newer technologies to optimize cost efficiency. Therefore, these factors may lead to an increase in demand for analytical platforms and data storage centres in the freight management software market.
Businesses within the freight management software market are working on launching new products, expanding their operations, and building strategic partnerships with other manufacturers. Furthermore, key players are expanding their manufacturing capabilities, product lines, and global presence. Leading freight management software manufacturers dedicate time and resources to researching and developing innovative products.
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KEY TAKEAWAYS:
- The freight management software market is predicted to develop at a CAGR of 6.6% in the deployment section of the cloud category.
- The CAGR for the land transportation segment of the end-user category in freight management software market is anticipated to be 6.2% through 2032.
- In the United States, the freight management software market is estimated to reach US$ 6.2 billion by 2032, rising at a CAGR of 5.9% throughout the forecast period.
- By 2032, the freight management software market in the United Kingdom is expected to be valued US$ 777.9 million, with a CAGR of 5.5% through 2032.
- With a CAGR of 5.8% throughout the forecast period, China is expected to reach a market size of US$ 1.2 billion in freight management software market by 2032.
- By 2032, the freight management software market in Japan is estimated to be worth US$ 1.0 billion, growing at an annual rate of 4.8% through 2032.
- With a CAGR of 4.6% throughout the forecast period, South Korea is predicted to reach a market size of US$ 606.7 million in freight management software market by 2032.
COMPETITIVE LANDSCAPE:
From a geographical standpoint, North America is expected to hold the largest market share during the forecast period. This has been facilitated by the adoption of freight management solutions and services by many users of the region. A high level of technological adoption and the presence of leading solutions providers are factors contributing to the growth of the North American freight management system market in the near future.
In North America, there are also large numbers of freight management software’s being adopted by two countries: the US and Canada. Because of its well-established and sustainable economy, the US is expected to be the largest player in the market, largely due to its massive investment in research and development activities, which will lead to the implementation of new products and services.
Freight management software’s are manufactured and marketed by Accenture PLC, C.H. Robinson Worldwide, Inc. (TMC), Ceva Logistics, Db Schenker, The Descartes System Group Inc.
Key Segments
By Type:
- On-Premise
- Cloud
By Application:
- Aviation Transportation
- Land Transportation
- Maritime Transportation
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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