The global Freight Management System Market Growth will touch USD 18.63 billion at a 9.4% CAGR in the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.
Demand for On-Time Delivery of Products to Fuel Market Growth
The rapid rise in the need for on-time delivery of products and raw materials that encourage fleet owners to implement an effective freight management which allows planning for the current inventory will boost market growth over the forecast period.
Rise in Global Trade to offer Robust Opportunities
The increase in global trade will offer the market with robust opportunities during the forecast period. The international trade bodies like WTO (World Trade Organization) are paving the way to promote international trade sans tax barriers. Most enterprises are reaping the benefits of trade incentives and also relaxation in regulations to expand their business beyond national boundaries. This may trigger the requirement for freight management systems that can update as well as track freight movements worldwide and also ensure safe and on-time delivery.
Congested Trade Routes to act as Market Restraints
The congested trade routes may act as a market restraint in the forecast period. Economic expansions coupled with global trade have led to freight congestion in specific areas on highways which are not designed to handle freight traffic in large volumes. Besides the COVID-19 impact too may act as a market restraint.
Poor Transport Infrastructure to Challenge Market Growth
The poor transport infrastructure in India and China leads to traffic congestion and accidents which are untoward in nature. These unpredictable events impact the freight management system’s operational efficiency. Besides climatic conditions like rain and snow coupled with cargo thefts may also impede market growth.
The freight management system market has been bifurcated based on component, end user, and transportation mode.
By component, the solution segment will lead the market over the forecast period. Several players are deploying these solutions effectively for managing the freight and transportation process that is adding to the segmental growth.
By end user, the forwarders segment will dominate the market over the forecast period.
By transportation mode, the ocean freight segment will spearhead the market over the forecast period.
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North America to Sway Freight Management System Market
North America will sway the market over the forecast period. Constant investments and focus on freight automation, the presence of several software providers in the market, adoption of freight management solutions and services that are adopted by most users, high technological adoption, significant adoption in Canada and the US, the presence of a well-established and sustainable economy, and huge investments in research development activities that contribute to the development of new use cases and new technologies are adding to the freight management system market share in the region.
Eminent players profiled in the global freight management system market report include Mcleod Software (US), Freightview (US), Freight Management (US), Linbis (US), Logisuite (US), Dreamorbit (India), Descartes (Canada), Oracle Corporation (US), Werner Enterprises (US), MercuryGate (US), SAP (Germany), Accenture (Ireland), JDA Software (US), Ceva Logistics (Spain) and UPS (US).
The global freight management system market is fragmented and also competitive for the presence of different international domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches, and more.
A renowned provider of technology solutions in freight transportation, MGN Logistics, Inc., has acquired a California based niche freight brokerage, Republic Logistic Services.
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