Dublin, Aug. 25, 2022 (GLOBE NEWSWIRE) -- The "Freight Management Systems - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The global market for Freight Management Systems estimated at US$10.7 Billion in the year 2022, is projected to reach a revised size of US$14.3 Billion by 2026, growing at a CAGR of 6.2% over the analysis period.
Solutions, one of the segments analyzed in the report, is projected to record 5.8% CAGR and reach US$8.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Services segment is readjusted to a revised 6.7% CAGR for the next 7-year period. The global freight management system market is led by execution & control solutions owing to their extensive penetration and technological advancements.
The segment covers information interchange, transport management, visibility and audit and payment solutions that are used to facilitate information exchange and execution of processes related to freight transportation. The control & monitoring solution segment of the market is projected to exhibit the fastest growth due to increasing adoption of freight visibility, tracking, tracing, monitoring and security tools along with availability of cost-efficient solutions.
The U.S. Market is Estimated at $3.7 Billion in 2022, While China is Forecast to Reach $1.5 Billion by 2026
The Freight Management Systems market in the U.S. is estimated at US$3.7 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$1.5 Billion by the year 2026 trailing a CAGR of 8.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.7% and 6.3% respectively over the analysis period.
Within Europe, Germany is forecast to grow at approximately 5.6% CAGR. The market is expected to deliver a notable performance due to strong demand for these solutions and services as a result of increasing global trade, need to reduce time-in-transit and focus on supply chain visibility. Efficient freight movement is one of the most critical aspects of an economy. Over the last decade, factors such as rapid globalization, rising population and increasing demand for goods have encouraged shipping companies to opt for freight management solutions to ensure efficiency and security of their operations.
Organizations are increasingly using these systems to streamline supply chain operations, maintain security and make the shipping process more efficient. In addition to providing users with high visibility to save cost and time, these tools allow organizations to book orders, explore different transportation modes, find suitable carrier rates, negotiate rates with carriers, request spot quotes, and track shipment in real time. Organizations are also using freight management systems to improve warehouse efficiencies.
Global growth is also fueled by the need to improve supply chain visibility, expedite transit time and customer satisfaction while reducing logistics costs. The market growth is favored by advances in freight safety, security and transportation tools along with adoption of IoT and advanced communication technologies. While cross-border trade risks and overcrowded trade routes remain key challenges, the availability of advanced freight management modules and increasing focus on on-time delivery are driving the market.
The market gains from increasing global trade that is driving various trade organizations to consider open door policy for encouraging trade without tax barriers. Businesses are leveraging regulatory relaxations and trade incentives for expanding their footprint to new geographies. On the other hand, stiff competition is prompting companies to focus on product innovation to help users achieve higher efficiency.
Select Competitors (Total 120 Featured):
- 3Gtms, Inc.
- Accenture Plc
- Agility Public Warehousing Company K.S.C.P.
- BluJay Solutions Ltd.
- Ceva Logistics
- DB Schenker
- DreamOrbit Softech Pvt Ltd
- DSV Panalpina A/S
- Freight Management Inc
- FreightView
- Geodis
- Imagesoft
- Kuebix - A Trimble Company
- Linbis, Inc.
- Magaya Corporation
- McLeod Software Corporation, Inc.
- Oracle Corporation
- ReTrans, Inc.
- Riege Software International GmbH
- SAP SE
- The Descartes Systems Group Inc.
- United Parcel Service of America, Inc
- Werner Enterprises
- 3Gtms, Inc.
- Accenture Plc
- Agility Public Warehousing Company K.S.C.P.
- BluJay Solutions Ltd.
- Ceva Logistics
- DB Schenker
- DreamOrbit Softech Pvt Ltd
- DSV Panalpina A/S
- Freight Management Inc
- FreightView
- Geodis
- Imagesoft
- Kuebix - A Trimble Company
- Linbis, Inc.
- Magaya Corporation
- McLeod Software Corporation, Inc.
- Oracle Corporation
- ReTrans, Inc.
- Riege Software International GmbH
- SAP SE
- The Descartes Systems Group Inc.
- United Parcel Service of America, Inc
- Werner Enterprises
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- Impact of Covid-19 and a Looming Global Recession
- COVID-19 Pandemic Severely Disrupts Global Freight Transportation Industry
- Month-on-Month Growth in Global Trade: Jan 2019-April2020
- Percentage Change (%) in Load Factor by Region of Origin and Aircraft Type: March-April 2020
- Global Logistics Industry 2019 Vs 2020 Growth (In %)
- Regional Market Review
- Key Takeaways
- Freight Management Solutions to Drive Capabilities
- Freight Management Systems - Global Key Competitors Percentage Market Share in 2022 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
- Increasing Need to Improve Freight Movement Catalyzes Freight Management System Market
- Road Freight Dominates Demand
- US Leads the Market
- 3PLs Segment : An Important End-Use Market
- Prominent Drivers of Global Freight Management System Market
- Market Restraints
- Intense Competition Drives Players to Consolidate
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- COVID-19 Leads to New Integration Trends Related to Freight Technology
- Inventory Management Integration for Procurement
- Big Data Players Eye on Integration
- Adoption of New Technologies Presents Opportunities in Freight Management System Market
- Big Data Analytics Gains Importance in Freight Management Systems
- Global Adoption Rates (in %) of Big Data Technologies by Industry (2019)
- Rising Implementation of Cloud-Based System
- Internet of Things (IoT) Holds Numerous Advantages
- High Accuracy with GPS Technology
- Freight Management Systems Leverage on Advanced Machine Learning
- Emerging Trends in Freight Transport Industry Drive Investment in Freight Management Solutions
- Consumer Demand for Fast, Free Shipping
- Automation Creates Need for New Systems
- Shipment Tracking Platforms
- More SKUs Require New Strategies
- Blockchain Technology Gains Importance in Freight Management
- Blockchain Technology by End-Use Vertical: 2019
- Growth in E-Commerce Drives Increased Visibility into Supply Chain
- Global Retail e-commerce Sales in US$ Trillion: 2014-2022
- Globalization of Businesses Drives the Need for Efficient Supply Chain Designs
- Effective Tracking of Ocean Freight with New Visibility Technologies
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/e7uxhr
