Dallas, Texas, United states, Nov. 24, 2021 (GLOBE NEWSWIRE) -- Global Digital Freight Forwarding Market Research Report by Vertical (Retail and E Commerce, Manufacturing, Healthcare, Automotive, Others), by Deployment Mode (Cloud, On Premises), by Region (Americas, Asia-Pacific, and Europe, Middle East & Africa) - Global Forecast to 2027 - Cumulative Impact of COVID-19
Global Digital Freight Forwarding Market projected to grow from USD 2920 million in 2020 to USD 22920 million by 2027, at a CAGR of 23.1%.
Factors such as the expansion of the e-commerce industry and the rise in free trade agreements are propelling the worldwide digital freight forwarding market forward. However, the market's expansion is hampered by weak infrastructure, increased logistical costs, and strict air freight laws. During the projection period, however, the rise in adoption of direct-to-consumer (DTC) e-commerce logistics, as well as cost reduction and lead time reduction due to the use of a multi-modal system, are likely to provide new avenues for market expansion.
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Market Segmentation Analysis
Based on the Vertical, the market is segmented into Retail and E Commerce, Manufacturing, Healthcare, Automotive, Others. Retail and E Commerce segment has largest market share during the forecast period
Based on the Deployment Mode, the market is segmented into Cloud, On Premises. Cloud segment has largest market share during the forecast period
COVID-19 Impact on the Digital Freight Forwarding Market
The COVID-19 outbreak was disastrous for a wide range of businesses, requiring governments all over the world to impose strict lockdowns and make social distance mandatory in order to block the virus's transmission, which disrupted the supply chain and halted logistics activities all over the world. As a result of the COVID-19 pandemic, countries were obliged to temporarily halt their transportation and logistical operations with one another, causing a significant impact on commodity supply and a disruption in the supply chain.
Key Players
The key players profiled in Digital Freight Forwarding market analysis include Descartes Kontainers, Deutsche Post DHL Group , Flexport, Inc. , Forto GmbH , Icontainers, Kuehne+Nagel International AG, Transporteca, Turvo Inc., Uber Freight LLC
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Market Segmentation
By Vertical
- Retail and E Commerce
- Manufacturing
- Healthcare
- Automotive
- Others
By Deployment Mode
- Cloud
- On Premises
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Regional Analysis
Based on Region, the market was studied across North America, Asia-Pacific, and Europe, Middle East & Africa. North America is expected to have the largest revenue share. North America is made up of industrialized economies like the United States and Canada. North America is a major contributor to the market for digital freight forwarding. The presence of significant IT businesses and rapid technical breakthroughs, such as digitalization in the United States and Canada, are driving market expansion in this region. The economies of these countries are well-established, allowing the area to invest extensively in cutting-edge Digital Freight Forwarding solutions and services.
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