Pune, India, Sept. 12, 2022 (GLOBE NEWSWIRE) -- The global trade management software market size was valued at USD 1.11 billion in 2021 and touched USD 1.19 billion in 2022. The market is expected to reach USD 2.38 billion by 2029, exhibiting a CAGR of 10.5% during the forecast period. Increasing demand for automation across several trade management operations and rising AI and ML adoption may boost market progress. Fortune Business Insights™ presents this information in its report titled “Trade Management Software Market, 2022-2029.”
Key Industry Development
March 2022- E2open Parent Holdings, Inc. acquired an e-commerce shipping software company, Logistyx Technologies. This acquisition may allow the company to improve its global footprint for multi-career e-commerce shipment management by offering shipping capabilities across its supply chains.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 10.5% |
| 2029 Value Projection | USD 2.38 Billion |
| Base Year | 2021 |
| Trade Management Software Market Size in 2021 | USD 1.11 billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 150 |
| Segments covered | Function, Deployment, Enterprise Size, Industry, & Geography |
| Trade Management Software Market Growth Drivers | Rising Demand for Automated Trade Management Systems to Boost Market Growth |
| Organizations Resilient to Change Legacy Systems or Adopt New Technologies |
International Trade Disruptions Hampered the Market’s Progress
This market was negatively affected during the COVID-19 pandemic due to international trade disruptions. The alarming spike in COVID-19 infections led to lack of transport and travel, thereby negatively affecting trade activities. This factor reduced software adoption, thereby affecting the industry negatively. However, post-COVID-19 relaxations bolstered trade activities, thereby facilitating management software’s adoption. These factors facilitated the trade management software industry’s progress during the pandemic.
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Drivers and Restraints
Strong Automated Trade Management Software Adoption to Elevate Industry Growth
The increasing demand for automated trade management systems may bolster the industry’s progress. Robust adoption of automated trade management systems may foster the software’s adoption. For example, as per Deloitte Global Trade Automation Survey, approximately 54% of respondents stated that they utilize automated global trade management systems to simplify their compliance management. Moreover, the rising adoption of the software for export and import activities may bolster the industry’s progress. These factors may fuel trade management software market growth.
However, the resilience toward legacy system replacement and modern technology adoption may hamper the industry’s growth.
Segments
Trade Compliance Segment to Lead Attributable to Regulation Changes and Trade Laws Across Several Countries
By function, the market is segmented into trade compliance, customs management, finance management, trade analytics, and others. The trade compliance segment is anticipated to dominate due to global regulation changes and trade laws.
Cloud Segment to Dominate Owing to Robust Demand for Flexible and Cost-effective Solutions
As per deployment, the market is bifurcated into cloud and on premise. The cloud segment is likely to lead due to the strong adoption of flexible and cost-effective solutions.
Large Enterprises Segment to Lead Attributable to Strong Management Software’s Adoption
Based on enterprise size, the market is classified into small and medium enterprises and large enterprises. Large enterprises segment is expected to dominate due to robust trade management software adoption.
Healthcare & Life Sciences Segment to Grow Substantially Owing to Strong Demand for Vaccines
Based on industry, the market is categorized into automotive, healthcare & life sciences, manufacturing, transportation & logistics, IT & telecom, retail & consumer goods and products, and others. The healthcare & life sciences segment is projected to dominate due to the strong demand for vaccines.
Regionally, the market is grouped into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Regional Insights
Huge Export and Import Volumes to Bolster Market Progress in North America
North America is expected to dominate the global trade management software market share due to humongous export and import volumes. The market in North America was valued at USD 439.4 million in 2021 and may gain a huge portion of the global market share in the coming years. Further, the presence of numerous players, such as Oracle Corporation, the Descartes Systems Group, E2open LLC, Bamboo Rose, QAD Inc., and Integration Point, may bolster the industry’s progress.
In Asia Pacific, the emergence of several firms and logistics industries may foster the software adoption. Furthermore, increasing trade agreements are likely to foster the industry’s progress.
Competitive Landscape
Major Players Enter into Partnerships to Enhance Resources
The prominent companies operating in the market enter into partnerships to boost their resources. For example, Thomson Reuters and Oracle Corporation engaged in a partnership in June 2021. Further, Thomson Reuters aims to create solutions on its Oracle Autonomous Database to elevate performance, facilitate, and support processes utilizing a cloud-powered solution. Moreover, major players devise research and developments, mergers, innovations, acquisitions, and novel production techniques to boost their market position globally.
List of Key Players Profiled in the Report
- Oracle Corporation
- SAP SE
- Thomson Reuters
- QAD Inc.
- MIC
- E2open Parent Holdings, Inc.
- Bamboo Rose LLC
- Livingston International
- Expeditors International of Washington, Inc.
- The Descartes Systems Group Inc.
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Trade Management Software Key Players Market Share Insights and Analysis, 2021
- Global Trade Management Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Function (USD)
- Trade Compliance
- Custom management
- Finance Management
- Trade Analytics
- Others
- By Enterprise Size (USD)
- SMEs
- Large Enterprises
- By Deployment (USD)
- Cloud
- On-premise
- By Industry (USD)
- Automotive
- Healthcare & Life Sciences
- Manufacturing
- Transportation & Logistics
- IT & Telecom
- Retail & Consumer Goods and Products
- Others
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America Trade Management Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Function (USD)
- Trade Compliance
- Custom management
- Finance Management
- Trade Analytics
- Others
- By Enterprise Size (USD)
- SMEs
- Large Enterprises
- By Deployment (USD)
- Cloud
- On-premise
- By Industry (USD)
- Automotive
- Healthcare & Life Sciences
- Manufacturing
- Transportation & Logistics
- IT & Telecom
- Retail & Consumer Goods and Products
- Others
- By Country (USD)
- U.S.
- By Industry
- Canada
- By Industry
- Mexico
- By Industry
- U.S.
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FAQ:
How big is the Trade Management Software Market?
The global trade management software market size was valued at USD 1.11 billion in 2021. The market is projected to grow from USD 1.19 billion in 2022 to USD 2.38 billion by 2029, exhibiting a CAGR of 10.5% during the forecast period.
How big is Trade Management Software Market in North America?
The market in North America stood at USD 439.4 Million in 2021 and is expected to gain a huge portion of the market share in the coming years.
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