New York, July 27, 2022 (GLOBE NEWSWIRE) -- The global courier software market is estimated to secure US$ 1.4 Billion by 2032 while displaying a CAGR of 10% during the forecast period. The market is expected to value at US$ 543 Million in 2022. The growth of the market can be attributed to the increasing adoption of SaaS and the growing investment in courier management services.
The deployment of smart technologies in courier services is anticipated to play an important role in expanding the market size in the forecast period. Digitalization over the cloud has increased the number of new apps to store the data. Onfleet, GSMtasks, OnTime 360, and Digital Waybill are some of the eminent courier services that deploy smart technologies. Besides, players are introducing new technologies in the service, which will benefit the market in the forecast period. For instance, in May 2022, Pickrr, a renowned SaaS-based logistics platform, introduced ‘Pickrr Advantage’, value-added equipment that optimizes performance across the destination pin codes on an auto-learning mode.
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Additionally, players in the market are raising funds which is anticipated to augment the market growth in the assessment period. In May 2022, Cartwheel, an on-demand delivery management platform for couriers, retailers, and others, announced that it had raised US$ 3 Million in seed funding. The funding was led by Moonshots Capital, with the participation of Chingona Ventures and existing investors including Act One, Pitbull, and TenOneTen Ventures.
Key Takeaways from the Market Study:
- The market in the U.S is expected to hold a value of US$ 505.1 Million by 2032
- Industry in the U.K to expand at a CAGR of 8.7% during the assessment period
- By deployment, the cloud segment to dominate the industry with a CAGR of 10.1% during the forecast period.
- Market in South Korea to garner US$ 51.1 Million by 2032
- Japanese market to exhibit a CAGR of 8.4% during the forecast period
- SMEs segment, by enterprise size, is expected to dominate the market, while displaying a CAGR of 10.2% by 2032
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Competitive Landscape
Key players in the global courier software market include CourierManager, Courier Software Ltd, Datatrac Corporation, Key Software Systems, and Digital Waybill. Recent updates from the industry are:
- In May 2022, Aramex, renowned courier services in the Middle East, announced an agreement to acquire Florida-based MyUS for an amount of US$ 265 Million. The initiative is focused on expanding its e-commerce operations.
- In May 2022, Technostacks, a mobile application development company that offers IT services from India and the USA, announced the launch of MENA’s local courier, taxi booking, and shipment to allow consumers and businesses to locally courier packages in the MENA region. The tracking app helps in placing an order, offering shipment services, and choosing routes. Such initiatives are expected to provide a significant boost to the market in the forecast period.
- In May 2022, Trinity Industries, announced the acquisition of Quasar Platform from Cando Rail & Terminals Ltd. Quasar is an end-to-end rail logistics software platform providing a real-time data universe to freight rail shippers and operators. The acquisition would expand Trinity’s digital product portfolio, including Trinsight ™, by including other capabilities such as new data visualization tools, activity-based costing, and yard management.
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Find More Valuable Insights on Courier Software Market
Persistence Market Research (PMR) published a detailed study on the courier software market, which includes global industry analysis for 2015-2021 and forecasts for 2022-2032. The report provides an insightful analysis of the market concentration across five different regions, through two different segments – deployment type and enterprise size.
The report titled - 'Courier software' deliberates current installed base, product usage in various applications from domestic to industrial, as well as prevailing trends and technologies. Along with this, detailed value chain analysis pertaining procurement and aftermarket services has been presented in the report.
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