Chicago, Nov. 23, 2022 (GLOBE NEWSWIRE) -- The report "Freight Transportation Management Market by Transportation Mode (Roadways, Railways, Marine, Airways) Offering (Solutions, Services), Deployment Mode (Cloud or Hosted, On-Premise), Organization Size (Large Enterprises, SMEs), Industry (Manufacturing, Retail & E-Commerce, Transportation, Fast Moving Consumer Goods (FMCG), Healthcare, Food & Beverages, Oil & Gas, Energy & Utility, Electronics, Automotive, IT & Telecom, Others) – Global Forecast to 2028" The freight transportation management market is projected to grow from USD 24.1 billion in 2021 and is projected to reach USD 39.3 billion by 2028; it is expected to grow at a CAGR of 8.50% from 2022 to 2028.
The market is expected to expand due to several factors, including the unrelenting growth of the retail and e-commerce industries, aggressive use of the current transportation management systems and the introduction of innovation, as well as the strengthening of bilateral trade relations between various nations. The creation of information networks with quick interactions, quick transaction times, and more reliable shipments is projected to boost the expansion of the freight transportation management market in the rising industries. The advent of AI-enabled, self-driving trucks and the continuous rollout of 5G networks are also anticipated to transform the transportation industry and open up new opportunities for market expansion. Furthermore, the increased use of tank wagons for delivering various industrial goods, such as oil and gas, refined petroleum products, chemicals, etc., is also stimulating the market for freight transportation management.
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Industry Developments:
- In May 2022, Shipwell, a pioneer in cloud-based shipping and logistics, recently announced a load optimization feature that has been incorporated into the business's transportation management system (TMS). Due to this service, clients see greatly reduced planning and routing times, moving costs, and carbon emissions from carriers conveying their cargo.
- In February 2019, management systems resources were fully acquired by Descartes systems group. The acquisition will improve Descartes' product offerings, which already include transportation management systems and freight transportation management systems.
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Freight Transportation Management Market Dynamics: Drivers, Restraints, Opportunities
Drivers: Rising demand for rail freight transports
Restraints: Trade-route-related congestion
Opportunities: Increased use of freight transportation management in roadways
Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2028 |
| Forecast Period 2021 to 2028 CAGR | 8.50% |
| 2028 Value Projection | 39.3 billion |
| Base Year | 2021 |
| Market Size in 2021 | 24.1 billion |
| Historical Data for | 2018 - 2021 |
| No. of Pages | 188 |
| Segments covered | By Transportation mode, By Offering, By Deployment Mode, By Organization Size, By Industry |
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List Of Key Players in Freight Transportation Management Market:
- CTSI-GLOBAL
- Oracle
- SAP SE
- Accenture
- Blue Yonder Group Inc.
- E2open
- GEODIS
- THE DESCARTES SYSTEMS GROUP INC
- Manhattan Associates
- Transplace
- Softeon
- GlobalTranz LLC.
- Trimble Inc.
- DSV
- Werner Enterprises
- TRANSPOREON GmbH
- Supply Chain Solutions
- C.H. Robinson Worldwide Inc.
- MercuryGate
Market Highlights:
Rising demand for rail freight transports
Railways are used for the on-land transportation of cargo in rail freight. It carries a wide range of cargo, including chemicals, unfinished building materials, agricultural products, automobiles, energy (coal, oil, and wind turbines), and forest products. Heavy cargo can be moved quickly through the railroads even when it is heavy. Railways have one of the largest built-up infrastructures and are one of the most popular modes of transportation.
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Segmentation of Global Freight Transportation Management Market-
Global Freight Transportation Management Market – By Transportation mode
- Roadways
- Railways
- Marine
- Airways
Global Freight Transportation Management Market – By Offering
- Solutions
- Services
Global Freight Transportation Management Market – By Deployment Mode
- Cloud or Hosted
- On-Premise
Global Freight Transportation Management Market – By Organization Size
- Large Enterprises
- SMEs
Global Freight Transportation Management Market – By Industry
- Manufacturing
- Retail & E-Commerce
- Transportation
- Fast Moving Consumer Goods (FMCG)
- Healthcare
- Food & Beverages
- Oil & Gas
- Energy & Utility
- Electronics
- Automotive
- IT & Telecom
- Others
The roadways category in the freight transportation management market is expected to be the fastest-growing segment during the forecast period
The roadways category is projected to grow the fastest during the forecast period. Road transportation is seen as versatile and affordable because it allows loading and unloading at any location. In the COVID-19 epidemic, the e-commerce sector's expansion has also pushed companies to improve their road transportation capacities. Several governments' initiatives to improve road transport infrastructure, particularly in emerging economies, drive the demand for logistics via roads.
Manufacturing category of the freight transportation management market to record the highest CAGR from 2022 to 2028
The manufacturing category is expected to account for the highest CAGR of the freight transportation management market from 2022 to 2028. Freight transportation management systems are the ideal answer to effectively assist freight forwarding companies in their commercial operations as their demand increases exponentially. The expansion of manufacturing facilities in developing nations like Mexico and India has raised the need for raw materials, which has increased transportation. For instance, the "Make in India" project of the Indian government strongly promotes indigenous manufacturing and the growth of the domestic manufacturing sector. Such activities encourage the manufacturing segment's growth during the projection period.
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Regional Insights:
Asia Pacific is anticipated to grow at a significant rate in freight transportation management market share from 2022 to 2028
Asia Pacific is the fastest-growing region in the freight transportation management market. The retail and e-commerce sectors in India, China, Singapore, and Indonesia are expected to grow at an unabated rate during the forecast period, propelling the regional market's expansion. It is also anticipated that the policies and initiatives being developed by different governments throughout Asia-Pacific will contribute to the growth of the regional market by fostering an environment favorable to the creation and application of intelligent transportation systems. Other factors influencing the market's growth include ongoing investment and a focus on freight automation. A large number of software vendors has also significantly contributed to the size of the Asia Pacific freight transportation management market.
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