Pune, India, Feb. 07, 2023 (GLOBE NEWSWIRE) -- 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. Rapid Automation Across Several Trade Management Operations to Bolster Market Progress. 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 Forecast, 2023-2029.”
Key Industry Development
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 and Geography |
| Trade Management Software Market Growth Drivers | Strong Automated Trade Management Software Adoption to Elevate Industry Growth |
Key Takeaways
- The market forecast can be attributed to several factors, including rising international trade activities due to globalization.
- Increased Adoption of AI, ML, and Predictive Analytics across GTM Solutions to Fuel Market Progress
- The global trade management software market research report includes prominent areas worldwide to get a better knowledge of the industry.
- Trade Management Software Market Size in North America was USD 439.4 Million in 2021
- Function Analysis: Trade Laws and Regulation Changes across Countries Boost Trade Compliance Solutions’ Demand
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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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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.
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Major Table of Contents:
- 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)
- By Enterprise Size (USD)
- By Deployment (USD)
- By Industry (USD)
- By Country (USD)
- Europe 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
TOC Continued….
FAQ’s
How big is the trade management software market?
Trade Management Software Market size to reach USD 2.38 billion by 2029.
How fast is the Trade Management Software Market growing?
The trade management software market will exhibit a CAGR of 10.5% during the forecast period, 2022-2029
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