Freight Brokerage Market Size, Share, Growth Analysis, By Customer Type(Business to Business (B2B), Business to Customer (B2C)), By Services(Intermodal, Full Truckload, Less Than Truckload), By Mode of Transport(Waterways, Roadways, Others), By End Use Industry(Retail, E-Commerce, Manufacturing, Healthcare), By Region - Industry Forecast 2024-2031

Freight Brokerage Market size was valued at USD 48.1 billion in 2019 and is poised to grow from USD 51.13 billion in 2023 to USD 88.61 billion by 2031, growing at a CAGR of 6.3% in the forecast period (2024-2031).

Brokers are employed in the freight brokerage business to act as middlemen in the shipping sector. Due to their ability to connect clients with shippers and trucking firms, freight brokers play a crucial role. With the advent and expansion of digital freight broker companies in recent years, the logistics sector has undergone a shift that has further altered the sector. The freight service develops cutting-edge technical solutions that simplify the transfer of products. Automatic matching is achieved by utilizing cutting-edge AI techniques. Companies such as Transfix, Uber Freight, Loadsmart, and others, for instance, employ various machine learning algorithms to match the carrier with the load depending on the origin, destination, pricing, and other factors. Traditional methods typically cause delays in the transportation. However, this method is quick and simple to observe. The digital freight booking allows for minute-by-minute tracking of the load. These comforts are more important to its acceptability.

The expansion of the consolidated air freight service and the expansion of the e-commerce sector, among other factors, are predicted to fuel the growth of the worldwide freight brokerage market during the forecast period. Additionally, it is anticipated that in the near future, the rise of the digital freight forwarding sector and the acceptance of freight brokerage services for cost and lead time reduction would present opportunities for the freight brokerage sector.

US Freight Brokerage Market is poised to grow at a sustainable CAGR for the next forcast year.