USD 25.5 billion
Freight Management System Market Size, Share, Growth Analysis, By Component(Solution and Services), By End User(Third Party Logistics, Forwarders, Brokers, Shippers and Carriers), By Transportations Mode(Road Freight, Ocean Freight, Air Freight and Rail freight), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20R2041 |
Region:
Global |
Published Date: April, 2024
Pages:
207
|Tables:
89
|Figures:
72
Freight Management System Market Insights
Global Freight Management System Market size was valued at USD 25.5 billion in 2022, USD 28.08 million in 2023 and is projected to grow USD 55.18 billion by 2031, growing at a CAGR of 10.13% in the forecast period (2024-2031).
The increasing focus on fulfilling customer expectations by delivering goods on schedule and utilizing cutting-edge technologies like the Internet of Things for goods management the need for goods management systems and other goods management systems in logistics will rise in response to growing transportation issues that are challenging to handle with manual systems. Using a variety of transportation methods, middlemen, and technological advancements, freight management involves efficiently and strategically transporting cargo throughout a network from its point of origin to its intended destination. To convey goods efficiently, the process makes use of physical assets like vehicles, distribution centers, and warehouses, as well as technology and equipment related to supply chains and logistics.
The capacity to transport cargo on schedule, in the right quantity, to the right location, without damage, and for the least amount of money has long been valued by businesses. The shipping firms are responsible for guaranteeing the timely arrival of shipments as well as the security of their clients' belongings. Increased international trade and the uptake of cutting-edge technologies like the Internet of Things are driving the market for goods management systems. Customers of shipping businesses are increasingly demanding the ability to trace their shipments in real-time; goods management systems facilitate this capability as well as security and control over their shipment throughout transit. There is a greater need for goods management systems as a result of governments implementing more free trade policies, which have raised imports and exports across national borders. Smaller shipping companies that wish to employ such systems are hampered by the high upfront expenses.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Solution
Fastest Growth
Service
Growth Rate
10.13% CAGR
Global Freight Management System Market ($ Bn)
Country Share by North America (%)
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Freight Management System Market Segmental Analysis
The global freight management system market is segmented based on component, end user, transportation mode and regional type. In terms of component, the market is bifurcated into solution and service. Based on end user, the market is grouped into third party logistics, forwarders, brokers, shippers and carriers. Based on transportation, the market is segmented into road freight, ocean freight, air freight and rail freight. Based on region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa. The component category will hold a sizable portion of the market.
Analysis by Component
As per categorization by component, the market is classified into solution and service. Among these, solution earned the largest share and continues to dominate the market. Innovation and the use of cutting-edge technology for effective goods management solutions are growing at a rapid pace in the global goods management system market. Businesses are using blockchain, IoT, and AI more and more to improve visibility throughout the supply chain, optimize routes, and streamline operations. The primary factors propelling the industry forward are automated documentation, real-time tracking, and predictive analytics. This pattern shows the logistics industry's increasing focus on digitization and data-driven decision-making.
Freight management services are poised to experience rapid growth in the Global Freight Management System Market due to several factors. Firstly, the increasing globalization of trade has intensified the demand for efficient logistics solutions, prompting companies to seek comprehensive freight management services to optimize their supply chains. Additionally, the rising complexity of global supply networks necessitates sophisticated management systems to navigate regulatory requirements, manage inventory, and mitigate risks. Furthermore, technological advancements such as AI, IoT, and blockchain are revolutionizing freight management, offering opportunities for enhanced efficiency and cost savings, driving further adoption of these services.
Analysis by End User
There has been a noticeable upsurge in innovation and the use of third-party logistics (3PL) services in the global goods management system market. Businesses are depending more and more on 3PL providers to outsource their distribution, warehousing, and transportation needs in order to optimize their supply chains. The requirement for cost-effectiveness, scalability, and flexibility in managing intricate global logistics networks is what is driving this development. In addition, third-party logistics companies (3PLs) are utilizing cutting-edge technology like cloud computing and data analytics to provide tailored solutions that improve productivity and transparency throughout the supply chain.
Freight management forwarders, brokers, shippers, and carriers are anticipated to experience rapid growth in the Global Freight Management System Market due to several compelling factors. Firstly, the increasing complexity and scale of global trade necessitate sophisticated management solutions to optimize logistics operations. Forwarders, brokers, shippers, and carriers play pivotal roles in facilitating smooth cargo movement and ensuring compliance with regulations. Additionally, the adoption of digital platforms and data-driven technologies enables these entities to streamline processes, enhance collaboration, and improve overall efficiency, thus driving their accelerated growth within the market.
Global Freight Management System Market By Component (%)
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Freight Management System Market Regional Insights
Due to the region's growing population and faster rates of goods transportation, the Asia Pacific goods management system market will dominate. Over the course of the projection period, this aspect supports the market's expansion. The second-largest market share is held by the goods management system market in Europe. As trade is increasing, cut down on time-in-transit and focus on supply chain visibility. Efficient goods movement is one of the most important aspects of an economy. Due to factors like growing globalization, population growth, and rising demand for products, shipping firms have been urged to select commodities management systems over the past ten years in order to maintain the security and effectiveness of their operations.
From 2024 to 2031, the North American goods management system market is anticipated to develop at the quickest rate of compound annual growth (CAGR). North America is expected to have the most developed goods management system market due to the high rate of technological adoption and the presence of leading solution providers in the market. North America, which includes the US and Canada, is where goods management systems are starting to be employed extensively. Furthermore, regions with potential growth prospects include Latin America and the Middle East and Africa. The fastest-growing markets in these regions are those in Saudi Arabia, the United Arab Emirates, Brazil, and Mexico. These markets are being propelled by increased trade volumes, the expansion of infrastructure, and the expanding acceptance of cutting-edge logistics technologies.
Global Freight Management System Market By Geography
- Largest
- Fastest
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Freight Management System Market Dynamics
Drivers
Import and Export Business Expansion
- One of the main reasons driving the growth of the goods management systems market is the fact that some nations have implemented free trade policies, which has resulted in significant expansion in the import and export business. Numerous transportation businesses have enhanced their delivery capacities by implementing this technology, which has fuelled industry expansion. The market for goods management systems is being driven by the acceleration of international trade.
Adoption of Advance Technology
- The big data revolution, fast digitization, and shifting consumer expectations are some of the major factors propelling the growth of the goods management system market. Big data, AI, and cloud computing technologies are being adopted quickly, giving shippers and logistics service providers real-time supply chain visibility for freight management. In the near future, expanding global trade is also anticipated to produce favourable growth circumstances for the sector.
Restraints
Congested Trade Routes
- The global capacity issue for goods transportation is just getting started. Due to economic growth and increased international trade, the need for goods transportation in North America and Europe has steadily increased over the past few decades. As highways aren't built to accommodate a lot of freight traffic, this has led to congestion in some portions of the system.
Cost Sensitivity
- Many SMEs cannot afford the high cost of complex equipment and technological installations. The cost-sensitive nature of small and medium-sized freight enterprises, along with their ignorance of the advantages of freight management systems, often leads them to shy away from investments in technology, software, and related services. Cost sensitivity is therefore having a negative effect on the market for goods management systems.
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Freight Management System Market Competitive Landscape
In order to extend their product lines, major market players are substantially investing in research and development, which will propel further growth in the goods management system market. In addition, market participants are engaging in a range of strategic endeavours aimed at broadening their market reach. Notable events in this regard include the introduction of new products, contractual agreements, mergers and acquisitions, increased investment levels, and cooperation with other entities. In order to grow and thrive in a more competitive and developing market environment, the goods management system sector needs to provide affordable products.
Top Player’s Company Profiles
- MercuryGate (U.S.)
- SAP (Germany)
- Accenture (Ireland)
- JDA Software (U.S.)
- Ceva Logistics (Spain)
- UPS (U.S.)
- C.H. Robinson TMC (U.S.)
- Riege Software (Germany)
- Retrans (U.S.)
- BluJay Solutions (U.K.)
- McLeod Software (U.S.)
- Linbis (U.S.)
- DreamOrbit (India)
- Manhattan Associates (U.S.)
- Descartes, Magaya Corporation (U.S.)
- ImageSoft (Australia)
Recent Developments
- In November 2023, MyDHLi Analytics, a cutting-edge freight management technology that provides real-time insights into shipment data, was introduced by DHL Global Forwarding. With the help of this platform, clients can make better decisions and have more visibility into the supply chain.
- In March 2023, in order to minimize carbon emissions, Maersk introduced Maersk ECO Delivery, a sustainable freight management programme that maximizes vessel routes and operational effectiveness. Maersk's dedication to environmental sustainability in international logistics operations is emphasized by this breakthrough.
- In June 2022, Navisphere Vision, an advanced freight visibility platform that uses AI and IoT technologies to provide real-time tracking and predictive analytics, was unveiled by C.H. Robinson. By improving efficiency and transparency throughout supply chains, our technology helps organizations all around the world reduce risk and make proactive decisions.
Freight Management System Key Market Trends
- Rising Popularity of IoT in Every Market: Moving cargo via a network from its origin to its needed destination while utilizing a variety of transportation methods, middlemen, and technologies is known as freight management. Technology, supply chain and logistics tools, physical assets like distribution centers, transporters, and warehouses are all used in the process of transferring goods efficiently. Getting items delivered on time, to the right place, in the right quantity, undamaged, and for the best price has always been essential to business operations.
- Real-Time Tracking and Global Trade Expansion: These systems give companies access to real-time location data and status updates, including commodity and excellent temperature information. The factors driving the growth of the goods management systems market include the adoption of technology that help with tracking, securing, and managing goods while it is in transit; the expansion of free trade policies between nations; and the rise in business imports and exports worldwide. The market is also expanding as a result of advancements in communication technologies and the growing acceptance of the Internet of Things.
Freight Management System Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the expansion of international trade, which is made possible by free trade laws in some countries, stimulates import and export activity and, as a result, raises the need for cutting-edge technology in the transportation industry, which in turn drives the growth of goods management systems. The adoption of technologies like big data, artificial intelligence (AI), and cloud computing is being driven by factors like the big data revolution, increasing digitalization, and changing consumer expectations. The market for goods management is constrained by factors such as clogged trade routes from increased international trade, especially in North America and Europe, which causes traffic on highways unfit for heavy goods traffic, and cost sensitivity among SMEs, which prevents investment in software and technology due to its high costs and lack of knowledge of its advantages.
In an effort to stay competitive and meet the need for cost-effective solutions in a market that is expanding and becoming more competitive, major players in the goods management system market are extending their product lines through sizeable investments in research and development. They are also pursuing strategic initiatives like product introductions, partnerships, mergers, and acquisitions to broaden their market reach. The efficient movement of cargo through a variety of transportation methods and technologies is known as freight management, and real-time tracking systems that utilize the Internet of Things are becoming more and more popular. The market for goods management systems is expanding due to the expansion of global trade, free trade policies, and the adoption of technology.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 25.5 billion |
| Market size value in 2031 | USD 55.18 billion |
| Growth Rate | 10.13% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Freight Management System Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Freight Management System Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Freight Management System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Freight Management System Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Freight Management System Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Freight Management System Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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