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

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.