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

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.