Market Overview
The global freight management system market is emerging at a faster rate over the years and will surge to stupendous heights in the upcoming times. Freight management systems are widely used by brokers, third-party logistics providers, forwarders, carriers, and shippers. The freight management system industry allows companies to utilize these systems in order to streamline the supply chain operations and enhance shipping process efficiency. Additionally, these systems also maintain security and benefit organizations in many ways. By using the features of the freight management system market, organizations can save cost as well as time as it provides full visibility.
Through these systems, companies can look for the best carriers, book orders, manage carriers with negotiated rates, find all transportation modes, track shipments in real-time, and request as well as receive spot quotes. All these beneficial features are soaring up the freight management system market growth. Green freight enhances the environmental performance, and real-world energy efficiency is prompting vendors to invest in the opportunity, which eventually will expand the freight management system market size. These days there are various freight management systems present in the market that are deployed on-cloud or on-premise.
In recent years, the elevating need for supply chain visibility and increased global trade is boosting the growth of freight management system market share. The requirement to control the time-in-transit is also a major factor for fuelling the demand of the freight management system industry. With the increasing adoption of technologies like big data analytics and cloud technology, the global freight management system market opportunities are also enhancing. The market value by the year 2027 is presumed to reach around USD 18.63 billion, and the CAGR is anticipated to be 9.4 percent during the forecast period.
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Market Segmentation
The freight management system market is fragmented into different segments on the basis of transportation mode, component, end-user. The freight management system market segment on the basis of transportation mode includes air freight, rail freight, ocean freight, and road freight. By component, the freight management system market is categorized into services and solutions. The services segment comprises support, system integration and deployment, maintenance, and consulting. On the other hand, the solution segment includes planning, operations, and execution, control, and monitoring. Further, the planning solutions involve supplier and vendor management. The execution and operation part has freight audit, payment, and visibility. By end-user, the freight management system market size segmentation consists of brokers, shippers, third-party logistics providers, forwarders, carriers.
Regional Analysis
Globally, the freight management system market is analyzed in several regions such as North America, South America, Asia-Pacific, Europe, Middle East, and Africa. The North American region has the largest freight management system market share owing to the continuous investments and focuses on developments of freight automation. The presence of giant market players is also a major reason for the market growth in the region. Europe has the second-largest freight management system market share after North America. Countries like UK, Germany, and France in the region are immensely projecting the growth of the market. The rise in global trade and growing requirement to control the time-in-transit is also helping to boost the market growth in Europe.
Industry News
The consequences of the COVID19 pandemic have devasted the entire economy and adversely affected the freight management system market. The economic growth rate has been slowed down, and the lockdown restrictions ensured the closure of industrial operations for a long time. However, the rising demand for automated systems has helped the market to have a substantial rise. Along with the increased demand for the systems, the major market players also supported a lot for the improvement of the market growth.
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