The Freight Management System Market is expected to grow from USD 10.76 billion in 2018 to USD 17.45 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.1% during the forecast period.
The major drivers that are expected to fuel the growth of the freight management system market are the business values, such as the need to reduce the transit time, desire for supply chain visibility, higher customer satisfaction, and the reduced cost of logistics, coupled with the advancements in freight security, safety, and transportation solutions; and rapid growth in communication technologies and IoT. However, congested trade routes, and cross-border trade risks and environment concerns related to transportation and logistics may restrain the market growth.
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Freight management solutions and technologies offer businesses the ability to plan, execute, and control the movement of freight from one place to another with the most efficient use of resources. These solutions enable end-users such as forwarders and brokers to imbibe flexibility in their offerings, which can be utilized to attract customers and attain competitive advantage. They also help users plan orders, manage suppliers, select the best carriers based on the cost and destination, design loads, execute orders, manage revenues and claims, transfer documents, audit orders, track, trace, and monitor freight, and ensure the security and safety of the freight.
Advancements in solutions such as load planning, freight visibility, and cargo routing are increasing the adoption of the freight management system. The more common solutions such as order management and transportation management support businesses to focus on more important issues related to the movement of freight. Another factor driving the adoption of freight management solutions is the low investment in incorporating these solutions, as vendors offer subscription-based Software-as-a-Service (SaaS) solutions. Freight management solutions and technologies can be deployed on cloud and on-premises, depending on businesses’ needs and users’ requirements. The demand for SaaS-based freight management system tools is expected to rapidly increase, as these tools require low upfront investments. Key market innovators and early movers are looking at upcoming technologies, such as blockchain, artificial intelligence, and autonomous trucking, to create improvements in their existing solutions or new use cases altogether.
The scope of this report covers the freight management system market analysis by component (solutions and services), transportation mode, end-user, and region. Freight management solutions are used by companies for the smooth transitions between stages in their freight life cycles. These stages are categorized as planning, execution and operation, and control and monitoring. Further, the study of the freight management solutions in each of these stages is important, as each solution plays a defined role in the freight transportation process, and has a direct impact on the adoption of the freight management solutions, technologies, and services worldwide. The adoption of the freight management system in road freight transportation mode is the highest among all modes. Freight management system practices are adopted by multiple end-users, such as 3PLs, forwarders, brokers, shippers, and carriers.
As per the geographic analysis, the Asia Pacific (APAC) region is expected to witness the fastest growth rate in the freight management system market, due to the region’s nature of rapidly adopting new technologies, making higher investments in digital transformation, and its growing share of freight volumes transported globally. Moreover, the region is rapidly investing in technological transformations.Speak to Research Expert @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=214631371
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