Market
Analysis
The global freight management system market will touch USD 18.63
billion at a 9.4% CAGR in the forecast period (2020- 2027), states the latest
Market Research Future (MRFR) report.
Drivers
Demand for
On-Time Delivery of Products to Fuel Market Growth
The rapid rise
in the need for on-time delivery of products and raw materials that encourage
fleet owners to implement an effective freight management which allows planning
for the current inventory will boost market growth over the forecast
period.
Opportunities
Rise in Global
Trade to offer Robust Opportunities
The increase in
global trade will offer the market with robust opportunities during the
forecast period. The international trade bodies like WTO (World Trade
Organization) are paving the way to promote international trade sans tax
barriers. Most enterprises are reaping the benefits of trade incentives and
also relaxation in regulations to expand their business beyond national
boundaries. This may trigger the requirement for freight management systems
that can update as well as track freight movements worldwide and also ensure
safe and on-time delivery.
Restraints
Congested Trade
Routes to act as Market Restraints
The congested
trade routes may act as a market restraint in the forecast period. Economic
expansions coupled with global trade have led to freight congestion in specific
areas on highways which are not designed to handle freight traffic in large
volumes. Besides the COVID-19 impact too may act as a market restraint.
Challenges
Poor Transport
Infrastructure to Challenge Market Growth
The poor
transport infrastructure in India and China leads to traffic congestion and
accidents which are untoward in nature. These unpredictable events impact the
freight management system’s operational efficiency. Besides climatic conditions
like rain and snow coupled with cargo thefts may also impede market
growth.
Market
Segmentation
The freight
management system market has been bifurcated based on component, end user, and
transportation mode.
By component,
the solution segment will lead the market over the forecast period. Several
players are deploying these solutions effectively for managing the freight and
transportation process that is adding to the segmental growth.
By end user,
the forwarders segment will dominate the market over the forecast period.
By
transportation mode, the ocean freight segment will spearhead the market over
the forecast period.
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Regional
Analysis
North America
to Sway Freight Management System Market
North America
will sway the market over the forecast period. Constant investments and focus
on freight automation, the presence of several software providers in the
market, adoption of freight management solutions and services that are adopted
by most users, high technological adoption, significant adoption in Canada and
the US, the presence of a well-established and sustainable economy, and huge
investments in research & development activities that contribute to the
development of new use cases and new technologies are adding to the freight
management system market share in the region.
Key
Players
Eminent players
profiled in the global freight management system market report include Mcleod
Software (US), Freightview (US), Freight Management (US), Linbis (US),
Logisuite (US), Dreamorbit (India), Descartes (Canada), Oracle Corporation
(US), Werner Enterprises (US), MercuryGate (US), SAP (Germany), Accenture
(Ireland), JDA Software (US), Ceva Logistics (Spain) and UPS (US).
The global
freight management system market is fragmented and also competitive for the
presence of different international & domestic key players. These players
have incorporated innovative strategies to remain at the vanguard and also
suffice the burgeoning demand of the customers including collaborations, contracts,
partnerships, joint ventures, geographic expansions, & new product
launches, and more.
Industry
Updates
A renowned
provider of technology solutions in freight & transportation, MGN
Logistics, Inc., has acquired a California based niche freight brokerage,
Republic Logistic Services.
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