Freight Management System Market is Expected to Attain a Valuation of USD 60.77 Billion by 2032

MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Freight Management System Market.

Overview

The Global Freight Management System Market is expected to reach USD 60.77 Billion by 2032, registering a CAGR of 8.81% during the forecast period, 2024–2032. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the coming years. Globalization of trade and commerce and the ever-increasing customer demand driving innovation at a rapid pace and low cost are the main factors positively impacting the market. The freight shipping, forwarding, and third-party logistics companies are facing a growing need for efficient, easy-to-use, and flexible freight management software. The software is needed to manage their day to day operations and business deals effectively.

Segmental Analysis

The Global Freight Management System Market has been segmented on the basis of Component, End-User, Transportation Mode, and Region.

Based on the component, the freight management system market has been segmented into solutions and services. Solutions accounted for the largest share in the overall market in 2018. A large number of players are deploying such solutions to effectively manage the freight and transportation process, which is driving the market. The services segment has been categorized as consulting, system integration and deployment, support and maintenance. The solution segment has been divided into planning, execution and operations, and control and monitoring. Planning solutions include supplier and vendor management, freight order management, revenue management, dispatch management, and claims management. The execution and operations solutions cover electronic data interchange, load optimization, brokerage operational management, freight visibility, freight audit and payment, and transportation management system. Additionally, the control and monitoring solutions consist of freight tracking and monitoring solution, cargo routing and scheduling solution, and cargo security.

Based on end-user, the freight management system market has been segmented into third-party logistics, forwarders, brokers, shippers, and carriers. The market share of forwarders is expected to have the fastest growth rate, while that of 3PL vendors is expected to have the largest market share, as the 3PL vendors are using these systems on a large scale.

Based on transportation mode, the freight management system market has been segmented into road freight, ocean freight, air freight, and rail freight.  The ocean freight segment is expected to have the fastest growth rate.

Competitive Analysis

The Key Players of the Global Freight Management System Market are MercuryGate (US), SAP (Germany), Accenture (Ireland), JDA Software (US), Ceva Logistics (Spain), UPS (US), Freight Management (US), Linbis (US), Logisuite (US), Dreamorbit (India), Descartes (Canada), Oracle Corporation (US), Werner Enterprises (US), Mcleod Software (US), and Freightview (US).

Regional Analysis

The regional analysis for the global freight management system has been done for North America, Europe, Asia-Pacific, and the Middle East & Africa, and South America. The market in North America accounted for the largest market share in 2018, and it is expected to register strong growth during the forecast period. The market in Asia-Pacific is expected to register the highest CAGR during the forecast period. This growth can be attributed to the growing digital transformation and adoption of new technology. Increasing demand for reducing overall time and cost for the freight management process, among enterprises is one of the key reasons driving the growth of the market.