Freight Management System Market Worth 17.45 Billion USD by 2023

According to a new research report «Freight Management System Market by Solution (Freight Tracking & Monitoring, Cargo Routing & Scheduling, Security, EDI, TMS, Order Management), End-user (3PLs, Forwarders, Brokers, Shippers), Transportation Mode, and Region  Global Forecast to 2023«, published by MarketsandMarkets™, the market size 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.

Early buyers will receive 10% customization on this report

Some of the factors that are expected to drive the growth of the Freight Management System Market include the need to reduce the transit time, desire for supply chain visibility, higher customer satisfaction, and the low 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.

Under the solutions segment, the execution and operations solution segment is expected to hold the largest market share during the forecast period

The execution and operations solutions include information interchange, visibility, audit and payments, and transportation management. These solutions are involved in the exchange of information and execution of the processes involved in the transportation of freight from consignors to consignees. Most solutions are existing in the market for many years and are evolving with advanced technologies, hence the execution and operations solution segment holds the largest market share in the market.

Among transportation modes, the road freight transportation mode is expected to hold the largest market share during the forecast period 

The road freight transportation mode is estimated to hold the larger market share in 2018, owing to the higher adoption of freight management solutions in domestic freight transportation. Under the solution segment, the control and monitoring solution segment is expected to dominate the Freight Management System Market, due to the higher demand for visibility, track and trace, and security and monitoring applications and technologies. APAC has the highest volumes in terms of freight movement; hence users in this region would adopt freight management system tools rapidly, which in turn, is expected to boost the growth of the overall market within the next 5 years.

Under the solutions segment, the control and monitoring solution segment is expected to grow at the fastest rate during the forecast period

The control and monitoring solution segment is expected to grow at the fastest rate during the forecast, owing to the increasing demand for freight visibility and reducing technological costs. Additionally, the control and monitoring solution segment is expected to dominate the Freight Management System Market, due to the higher demand for visibility, track and trace, and security and monitoring applications and technologies. APAC has the highest volumes in terms of freight movement, hence users in this region would adopt freight management system rapidly, which in turn, is expected to boost the growth of the overall market within the next 5 years.

North America is expected to hold the largest market share during the forecast period

As per the geographic analysis, North America is expected to hold the largest market share during the forecast period. This can be attributed to freight management solutions and services, which are adopted by many users in the region. North America is expected to be the most mature region for the growth of the Freight Management System Market, due to the high technological adoption and presence of leading solutions providers in the market. The North American region comprises the US and Canada, which are also witnessing the significant adoption of freight management systems. In fact, US is expected to have a major dominance in the Freight Management System Market, due to its sustainable and well-established economy which empower it to make huge investments in R&D activities, thereby contributing to the development of new technologies and use cases.

 

Categories: News

Post Your Thoughts

Close

Join us

Join to the BCBA community today. Just fill out the blanks and we will get back soon.