The data experts at Market Research Future Reports (MRFR) have analyzed and concluded that the global freight management market is predicted to value USD 18.63 billion, thriving at a CAGR of 9.4% by the end of 2025. The increasing global trade is estimated to be the most significant factor driving the global freight management market 2020. In addition, the increasing demand for supply chain visibility is projected to be another pivotal reason for market growth. The green freight provides real-world efficiency and is environmentally conscious, which is likely to propel the market. Besides, the adoption of technologies such as big data analytics and cloud computing is projected to bring several opportunities for market expansion. The usage of freight management systems helps in enhancing the efficiency and the streamlining supply chain. Moreover, it helps in saving time and the extra expenses owing to the transparency in operations offered by freight management systems.
However, the crowded trade routes can impede market growth. Also, the spread of COVID-19 has influenced the global freight management market dynamics. The regional market dynamics have been affected substantially. The data experts at MRFR are analyzing the aftermath of coronavirus on the worldwide market. We will provide impact analysis report.
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The global freight management market can be segmented on the basis of transportation mode, component, end-user, and geography.
On the basis of transportation mode, the global freight management market can be classified into ocean freight, road freight, air freight, and rail freight. The ocean freight segment is estimated to record the fastest growth rate.
On the basis of component, the global freight management market can be classified into solutions and services.
On the basis of end-user, the global freight management market can be classified into shippers, forwarders, third-party logistics, brokers, and carriers.
On the basis of geography, the global freight management market can be classified into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.
A thorough evaluation of Asia-Pacific, North America, Europe, the Middle East & Africa, and South America has been carried out. The market is estimated to expand exponentially during the review period. According to the study, the global market is estimated to be led by North America. North America holds the largest market share. The most significant reason for North America excelling is the massive investment in freight automation. Besides, the presence of established key players in the region is another pivotal factor leading to market growth. Moreover, the region is well-developed and adopts innovative technology at a fast pace. Europe attains the second position. Among all nations, the UK is expected to make the most significant contribution during the forecast period. The US is likely to acquire the largest market share. The second and third position is attained by Germany and France, respectively. The rapid growth in global trade and the demand to regulate the time-in-transit is predicted to expand the regional market. The APAC region is estimated to expand significantly during the forecast period. The developing economies of the region are estimated to make a substantial contribution to expanding the market.
However, market dynamics are likely to affect the global freight management market.
The market players of the global freight management system market are Freightview (the US), Mcleod Software (the US), Freight Management (the US), Logisuite (the US), Linbis (the US), Dreamorbit (India), Oracle Corporation (the US), Descartes (Canada), Werner Enterprises (the US), SAP (Germany), MercuryGate (the US), Accenture (Ireland), Ceva Logistics (Spain), UPS (the US), and JDA Software (the US).
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