SAN FRANCISCO, Aug. 11, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Freight Management Systems - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 9; Released: May 2021
Executive Pool: 27546
Companies: 120 - Players covered include 3Gtms, Inc.; Accenture Plc; Agility Public Warehousing Company K.S.C.P.; BluJay Solutions Ltd. ; Ceva Logistics ; DB Schenker; DreamOrbit Softech Pvt Ltd; DSV Panalpina A/S; Freight Management Inc ; FreightView ; Geodis; Imagesoft; Kuebix - A Trimble Company ; Linbis, Inc. ; Magaya Corporation ; McLeod Software Corporation, Inc. ; Oracle Corporation ; ReTrans, Inc. ; Riege Software International GmbH; SAP SE; The Descartes Systems Group Inc.; United Parcel Service of America, Inc ; Werner Enterprises ; 3Gtms, Inc.; Accenture Plc; Agility Public Warehousing Company K.S.C.P.; BluJay Solutions Ltd. ; Ceva Logistics ; DB Schenker; DreamOrbit Softech Pvt Ltd; DSV Panalpina A/S; Freight Management Inc ; FreightView ; Geodis; Imagesoft; Kuebix - A Trimble Company ; Linbis, Inc.; Magaya Corporation; McLeod Software Corporation, Inc.; Oracle Corporation; ReTrans, Inc.; Riege Software International GmbH; SAP SE; The Descartes Systems Group Inc.; United Parcel Service of America, Inc; Werner Enterprises and Others.
Coverage: All major geographies and key segments
Segments: Component (Solutions, Services); Mode (Road Freight, Rail Freight, Ocean Freight, Air Freight); End-Use (Third-Party Logistics (3PLs), Forwarders & Brokers, Shippers, Carriers)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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Global Freight Management Systems Market to Reach $14.3 Billion by 2026
Freight management refers to the process involving efficient movement of freight across a network from the point of origin to the desired destination by using various modes of transportation, and technologies. The process involves the use of logistics and supply chain capabilities, distribution centers, warehouses, and technology to move freight effectively at lower costs. Freight management system refers to SaaS platform that enables the user to access important tasks with reference to procurement and management of shipping services. The system can be employed to full truckload, less-than-truckload (LTL), multimodal, intermodal, and parcel services. Freight management system aids in automation and monitoring of incoming and outgoing freight shipments through various modes including air, rail, road, and sea. The solution allows the user to compare various shipping carrier rates, select the ideal shipping carrier meeting requirements, and manage the entire freight process starting from documentation, to tracking shipments on a real-time basis.
Amid the COVID-19 crisis, the global market for Freight Management Systems estimated at US$10.1 Billion in the year 2020, is projected to reach a revised size of US$14.3 Billion by 2026, growing at a CAGR of 6.2% over the analysis period. Solutions, one of the segments analyzed in the report, is projected to record 5.8% CAGR and reach US$8.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Services segment is readjusted to a revised 6.7% CAGR for the next 7-year period.
The U.S. Market is Estimated at $3.5 Billion in 2021, While China is Forecast to Reach $1.5 Billion by 2026
The Freight Management Systems market in the U.S. is estimated at US$3.5 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.5 Billion by the year 2026 trailing a CAGR of 8.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.7% and 6.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.6% CAGR.
The market is expected to deliver a notable performance due to strong demand for these solutions and services as a result of increasing global trade, need to reduce time-in-transit and focus on supply chain visibility. Efficient freight movement is one of the most critical aspects of an economy. Over the last decade, factors such as rapid globalization, rising population and increasing demand for goods have encouraged shipping companies to opt for freight management solutions to ensure efficiency and security of their operations. Organizations are increasingly using these systems to streamline supply chain operations, maintain security and make the shipping process more efficient. In addition to providing users with high visibility to save cost and time, these tools allow organizations to book orders, explore different transportation modes, find suitable carrier rates, negotiate rates with carriers, request spot quotes, and track shipment in real time. Organizations are also using freight management systems to improve warehouse efficiencies.
Global growth is also fueled by the need to improve supply chain visibility, expedite transit time and customer satisfaction while reducing logistics costs. The market growth is favored by advances in freight safety, security and transportation tools along with adoption of IoT and advanced communication technologies. While cross-border trade risks and overcrowded trade routes remain key challenges, the availability of advanced freight management modules and increasing focus on on-time delivery are driving the market. The market gains from increasing global trade that is driving various trade organizations to consider open door policy for encouraging trade without tax barriers. Businesses are leveraging regulatory relaxations and trade incentives for expanding their footprint to new geographies. On the other hand, stiff competition is prompting companies to focus on product innovation to help users achieve higher efficiency. More
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