The global trade management software market was valued at US$ 712.3 Mn in 2018 and is expected to grow at a CAGR of 9.6% during the forecast period 2019 - 2027, to account to US$ 1,607.2 Mn in 2027
NEW YORK, June 13, 2019 /PRNewswire/ --
The global trade management software market was valued at US$ 712.3 Mn in 2018 and is expected to grow at a CAGR of 9.6% during the forecast period 2019 - 2027, to account to US$ 1,607.2 Mn in 2027. Factors such as complexities in global trade management, cost reduction, and real-time visibility offered by trade management, and rising cross-border trade is driving the global trade management software market. However, frequent changes in the regulatory framework, act as a significant challenge for the global trade management software market growth in the coming years.
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Every business across the globe has several concerns related to trade management.These concerns are based on several factors, including the product's geographical location of sourcing, manufacturing, and shipping.
Further, import and export volume of the products; compliance and security regulations of the delivery location; the multitude of FTAs and FTZs; the number of partners involved in the supply chain; and the level of internal trade know-how are other vital factors.Additionally, the need for any business may change on a timely basis or depending on the location.
Thus, companies across the world are seeking for appropriate GTM solutions to simplify their global trade processes.
The trade and supply chains across the world are expanding drastically, owing to the growth of cross-border markets.This has further driven the establishment of production sites in different locations supported by a global supplier base.
With the expansion of the supply chain, the opportunities for errors during shipment across international borders has increased.Thus, before trading internationally, supply chain management bodies must confirm that all procedures are fulfilled; this necessitates in-depth research and monitoring of regulations across the globe.
GTM providers have extensive resources committed to the sole control of and ensuring adherence to international trade rules and regulations that comprises of payment of duties, tariffs, and taxes.
The most prominent region in the global trade management software market in 2018 accounted for North America, followed by Europe and the Asia Pacific.The Middle East and Africa, and South America held the fourth and fifth position in terms of market shares in trade management software market.
The growth of trade management software market in North America is attributed to the presence of developed economies such as the US and Canada. In 2018, the US imported over US$ 2.5 trillion worth of goods from across the globe. From a regional perspective, approximately 45% of the region's total imports in 2018 were bought from providers based in the Asia Pacific region, in terms of value. Fellow region's trade partners delivered around 26% of import sales to the US while around 22% worth initiated from Europe.
The overall trade management software market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the trade management software market.
It also provides the overview and forecast for the global trade management software market based on all the segmentation provided for five major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and South America.Also, primary interviews were conducted with industry participants and commentators to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the trade management software industry. Some of the key players included in the global trade management software market are Amber Road, Inc., Bamboo Rose LLC, Expeditors International of Washington, Inc., Integration Point, LLC, Livingston International, MIC, Oracle Corp, QAD, Inc, QuestaWeb, SAP SE, and others.
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