PUNE, India, October 6, 2017 /PRNewswire/ --
According to the Trade Management Software market report, one of the major drivers for this market is Need for efficient supply chain. The need for global supply chain visibility and optimization has increased among trading companies because of the growing cost of global shipments, extended delivery time, and the variations in lead time. The visibility into the global supply chain is necessary as it helps to avoid overstocking of inventory, optimize supply chain network, and mitigate trade compliance risks. However, the use of manual or outdated technologies and the complexity of the global trading systems, which have different data and message formats, are obscuring the visibility into the networks of the supply chain.
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The analysts forecast global trade management software market to grow at a CAGR of 11.42% during the period 2017-2021. The latest trend gaining momentum in the trade management software market is GTM software adapting to globalization in trade. Many companies are using global trade as a way of expanding their businesses and to increase their profit margins. To cope with the increasing changes in the global trade sector, GTM software activities are also becoming more globalized. GTM has moved away from the traditional global trade approach and is driven by the growth of e-commerce, omnichannel, and other distribution approaches. A high number of regulations associated with country-to-country imports and exports is one of the major trends that will be seen during the forecast period.
Key players in the global trade management software market: Amber Road, Aptean, Descartes, Infor, Integration Point, Oracle, QAD, SAP, QuestaWeb, and Visual Compliance. Other Prominent Vendors in the market are: Bamboo Rose, WiseTech Global, BluJay Solutions, MercuryGate International, MIC, and TradeLanes.Global trade management (GTM) is a software that is used to streamline life cycle of trade activities in areas such as logistics and settlement. GTM helps to improve operating efficiencies and cash flows significantly. GTM is comprehensive and helps organizations to use the cross-functional and system-wide view of global trade. GTM is also applied by many companies in their global operations.
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Further, the report states that one of the major factors hindering the growth of this market is Data security and privacy. Most of the business organizations prefer cloud-based trade software over on-premises trade software because of its cost-effectiveness and easy accessibility. However, the implementation of cloud-based solutions could reveal trade-related information to public or competitors due to security vulnerabilities on the web, which can result in the misuse or manipulation of data. There is also a high chance of a breach of logistics information when proper security measures are not in place.
This report, Global Trade Management Software Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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