DUBLIN, Ireland–The Global Freight Management market is expected to grow from US$18.687 billion in 2016 to US$53.913 billion in 2021, at a CAGR of 23.60% over the forecast period.
This is the main finding of Research and Markets’s recently published “Global Freight Management System Market – Forecasts from 2016 to 2021” report.
Growth of MNCs, high investment overseas, and adoption of free trade policy by different countries is increasing the volume of imports and exports, thereby augmenting the demand for efficient freight management systems across the globe. The growing global e-commerce industry will further propel the market growth during the forecast period in order to ensure planned inventory management along with on-time delivery of products to the ultimate consumers.
Moreover, the emergence of cloud and big data analytics along with M2M communication will cause freight companies to adopt these solutions, thereby leading to a spur in the demand for smart freight by various industry verticals in the near future.
North America holds the largest market share of global freight management systems owing to the growing third-party logistics industry in the region.
The Asia Pacific region is projected to witness the fastest growth due to growing inter-trade and intra-trade among different Asian countries. Furthermore, mushrooming online retailing is also fuelling the demand for various freight management solutions and services, especially in emerging economies such as China and India. However, factors such as operational issues, growing traffic congestion, security and safety of cargos as well as climatic concerns in countries like India are restraining the market growth. Thus, freight companies are adapting to cloud-computing solutions.
Key industry players profiled are JDA Software, Accenture, CEVA, Northline, and Retalix, among others.