(USGovernment-News.Com, June 13, 2019 ) According to a new market research report "Freight Management System Market by Solution (Freight Tracking & Monitoring, Cargo Routing & Scheduling, Security, EDI, TMS, Order Management), End-user (3PLs, Forwarders, Brokers, Shippers), Transportation Mode, and Region - Global Forecast to 2023"published by MarketsandMarkets™, the Freight Management System Market expected to grow from USD 10.76 Billion in 2018 to USD 17.45 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.1% during the forecast period.
Some of the factors that are expected to drive the growth of the Freight Management System Market include the need to reduce the transit time, desire for supply chain visibility, higher customer satisfaction, and the low cost of logistics, coupled with the advancements in freight security, safety, and transportation solutions; and rapid growth in communication technologies and IoT. However, congested trade routes and cross-border trade risks and environment concerns related to transportation and logistics may restrain the market growth.
Browse in-depth TOC on "Freight Management System Market” 97- Tables 42- Figures 182- Pages
Under the solutions segment, the execution and operations solution segment is expected to hold the largest market share during the forecast period
The execution and operations solutions include information interchange, visibility, audit and payments, and transportation management. These solutions are involved in the exchange of information and execution of the processes involved in the transportation of freight from consignors to consignees. Most solutions are existing in the market for many years and are evolving with advanced technologies, hence the execution and operations solution segment holds the largest market share in the market.
Among transportation modes, the road freight transportation mode is expected to hold the largest market share during the forecast period
The road freight transportation mode is estimated to hold the larger market share in 2018, owing to the higher adoption of freight management solutions in domestic freight transportation. Under the solution segment, the control and monitoring solution segment is expected to dominate the Freight Management System Market, due to the higher demand for visibility, track and trace, and security and monitoring applications and technologies. APAC has the highest volumes in terms of freight movement, hence users in this region would adopt freight management system tools rapidly, which in turn, is expected to boost the growth of the overall market within the next 5 years.
Under the solutions segment, the control and monitoring solution segment is expected to grow at the fastest rate during the forecast period
The control and monitoring solution segment is expected to grow at the fastest rate during the forecast, owing to the increasing demand for freight visibility and reducing technological costs. Additionally, the control and monitoring solution segment is expected to dominate the Freight Management System Market, due to the higher demand for visibility, track and trace, and security and monitoring applications and technologies. APAC has the highest volumes in terms of freight movement, hence users in this region would adopt freight management system rapidly, which in turn, is expected to boost the growth of the overall market within the next 5 years.
North America is expected to hold the largest market share during the forecast period
As per the geographic analysis, North America is expected to hold the largest market share during the forecast period. This can be attributed to freight management solutions and services, which are adopted by many users in the region. North America is expected to be the most mature region for the growth of the Freight Management System Market, due to the high technological adoption and presence of leading solutions providers in the market. The North American region comprises the US and Canada, which are also witnessing the significant adoption of freight management systems. In fact, US is expected to have a major dominance in the Freight Management System Market, due to its sustainable and well-established economy which empower it to make huge investments in R&D activities, thereby contributing to the development of new technologies and use cases.
The major vendors covered in the Freight Management System Market include Descartes (Canada), Oracle (US), Werner Enterprises (US), MercuryGate (US), SAP (Germany), Accenture (Republic of Ireland), JDA Software (US), Ceva Logistics (Spain), UPS (US), DB Schenker (Germany), C.H. Robinson TMC (US), Riege Software (Germany), Retrans (US), BluJay Solutions (UK), McLeod Software (US), FreightView (US), Freight Management (US), Linbis (US), Logisuite (US), DreamOrbit (India), Manhattan Associates (US), Magaya Corporation (US), Kuebix (US), ImageSoft (Australia), and 3GTMS (US).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Industry resource center today to browse our selection of 600+ complimentary Industry magazines, white papers, webinars, podcasts, and more. Get popular titles including: