(USGovernment-News.Com, October 22, 2019 ) The Freight Management System Market is 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. The major drivers that are expected to propel the growth of this market are the increase in global trade, need to control time-in-transit, growth in freight visibility solutions and technologies, advancements in freight security, safety, and transportation solutions, and growth in communications technologies and IoT adoption worldwide. 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).
Why blockchain in freight management is creating an opportunity for the Freight Management System Market growth?
Blockchain is a distributed database that holds records of digital data or events in a way that makes them tamper-resistant. While many users may access, inspect, or add to the data, they cannot change or delete it. The FBI estimates that cargo thefts cause an annual loss of approximately USD 30 billion per year (US), with an average theft value of USD 190,000. In effect, cargo theft can cost consumers up to 20% more for their goods. With blockchain, the original information is immutable, making it a permanent and public trail of transactional information. Blockchain can provide a secure data distribution and validation technology that improves the shipment visibility and brings trust into the sale and movement of international cargo. As the product passes through stages in the logistics chain, the transaction could be documented, creating a permanent history of a product, from product manufacture to sale. This could dramatically reduce time delays, added costs, and human errors that plague transactions today. Recently, UPS announced that it was going to join the Blockchain in Transport Alliance (BiTA), a forum for the development of blockchain technology standards and education for the freight industry.
By leveraging smart contracts, intermediaries involved can be limited, leading to lower costs by removing markups associated with each intermediary. Smart contracts are essentially self-executing contracts that are fulfilled when predefined stipulations are met. Blockchain can provide customers the opportunity to participate in a freer, more transparent global trade, and potentially limit the need for brokers and lower intermediary costs.
The scope of this report covers the Freight Management System Market analysis by component (solutions and services), transportation mode, end-user, and region. Freight management solutions are used by companies for the smooth transitions between stages in their freight life cycles. These stages are categorized as planning, execution and operation, and control and monitoring. Further, the study of the freight management solutions in each of these stages is important, as each solution plays a defined role in the freight transportation process, and has a direct impact on the adoption of the freight management solutions, technologies, and services worldwide. The adoption of the freight management system in road freight transportation mode is the highest among all modes. Freight management system practices are adopted by multiple end-users, such as 3PLs, forwarders, brokers, shippers, and carriers.
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