New York, US, July 06, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Freight Management System Market information by Services, by Components, by End-User and Region – Forecast to 2027” the market is expected to expand at a 9.4% CAGR, to reach USD 18.63 Billion by 2025.
Key players have incorporated several strategies to stay at the forefront such as joint ventures, partnerships, new product launches, and others. For instance, digital freight platform Redwood Logistics has entered into a partnership with project44 to offer enterprise-grade integration which will offer customers of Redwood visibility into multiple modes of transportation.
Dominant Key Players on Freight Management System Market Covered Are:
Mcleod Software (US)
Freight Management (US)
Oracle Corporation (US)
Werner Enterprises (US)
JDA Software (US)
Ceva Logistics (Spain)
Get Free Sample PDF Brochure:
Market USP Exclusively Encompassed:
Freight Management System Market Drivers
Demand for On-time Delivery of Products to Boost Market Growth
The rapid increase in the demand for on-time delivery of products as well as raw materials which encourage fleet owners in implementing an effective freight management system that allows planning for the current inventory is likely to boost market growth.
Freight Management System Market Opportunities
Increase in Global Trade to offer Robust Opportunities
The rise in global trade is predicted to offer robust opportunities for the market in the forecast period. International trade bodies such as World Trade Organization (WTO) are paving the way for promoting international trade without tax barriers. Most organizations are reaping the perks of trade incentives as well as relaxation in regulations for expanding their businesses beyond national boundaries. This is likely to trigger the need for freight management systems which can update and track freight movements globally along with ensuring on-time and safe delivery.
Freight Management System Market Restraints
Congested Trade Routes to act as Market Restraints
Congested trade routes are likely to act as a market restraint over the forecast period. Global trade and economic expansions has caused freight congestion in particular areas on highways that are not designed for handling large volumes of freight traffic.
Freight Management System Market Challenges
Poor Transport Infrastructure to act as Market Challenge
Poor transport infrastructure in developing countries such as China and India results in accidents and traffic congestion that are unpredictable in nature. Such unpredictable events impact the operational efficiency of freight management system. There are other unpredictable events too such as climatic conditions such as snow and rain and cargo thefts that are also impacting market growth.
Browse In-depth Market Research Report (141 Pages) on Freight Management System:
Segmentation of Market covered in the research:
By component, the solutions segment will lead the market over the forecast period. A huge number of players are deploying these solutions for effectively managing the freight and transportation process that is driving the growth of the segment. Besides, the growing need for information tracking, easy payments, audit of the freight, freight visibility, and managing the transporting goods through the proper software are also adding to the growth.
By End User
By end user, the third party logistics segment will dominate the market over the forecast period for the implementation of free trade policy by many countries all across the globe. Besides, a rapid rise in the need for timely delivery of raw materials and products and growing demand for warehouse efficiencies are also adding to the growth.
By Transportation Mode
By transportation mode, the rail freight transportation segment will spearhead the market over the forecast period. This mode of transportation has advantages over other modes in the different areas of safety, energy consumption, land use, and environmental performance. Thus, with the increased preference, the rail logistics environment has become difficult to navigate and turned complex and companies require information technology systems and rail cargo industry experience for managing them. It has led to the advent of a huge range of rail freight transportation management solutions, particularly designed for intermodal lines, small freight trains, and private factory rails which are challenged by the growing operational complexity & a growing need for automating or streamlining processes.
Share your Queries:
North America to Have Lions Share in Freight Management System Market
North America is predicted to have lions share in the freight management system market over the forecast period. The constant investments and focus on freight automation, the presence of several software providers such as MercuryGate, Werner Enterprises, Oracle Corporation, Descartes, JDA Software, Logisuite, Linbis, Freight Management, Freightview, and Mcleod Software, highest technological adoption, growing demand from the US for the presence of a well-established and sustainable economy, huge investments in R&D activities, increasing adoption of the freight management tool, growing third-party logistics industries, increase in the retail sector for several firms moving towards the online channel, and advances of technology in cloud computing sector and IT are adding to the global freight management system market growth in the region. The US & Canada hold the utmost market share.
COVID-19 Impact on the Global Freight Management System Market
The freight management system market has been hit hard by the COVID-19 pandemic. Due to lockdown and physical distancing trends firms have experienced major disruptions in logistics and transportation services, cargo cancellations owing to cramped freight capacity, time delays, restricted circulation, slow custom clearance, and closure of ports. The outbreak has also adversely affected the transport and production consignments including logistic services and resulted in delays & rerouting to final consumers. Due to lockdowns coupled with major focus on the production of essential products, the volumes of ocean and air freight has fallen significantly. The market however is now recovering due to e-commerce and manufacturing industries particularly the air freight market with significant thrust in the forecast period.
A leading freight management software provider for less-than-truckload (LTL) fleets, Carrier Logistics Inc. has upgraded its freight management and transportation system, Facts 11.4 to include various innovative solutions that will benefit clients and also their ability of serving customers. LTL carriers will be highly profitable owing to robotic processing automation and advanced dock management.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
CONTACT: Contact Market Research Future +1 628 258 0071(US) +44 2035 002 764(UK) Email: firstname.lastname@example.org Website: https://www.marketresearchfuture.com