The global trade management software market is expected to post a CAGR of more than 10% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio announced its latest market research report titled global trade management software market 2020-2024. (Graphic: Business Wire)
Trade management software allows enterprises to plan transportation and logistics for optimum resource utilization. It also eliminates manual functions with digital ones, thereby saving time, labor, and operational costs. In addition, by integrating predictive analytics tools with trade management software, enterprises can gain a better understanding of the supply-demand cycle and enhance communication between transportation carriers. This helps in analyzing the impact on the cost of goods by switching between suppliers from various countries. Thus, the implementation of trade management software allows enterprises to minimize costs through better route planning and effective load optimization, thus enhancing the supply chain efficiency. These factors are crucial in driving the growth of the global trade management software market.
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As per Technavio, the rising import and export volumes of emerging countries will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Global Trade Management Software Market: Rising Import and Export Volumes of Emerging Countries
Emerging economies such as China and India have witnessed a significant rise in import and export volumes over the past decade. This is because, organizations across the world are increasingly adopting low-cost sourcing strategies by buying raw materials and finished products from suppliers located in China, India, and Southeast Asian countries. In addition, the expansion of business operations by MNCs in emerging markets has further increased import and export activities. These factors are creating a significant demand for trade management software from end-users in APAC.
"Inclusion of trade compliance as an important feature and the use of big data analytics in trade management software will further boost market growth during the forecast period," says a senior analyst at Technavio.
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Global Trade Management Software Market: Segmentation Analysis
This market research report segments the global trade management software market by deployment (cloud-based and on-premise) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the trade management software market in 2019, followed by Europe, APAC, South America, and MEA respectively. The increasing need for global trade compliance, and the presence of significant trade management software players will significantly influence trade management software market growth in this region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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