Digital freight forwarding solutions offer exemplary ease in managing efficient documentation, inventory transparency, and high-end tracking solutions
The value of the Digital Freight Forwarding market is projected to grow to $77.52 billion with an estimated CAGR of 17.54% by 2030
The COVID-19 outbreak was devastating for several industries, forcing governments throughout the world to enforce stringent lockdowns and make social distance essential to stop the virus's spread, which interrupted the supply chain and halted logistics activities across the globe. As a result, there were aircraft cancellations and a ban on e-commerce services, resulting in a significant reduction in logistics activity worldwide. The adverse effects of the COVID-19 epidemic caused massive supply-demand concerns and lengthy delays in digital freight forwarding operations throughout the world.
Due to the destructive implications of the global Covid-19 countries across developed and developing economies restricted mobility and transport substantially challenged the logistics and supply chain flow. The digital freight market saw a significant recovery in 2021, thanks to the relaxation of social distancing regulations, increased e-commerce, retail, and pharmaceutical sales, and automobile industry refurbishing activities.
Ocean Freight Category To Garner The Largest Revenue Shares
The digital freight forwarding market is divided into four modes: rail freight, road freight, ocean freight, and air freight. The ocean freight category is predicted to have the most significant market share because of most global trade overseas and in oceans. However, the air freight category is expected to expand the quickest, owing to a rise in demand for prompt delivery due to rising worldwide e-commerce.
North America to Emerge as the Most Dominant Growth Spot
In terms of geography, North America dominated the global digital freight forwarding market in the previous years. This is primarily due to the United States' traditional position as the worldwide leader in international trade. Furthermore, many industry participants are from North America. The Asia-Pacific (APAC) region, on the other hand, is behind the North American market and is predicted to develop the quickest over the projection period, owing to the area's growing industrial bases and special economic zones (SEZ). China, India, and Australia are the primary markets that will drive market expansion in the APAC region.
Tools such as Trello, Slack, and Appear.in which offer improved task management,email tracking, and communication network
Digital freight forwarders use digital technologies to facilitate easy communication and get status information on each shipment in a timely manner. A digital freight forwarder uses an entirely transparent system that compares numerous shippers to deliver the best rate to clients. It attempts to eliminate paperwork by generating, uploading, and distributing all documents on the online platform, allowing all stakeholders easy access.
Digitization is still one of the primary drivers of the current economy's growth. Logistic gaps are highly challenging and difficult to recover, ultimately leading to supply china inefficiencies. To overcome the challenge, leading companies such as uShip and Uber Freight are introducing new platforms. The manual procedure will be minimized with digital freight forwarding. All freight forwarding estimates will be available on a single platform, eliminating the need for hours of talk and paper trails. The main advantages of digital freight forwarding are rapid quotations, transparent pricing, rate and carrier comparison, tracking, and simple paperwork, among other things. The logistics sector is transitioning to a paperless, digital industry, assisting market growth.
E-commerce boom and advances in free trade collaborations and agreements to remain critical growth determinants in the global digital freight forwarding market. However, insufficient infrastructure and more significant logistical costs, as well as strict air freight laws, are impeding industry expansion. On the contrary, increased use of direct-to-consumer (DTC) e-commerce logistics, cost savings, and reduced lead time due to a multi-modal system will likely provide new avenues for market expansion throughout the projection period.
Descartes Kontainers, Flexport, Inc., Deutsche Post DHL Group, Forto GmbH, Transporteca, Turvo Inc. iContainers, Kuehne+Nagel International AG, Twill, and Uber Freight LLC are among the leading participants in the global digital freight forwarding business.
Latest Innovations: a Snapshot
In a significant step towards improving digital freight forwarding offerings, digital freight forwarder Klog.co has recently collaborated withTradeLens that specializes in offering blockchain-based container logistics solutions. The development is a significant milestone to improve freight forwarding services.
Digital Freight Forwarding Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||$ 77.52 billion|
|Growth Rate||CAGR of 17.54% during 2021-2030|
|Segment Covered||Based on the Solutions, Based on Deployment, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Digilogistics, Hexaware Technologies, IBM, JDA Software, Oracle, Samsung Co, SAP Ag, Tech MahindrA, UTI Worldwide Inc.|
Mode of Transport Overview, 2018-2028 (USD Billion)
Function Overview, 2018-2028 (USD Billion)
- Warehouse Management
- Transportation Management
Vertical Overview, 2018-2028 (USD Billion)
- Retail and E-Commerce
Deployment Mode Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa