Owing to benefits such as effective management of logistics systems, reduced working time, new logistics functions, reduced expenditures, reduced losses, improved market performance, increased market outreach, systemized reports and data, increased ROI, the freight software is experiencing rapid adoption as opposed to traditional manual freight management methods, thus fostering remarkable progress in global freight software market
Covid-19 Impact & Market Status
The covid-19 pandemic has been difficult to the industries across the world and has significantly impacted the transportation sector adversely impeding the growth of global freight software market. The covid-19 pandemic impacted the global freight software market due to halt in mobility, mobility restrictions to national as well as international transport. However, now with ease in lockdown restrictions the global freight software market is witnessing growth and is expected to record more growth in forecast years.
This global freight software market report is a comprehensive study of the current state of the global gig based business market and its future. Market forecasts, growth opportunities, investment and other barriers, key players dominating the global freight software market, and more such information is provided in the global freight software market report.
Web Cloud Based Freight Software Deployment Model to Emerge as the Most Lucrative Segment
The global Freight Software market is classified into web cloud based freight software, on-premise freight software based on deployment model. Among these, the web cloud based freight software has witnessed increasing adoption. The cloud freight software allows flexibility of connecting the business anywhere, anytime. Moreover, communication via cloud gives the ability to communicate instantly and share shipment information electronically more easily with national as well as international clients as opposed to the traditional methods. These are the key factors leading to growth of web cloud based freight software segment in the global Freight Software market.
Airlines/Aviation Industry to Remain Atop
The global Freight Software market is classified into airlines/aviation, apparel & fashion, architecture planning, and arts & crafts based on industry. Among these, airlines/aviation industry is expected to gather substantial market share in global freight software market and remain atop in the global freight software market in the forecast years. The key factors such as globalization leading to increased global trade, demand for in-time transportation & delivery, digitalization, and advancement in freight security & safety.
Tracking and Inventory Management End Use Ensure Revenue Maximization
The global Freight Software market is classified into shipment quoting, carrier selection, route planning, tracking, dispatching, and inventory management based on end use. The freight software is most commonly used by freight companies for tracking and inventory management owing to key factors such as better visibility and increasing operational efficiency in daily operations.
Mid-range Price Range Freight Software to Witness Intense Market Competition
The global Freight Software market is classified into starter, mid-range, and enterprise based on price range. Among these, the mid-range price range freight software is projected to see intense competition as it is affordable, provides necessary functionalities, and can be upgraded to higher price range if required.
Freight Forwarders to Account for Largest Market Size During Forecast Period
The global Freight Software market is classified into Freight Forwarders, Freights Brokers, Freight Shippers, Third-party Logistics (3PL) Businesses based on platform based on type of buyers. Among these, freight forwarders segment accounted to more revenue in global Freight Software market as freight forwarders are increasingly cautiously adopting emerging technologies and freight software for better inventory management, warehousing, storage services, and more.
North American Region to Render Ample Investment Avenues
The global freight software market is booming greatly in North America due to the increasing number of global trade of North American countries with other countries across the worlds, emergence of companies providing advanced freight software, increasing demand for in-time delivery, large global freight software providing platforms enabling better and enhanced freight management and transport. Some of the most advanced nations in North America with propelling the freight software market are USA and Canada. This is because of the presence of popular freights software providing companies like Infor, Manhattan Associates, Oracle and others.
The profound changes inside the business environment are currently in need of comprehensive model in logistics management have improved the reliance on freight software.
Rapid applications of freight software for shipment quoting, carrier selection, route planning, tracking, dispatching, inventory management and other are fostering remarkable progress in global freight software market.
Advantages such as efficient operations, better visibility, route optimization, productivity, simplified order processing, reliable order management, seamless carrier connectivity encourage further adoption of freight software. These factors collectively influence thumping growth in global freight software market ensuring an overall growth of USD 20.45 Billion by 2028 with an annualized growth rate of 13.1% during the forecast span.
Freight software helps companies optimize the freights transportation operations and is used to gather information on carriers, and do tasks such as shipment quoting, route planning, shipment tracking, inventory management, dispatching, or facilitate daily freight operations.
The factors such as globalization leading to increased global trade, demand for in-time transportation & delivery, digitalization, advancement in freight security & safety, growth in communication technologies and IoT adoption are the major factors that have brought a remarkable progress in global freight software market.
However factors such as heavy customization, time constraints, limitation of resources, scope creeps, threats of open source policy, inadequate communication are some key challenges surfacing the freight software development likely to hamper the global freight software market. Furthermore, advancement in freight software providing customized software, software experts improving software delivery time, advancement in freight software safety and security, and increased global trade are anticipated to be growth opportunity to the global freight software market.
The major players in global Freight Software market are SAP, Oracle, JDA, Infor, Manhattan Associates, Epicor Software Corporation, Descartes Systems Group, HighJump, Basware, and Coupa Software among others. These companies dominate the global freight software market for these companies provide state-of-the-art technology embedded freight software ensuring customer convenience, scalability, security, and functionality. The customers using software of these companies around the world have witnessed operational efficiency, productivity, increased sales and are able to provide better services to their clients and partners in the global market leading to increased adoption of freight software.
Latest Innovations in the Global Freight Software Market: a Snapshot
- London based firm Digital Freight Group Inc. recently developed a software to streamline the delivery of goods. The software called Digital Freight Quote allows to explore pricing and transit and can be used to track goods transit by road, ocean, and rail shipping.
- On December 2021, Wipro partnered with Oracle to enable digitization of air cargo services. Wipro will use Oracle Cloud Infrastructure to aid its cargo reservations, operations, accounting, and management information system (CROAMIS) application suite. This step forward will enable Wipro faster modernization of air cargo and meet rapid transportation demands.
Freight Software Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 20.45 Billion|
|Growth Rate||CAGR of 13.1% during 2021-2028|
|Segment Covered||Deployment Model, Industry, End Use, Price Range, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and South Africa|
|Key Players Profiled||SAP, Oracle, JDA, Infor, Manhattan Associates, Epicor Software Corporation, Descartes Systems Group, HighJump, Basware, and Coupa Software were the major players in the freight software market.|
Key Segments of the Global Freight Software Market
Deployment Model Overview, 2018-2028 (USD Billion)
- Web cloud based freight software
- On-premise freight software
Industry Overview, 2018-2028 (USD Billion)
- Apparel & Fashion
- Architecture Planning
- Arts and Crafts
End Use Overview, 2018-2028 (USD Billion)
- Shipment Quoting
- Carrier Selection
- Route Planning
- Inventory Management
Price Range Overview, 2018-2028 (USD Billion)
Buyer Overview, 2018-2028 (USD Billion)
- Freight Forwarders
- Freights Brokers
- Freight Shippers
- Third-party Logistics (3PL) Businesses
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa