According to a new research report "Freight Management System Market by
Solution (Freight Tracking & Monitoring, Cargo Routing & Scheduling,
Security, EDI, TMS, Order Management), End-user (3PLs, Forwarders, Brokers,
Shippers), Transportation Mode, and Region - Global Forecast to 2023", published by
MarketsandMarkets™, the Freight Management System Market size 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.
Some of
the factors that are expected to drive the growth of the Freight Management
System Market include the need to reduce the transit time, desire for supply
chain visibility, higher customer satisfaction, and the low cost of logistics,
coupled with the advancements in freight security, safety, and transportation
solutions; and rapid growth in communication technologies and IoT. However,
congested trade routes and cross-border trade risks and environment concerns
related to transportation and logistics may restrain the market growth.
Browse and in-depth TOC
on "Freight
Management System Market "
97 - Tables
42 - Figures
182 - Pages
View more detailed TOC @
https://www.marketsandmarkets.com/Market-Reports/multichannel-order-management-market-162219804.html
Under the solutions
segment, the execution and operations solution segment is expected to hold the
largest market share during the forecast period
The execution and operations solutions include information
interchange, visibility, audit and payments, and transportation management.
These solutions are involved in the exchange of information and execution of
the processes involved in the transportation of freight from consignors to
consignees. Most solutions are existing in the market for many years and are
evolving with advanced technologies, hence the execution and operations
solution segment holds the largest market share in the market.
Among transportation modes,
the road freight transportation mode is expected to hold the largest market
share during the forecast period
The road freight transportation mode is estimated to hold the
larger market share in 2018, owing to the higher adoption of freight management
solutions in domestic freight transportation. Under the solution segment, the
control and monitoring solution segment is expected to dominate the Freight
Management System Market, due to the higher demand for visibility, track and
trace, and security and monitoring applications and technologies. APAC has the
highest volumes in terms of freight movement; hence users in this region would
adopt freight management system tools rapidly, which in turn, is expected to
boost the growth of the overall market within the next 5 years.
Under the solutions
segment, the control and monitoring solution segment is expected to grow at the
fastest rate during the forecast period
The control and monitoring solution segment is expected to grow at
the fastest rate during the forecast, owing to the increasing demand for
freight visibility and reducing technological costs. Additionally, the control
and monitoring solution segment is expected to dominate the Freight Management
System Market, due to the higher demand for visibility, track and trace, and
security and monitoring applications and technologies. APAC has the highest
volumes in terms of freight movement, hence users in this region would adopt
freight management system rapidly, which in turn, is expected to boost the
growth of the overall market within the next 5 years.
North America is expected to hold the
largest market share during the forecast period
As per the geographic analysis, North America is expected to hold
the largest market share during the forecast period. This can be attributed to
freight management solutions and services, which are adopted by many users in
the region. North America is expected to be the most mature region for the
growth of the Freight Management System Market, due to the high technological
adoption and presence of leading solutions providers in the market. The North
American region comprises the US and Canada, which are also witnessing the
significant adoption of freight management systems. In fact, US is expected to
have a major dominance in the Freight Management System Market, due to its
sustainable and well-established economy which empower it to make huge
investments in R&D activities, thereby contributing to the development of
new technologies and use cases.
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).
Know more about Freight Management System Market
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