Freight Forwarding Management Software Market Size, Share, and Industry Analysis, By Type (Road Forwarding Software, Ocean Forwarding Software, Air Forwarding Software, Other), By Application (Large Enterprises (above 200 employees), SMEs), Regional Forecast To 2031

Updated On: 20 November 2023

FREIGHT FORWARDING MANAGEMENT SOFTWARE MARKET REPORT OVERVIEW

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The global freight forwarding management software market size was USD 386.7 million in 2021 and is projected to touch 1108.2 million by 2031, at a CAGR of 11% during the projected period.

The global COVID-19 pandemic has been unprecedented and staggering, with freight forwarding management software lower-than-anticipated demand across all regions compared to pre-pandemic levels.

Freight Forwarders serve as an interface between both the exporter and transportation services for intermodal and customs clearance, negotiating prices and deciding on the most cost effective, reliable, and fastest route. The duties of a freight forwarder include tracking inland transportation, preparing shipment and export files, warehousing, able to book cargo space, trying to negotiate shipping costs, freight consolidation, marine insurance, and filing insurance claims.

Incorporated freight forwarding cloud application lets for the coordination and monitoring of Air Cargo, Sea Freight, Property Freight, Storage facility, Transport, Customs, and seamlessly integrates it with CRM, Billing, and Financial Accounting digitally from everywhere, at any time, and on any device.

COVID-19 Impact: Supply and Lockdown Limitations to Decline Market Advancement

Numerous industries, which include pharmaceuticals, automotive, and electronics, have experienced supply chain disruption as a result of the Coronavirus pandemic. Due to a lack of truck drivers to collect containers despite travel restrictions, China's major container ports were undergoing a backlog of charges.

Shipping companies have also cancelled some ocean shipping routes in order to prevent the transmission of the virus, which might also reduce consumption for freight distribution and transportation system applications. Therefore, limiting the freight forwarding management software market growth.

Nonetheless, the pandemic has resulted in a significant rise in activities of e-commerce and also including acceleration of digital transformation. Disconnection from family and friends has become the new normal, abandoning consumers and companies increasingly reliant on electronic purchasing and delivery of goods and services. As a result, the rapid increase in activities of e-commerce absorption will have a beneficial effect on the dynamics of freight management systems in the coming years. COVID-19 had a negative impact on every vertical industry. The pandemic has not only disrupted the freight forwarding management software market share, but it has also impacted the logistics market. Shutdown restrictions have resulted in a significant reduction in economic transactions between freight forwarding management software as a result of the pandemic.

Companies intend to incorporate freight forwarding management software since the systems simplify commercial freight transactions in the transportation industry. Data entry errors are reduced by integrating freight forwarding management software, with mistakes entering freight information.

LATEST TRENDS 

"Increasing Need of Warehouse Efficiencies to Stimulate Market Development "

The freight forwarding management software market is expected to grow as supply chain visibility improves. As the freight forwarding management software market expands, companies look to technology to support them monitor, detect, safeguard, and regulate their in-transit cargo.

Visibility is becoming increasingly important in logistics and supply chain strategies, whether inbound or outbound. These items were identified by unique identification numbers that reflected their nature. Data is available to any stakeholder with a single click thanks to visibility, which can enhance inventory control, reduce CAPEX, and reduce supply chain errors. This solution circumvents the restriction among most enterprise resource planning, which have been unable to consume details from their external environment and thus provide only an inside point of view on the organization. Visualization unifies the institution's supply chain data for concurrent planning.

The industry for third-party logistics operations is expected to grow rapidly during the forecast timeframe due to the use of freight forwarding management software in that segment. Correspondingly, the accelerated increase in the requirement for on-time shipment of items and raw materials, as well as an increasing in need of warehouse efficiencies, has fuelled the development of freight forwarding management software in the third-party logistics sector.

FREIGHT FORWARDING MANAGEMENT SOFTWARE MARKET SEGMENTATION 

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• By Type

Based on type; the market is divided into road forwarding software, ocean forwarding software, air forwarding software, other

 Road forwarding software type is the leading part of the type segment.

• By Application

Based on the application; the market is divided into large enterprises (above 200 employees)SMEs

Large enterprises are the leading part of the application segment.

DRIVING FACTORS

"Increasing Visibility of Supply Chain to Aid Market Expansion "

Companies are increasingly turning to technologies that assist them in tracking, tracing, securing, and controlling their in-transit cargo. Visibility is becoming increasingly important in logistics and supply chain strategies, whether inbound or outbound. This has been accomplished through the use of unique identifying digits that describe the characteristics of the products. By attempting to make data available to any stakeholder with a single click, visibility improves inventory management, lowers CAPEX, and reduces supply chain errors. It overcomes the drawback among most enterprise resource organizers, who find it difficult to consume external organizational information and thus only provide an inside view of the organization. Visibility allows for the unification of overall organisational supply chain data or information to help concurrent planning.

"Big Data Analytics Opportunities to Foster Industry Progress "

Cloud services as well as big data analytics are creating an opportunity in the freight forwarding management software market. Big data analytics may represent the biggest opportunity in the next era of freight management transportation. Freight shipping is a highly regulated market defined by pace, efficiency, and dependability.

Organizations generate an immense quantity of data as a consequence of technical developments and increasing digitization, but they struggle to use that to their advantage.

 RESTRAINING FACTORS

"Overcrowded Train Routes to Hinder Market Advancement "

The world is in the early stages of a capacity crisis in freight transportation. The popularity for freight transportation has steadily increased in North America and Europe over the last few decades, owing to economic expansion and global trade. This has resulted in freight congestion on highways that were not intended to accommodate massive amounts of freight traffic. According to the (GAO) Government Accountability Office, freight volumes by lorry, commuter trains, water, and intermodal are expected to increase in the forthcoming year. This can have a negative impact on the cargo being transmitted and increase costs; for example, as the train number per mile on the track increment, the average speed decreases and the amount of merchandise in freight yards multiplies, leading to further reductions in travel time as well as an increased risk of routing errors and shipment damage.

FREIGHT FORWARDING MANAGEMENT SOFTWARE MARKET REGIONAL INSIGHTS

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"Growing Adoption of Freight Management Services to Foster Market growth in North America"

According to the study, North America will have the biggest market share throughout the forecast period. This can be credited to the adoption of freight management services and solutions by several consumers in this region. Because of high technological acceptance and the existence of leading solution providers in the market, North America is predicted to be the most fully grown region for the expansion of the freight forwarding management software market. The region includes the United States and Canada, each of which is seeing significant acceptance or adoption of freight forwarding management software.

KEY INDUSTRY PLAYERS

"Notable Players in the Industry to Promote Market Expansion "

The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on the market. The study describes the market size features, and market growth by type, industry, and customer sector. Furthermore, it presents a complete examination of commercialization factors prior to and following the Covid-19 pandemic. The report examines factors influencing the market both from demand and supply sides, as well as market dynamics influencing the market during the forecast period, such as drivers, constraints, possibilities, and development outlook. The report also includes an in-depth porter's five forces analysis emphasizing factors that influence the market within those regions.

List of Market Players Profiled 

• WiseTech (Australia)
• Descartes (Canada)
• Riege Software (U.S.)
• Softlink (U.S.)
• Akanea (France)
• Mercurygate (U.S.)
• Oracle (U.S.)
• Magaya (U.S.)
• BoxOn Logistics (U.S.)
• Forward Computers (U.K.)
• CSA Software (U.S.)
• Boltrics B.V. (Netherland)
• Intellect Technologies (U.S.)
• Linbis (U.S.)
• Logitude (U.K.)
• dbh Logistics IT AG (Germany)
• WallTech (U.S.)
• Shanghai Qihang (China)

REPORT COVERAGE

The industry report examines the global market, geographic and country-level market sizes, categorization market expansion, market share, competitor analysis, sales trends, influence of domestic and international market players, supply chain enhancement, trade laws, latest developments, possibilities analysis, business strategy market expansion analysis, product releases, area competitive landscape expanding, and technological advancements.

The report also examines the equipment market's current state of development and its overall market trend. It also separates the market by categories based on type and applications in order to conduct a detailed study and demonstrate the industry's characteristics and prospects. By taking into account a range of elements, such as growth rate, trends, industrial advancements, technologies, growth, distribution, and barriers, it offers a thorough assessment as well as a detailed analysis.

If the significant competitors or the predicted assessment of market dynamics change, the analysis would need to be updated. In terms of production, this study looked at consumption, manufacturing, annual growth, and share prices of manufacturers. It also delivers detailed information and cutting-edge assessment required to create an ideal strategic plan and outline the best path for speedy growth for all industry participants. With this knowledge, participants will be better able to build new strategies are focused on market prospects that would benefit them, thereby rendering their company ventures successful.