Global Freight Transport Management Market - Segmented by Solution (Freight Mobility Solution, Freight Operation Management Solution, Freight 3PL Solutions), Deployment (Cloud, On-Premise), Mode of Transport (Rail, Air, Road), End-User, and Region - Growth, Trends and Forecasts (2018 - 2023)
The global freight transport management market is expected to reach USD 41.63 billion by 2023. The report discusses the solutions deployed in various end-user industries. The regions considered in the scope of the report include North America, Europe, and others. Apart from this, the report also discusses the modes of deployment and focuses on how rising freight transportation, due to increasing international trade, has been affecting the market.
Improved efficiency in the movement of freight is a critical aspect of any country’s economy. The demand for goods and services is increasing, with the increase in population and globalization. This increased demand has paved the way for the current trade market, in which, freight transportation is a critical aspect. Therefore, many shipping companies, to overcome various environmental concerns and security aspects of their operations, are opting for freight transport management solutions. Moreover, on-time delivery is a critical factor to be considered for the success of any logistics industry. This consideration leads to the demand for innovation in the management and transportation of freight, which can be achieved by the adoption of efficient freight transport management solutions.
Inclination of Growth toward Information Technology to Drive the Market
The gradually reducing rates of new technology, combined with an improved awareness among freight operators about the technology’s possible benefits, are expected to boost the freight transportation system to upsurge its use of information technology. The market has already executed cutting-edge technologies, to augment customer service and decrease expenses. These days, freight transport management systems are affecting operational integration, both within and between the organizations. Information technology is making non-integrated transport providers more competitive with integrated ones. Moreover, proper sharing and integration of data will substitute for full-scale control.
This change is expected to upsurge the burden of responsibility on the carriers. Furthermore, information sharing by consignees and shippers will decrease the inventory, if the providers of freight transport management systems are integrated into the information stream.
Cloud Deployment to Witness the Highest Growth
Cloud-based deployment model enables the collection of large volumes of server-storage resources into an integrated solution, while providing backup of the user’s database on the different servers, to guarantee reliability of the data. Cloud models enhance the quality of transportation-related services, with proper maintenance and decision making. The integration of Internet of Things devices has witnessed steady growth in this market, leading to enhanced data collection and communication with back-end systems. Moreover, the cost effectiveness of cloud-based models is further expected to drive the demand for this mode.
North America to Account for the Highest Market Share
With globalization, owing to the growing digitalization and increasing adoption of Internet of Things (IoT) by various industries, the North American freight transport management solution market picked up momentum, especially in the United States.
According to the government figures, in the United States, the transportation system moves more than 54 million metric tons of goods daily, with an estimated value of nearly USD 48 billion. Freight tonnage is expected to increase by 45% by 2040, requiring additional highways, railroads, ports, and pipelines and improvements to multi-modal connections that move freight efficiently. Information communication technology has now become the backbone of every business, confirming business continuity and competition, and it is stimulating enterprises in the United States to invest into various vehicular management solutions, to curb down losses and increase its profit, thereby surging the demand for the regional freight transport management market.
Key Developments in the Market
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