North America is the largest digital freight management market, with a remarkable revenue of 31.8%. Europe is the second leading digital freight management market, with a profit of 25.3%.
NEWARK, DE / ACCESSWIRE / October 18, 2022 / The global digital freight management market is worth US$ 14.08 Bn as of now and is expected to reach US$ 34.56 Bn by the year 2032 at a CAGR of 9.4% between 2022 and 2032.
With domestic and global trade witnessing an exponentiation, adopting digital freight management is inevitable. As such, the digital freight management market is bound to witness stupendous growth in the upcoming period.
There is a growing focus on centralization of various logistics processes as well as operations. As such, carriers could be accommodated by letting them access a fewer channels and enabling interaction on the similar lines. 3PLs also help in integration of warehousing services and transportation operations.
With free trade policy being laid down in various countries, the frequency of exports and imports has increased all over. This is one of the factors catalyzing the digital freight management market. Another advantage is improvement in delivery capacities by deploying the software through numerous transport enterprises.
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Digital freight management is known for offering lesser time frame, along with higher flexibility and precision in the delivery services that help in the optimization of commercial freight operations' efficiency. Additionally, the software could be operated through modern technologies, which would, ultimately, prove to be assets regarding proficient operations.
With the advent of big data analytics and various ERP (Enterprise Management Suites), human exertion has reduced drastically. Plus, there is a spike in transportation & logistics and cash flow with the application of blockchain technology. These factors are bound to take the digital freight management market to a new ‘high' in the forecast period.
These days, on-time delivery of raw materials and products is a matter of concern, especially after e-Commerce sector flourishing. Digital freight management system is likely to streamline the process by automating the material handling systems, warehouse management and distribution systems, and digitizing logistics operations.
Last-mile robots and trucks are opening new opportunities regarding safety, quality, and efficiency vis deploying self-driven vehicles, which does aim toward transformation of freight management solutions. Also, enhancing management systems in conjunction with upgradation of monitoring, tracking, and integrating systems is expected to accelerate the digital freight management market in the near future.
At the same time, the fact that a costly and trained human resource is required for operating these equipment and software's can't be ignored. This factor could, indeed, prove to be challenging to the digital freight management market going forward.
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Key Takeaways from Digital Freight Management Market
- North America holds the largest market share (~30%) and the scenario is expected to be the same even in the forecast period due to rapid digitization.
- Europe stands second, with contribution of ~25%. This could be reasoned with presence of numerous IT companies, technological advancements, and fast adoption of the freight management system tools.
- The Asia-Pacific is expected to grow at the fastest pace in the digital freight management market in the forecast period due to an upswing in e-Commerce activities.
"With enterprises increasingly adopting digital logistics solutions for supply chain operations for better serving customers, the global digital freight management market is bound to grow at a substantial rate in the forecast period", says an analyst from Future Market Insights.
Competitive Landscape
- Accenture, in March 2022, completed acquisition of Trancom ITS' digital engineering and operating technology. It would facilitate the former's industry X service to provide hyper-automation solutions at the desired scale in Japan.
- Intel, in May 2020, entered into partnership with Smart Navigation Systems for providing Intel Connected Logistic Platform for helping them in developing smart solutions for multiple use cases like freight management, warehouse management, and logistics and supply chain management.
- Infosys, in January 2020, entered into partnership with GEFCO for extending support to the latter's journey of digital transformation.
- CEVA Logistics, in March 2022, launched a new-fangled contract logistics warehouse in Jundiai (brazil), thereby setting new benchmarks for sustainable warehousing in LATAM.
What does the Report Cover?
- Future Market Insights offers an exclusive perspective and various real-time insights on the digital freight management market in its latest study, presenting historical demand assessment of 2016 - 2021 and projections for 2022 - 2032.
- The research study is based on solution (digital logistics management, digital baggage & cargo screening, digital freight operational management, and digital freight security monitoring), by technology (digital freight surveillance, X-Ray, and detectors & radiators), and by service (professional, support & maintenance, and system integration).
Key Segments Profiled in the Digital Freight Management Market Survey
By Solutions:
- Digital Logistics Management
- Digital Baggage & Cargo Screening
- Digital Freight Operational Management
- Digital Freight Security Monitoring
By Technology:
- Digital Freight Surveillance
- X-Ray
- Detectors & Radiators
By Services:
- Professional
- Support & Maintenance
- System Integration
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter's Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
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