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Trade Management Software Market - Global Industry Analysis, Size, Growth, Trends, Forecast Upto 2024
Global Trade Management (GTM) is the process of rearranging the entire lifecycle of global trade across different verticals of business including order, logistics, and settlement activities. Global Trade Management ameliorates operating competences as well as cash flows considerably. The inclusive nature of GTM is an advantage for organizations that look forward to implement the system-wide and cross-functional view of global trade.Get Sample Report Copy :
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Owing to the rise in national as well as international trade and rise in fuel cost, the overall cost of global transportation and logistics is increasing. This has driven several trading organizations to put GTM solutions into practice that will eventually help them to lessen their operative costs and enhance their working proficiency. GTM solutions bring down the transportation charges by almost 4%-10%. Moreover, it helps corporations to maintain links between transportation modules, enabling economical and quicker deliveries. GTM software helps in transportation design and tracking, and improves fleet management. Additionally, GTM software enhances transportation business intelligence, billing and claims, workflow management, document management, and customs management. GTM software offers real-time visibility of customs clearance status, shipments in transit, and helps in better cost control. These factors are likely to drive the overall GTM software market in the forecast period.
One of the major challenges of the market is that GTM crosses various horizontals within organizations; hence, many organizations suffer from poor performance while implementing GTM in their global operations. Usually, it takes years before an organization can fully realize the potential of a GTM solution and reap benefits from it. However, GTM software improves inventory levels forecast, and supply chain performance. As organizations around the world are opting for automation due to the increase in the transportation business, these advantages that the GTM software offers are likely to act as opportunities for the market over the forecast period.
The global market for GTM software market can be segmented on the basis of end user and region. According to end user, the market can be trifurcated into retail and consumer goods sector, transportation and logistics services, and manufacturing sector.
The retail and consumer goods sector held a significant share of the market owing to the fact that the sector adopted GTM software very early in the GTM solutions’ lifecycle. Many global retail chains and FMCG companies such as Kroger and Wal-Mart among others adopted GTM software solutions to enhance their supply chain efficiencies, as well as lessen cash-to-cash cycles and delivery costs.
On the basis of region, the global trade management software market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America constituted the largest share in the global GTM software market. This is due to the presence of large retail chains, manufacturers, and trading companies. Additionally, adoption rate of GTM software is much higher in this region when compared to other parts of the world. Many companies are focusing on increasing efficiency and be more customer-centric, due to which the GTM software market is experiencing high demand from this market.
The leading companies offering GTM service unceasingly innovate their service offerings. There is limited service differentiation in the market. GTM software providers capitalize on the expansion of explicit and tailored solutions to reinforce their position in the global market. Major players such as Amber Road and Oracle provide unique features such as automated restricted party screening, order collaboration, and supply chain analytics.
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The key players operating in the global GTM software market are Integration Point, Amber Road, QuestaWeb, Descartes, Aptean, SAP, Infor, Oracle, and Precision Software. Other companies in the market include MIC Custom Solutions, CargoWise, TradeStone Software, Kewill Technologies, and MercuryGate, among others.
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