Shipping Software Market to Reach Valuation of US$ 5 Bn by 2030: Transparency Market Research
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Increasing number of security breaches and cyber-attacks, and mandate to follow regulatory and data protection laws pertaining to industry security regulations have contributed to the expansion of the shipping software market ecosystem. This is one of the major factors triggering the growth of the market. Furthermore, improving industrial cybersecurity, increasing adoption of IoT in endpoint devices and servers, growing network congestion, and increasing adoption of BYOD policy in different organizations are factors that facilitate the growth of the shipping software market. The report analyzes the global shipping software market and provides estimates in terms of revenue (US$ Mn) from 2018 to 2030.
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Key Growth Drivers of the Shipping Software Market
Increase in demand for cargo transportation through ships: The demand for cargo transportation through ships is rising across the world, as it is a secure way of transporting goods from one location to another as compared to other means of transport. Cargo is efficiently transferred to a ship in a more secure manner as compared to road and air transit. This is a key factor driving the shipping software market. Moreover, cargo transportation is less expensive to ship goods globally, since ships can carry more cargo from one place to another within a short span of time. This is driving the demand for shipping worldwide.
As per the records of the United Nations Conference on Trade and Development (UNCTAD), ~1,687 million tons of cargo are transported every year
Recent developments in commercial cases and dominant players introducing better and more efficient cargo ships equipped with latest technology (advanced sensors, navigation systems, and other components) are expected to enhance the demand for cargo transportation through ships. This drives the shipping software market and subsequently, the cargo industry.
Rapid expansion of eCommerce retail logistics:
Rapid expansion of the Internet retailing sector is augmenting the shipping software market. Rise in popularity of online shopping, multichannel retail, commerce in B2B, and same-day delivery offerings across the globe is a major factor driving the shipping software market. Furthermore, preference for online shopping is increasing due to the growing penetration of Internet & mobile and preference of customers to shop online. The need to handle products or deliver parcels at doorsteps is enhancing the demand for shipping software, as shipping software enable eCommerce companies to cater to the needs of their customers by building a "one touch" shipping system. This is generating tremendous gains in business, labor-related savings, and even employee & customer satisfaction, which is estimated to boost the shipping software market.
Aftersales service & support and delivery time play a crucial role in the eCommerce retail logistics sector. Thus, an online retailer needs to have an advanced shipping software to maintain and create good relations with customers. The demand for shipping software services is expected to increase over the next few years, due to significant expansion of the online retail market. Thus, rise in Internet retail activities is driving the shipping software market at present.
For instance, according to Logistyx Technologies, eCommerce companies are generating 20% or more revenue through online channels or Internet-related shopping
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Shipping Software Market: Prominent Regions
In terms of region, the global shipping software market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America dominated the shipping software market in 2020, and this trend is expected to continue during the forecast period from 2021 to 2030. Within North America, the U.S. and Canada are anticipated to drive the growth of the market. This is due to the higher adoption levels of advanced relevant technologies in various regions, and high focus on innovations through R&D. These regions have the most competitive and rapidly changing markets in the world for improving the strategy of shipping software and its adoption across logistics, eCommerce, and transportation industry.
Asia Pacific is expected to hold a significant share of the shipping software market due to increasing demand for eCommerce platforms and increasing leaning on technologies, which can trace, secure, track, and control in-transit shipments. Asia Pacific has been identified as one of the regions that has witnessed high growth in the usage of online shopping. Furthermore, rapid technological developments; economic digitalization; government initiatives to promote eCommerce in developing economies such as India and China; and rising disposable income of the middle-income group are among the important factors contributing to the growth of the region's overall economy, thus driving the shipping software market. Moreover, one of the important factors that is likely to contribute to the expansion of the shipping software market in Asia Pacific is incorporation of all shipping operations and modes on one platform. This is encouraging logistics, shipping, and eCommerce companies in the region to adopt shipping software, which, in turn, propels the growth of the market in Asia Pacific. Analyzing the Asia Pacific shipping software market at the country level, it is anticipated that India and China would lead the market consistently during the forecast period. This is mainly due to increase in Internet penetration and mobile penetration in these countries. Apart from India and China, countries such as Japan, Singapore, Malaysia, and Australia are also expected to contribute significantly to the Asia Pacific shipping software market. Furthermore, rapid digitization, especially in developing countries of South America and the Middle East is also aiding the growth of the shipping software market.
The report provides in-depth segment analysis of the global shipping software market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the shipping software market.
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Shipping Software Market: Key Players
Key players operating in the global shipping software market include Logistyx Technologies, AfterShip, Descartes System Group, EASYPOST, Interapptive, Inc., Jolly Technologies Inc., Kubix, Manhattan Associates, Mecalux, S.A, Metapack, Oracle Corporation, Ordoro, Inc., Pitney Bowes, Proship Inc., SAP SE, Shiphawk, ShippingEasy, ShipStation, Webgility Inc., and XPS Parcel.
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