Freight Brokerage Market with Latest Trend, Share, Size, Applications and Forecast to 2024

Global Freight Brokerage Market is estimated to grow at a CAGR of 5.5% to the Forecast 2031, reaching a value of around USD 99.77 billion by 2032, One of the important trend in the global freight brokerage market is the increasing adoption of digital technologies and platforms. Technological advancements have revolutionised the way freight brokerages operate, making them more efficient and transparent. Digital platforms also provide real-time visibility into shipments, automate various processes, and offer data analytics capabilities.

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n the logistics and transportation sector, freight brokerage refers to a specialised business where intermediaries-known as freight brokers-help shippers and carriers move products. These middlemen serve as a point of contact for businesses needing to move products (shippers) and transportation providers (carriers, such shipping lines, railroads, and trucking companies) A goods broker's job entails a number of important duties.

The boom in e-commerce activity has raised the need for effective and adaptable logistics solutions. In order to transfer items as efficiently as possible, make sure that deliveries are made on time, and manage intricate supply chain networks, goods brokers are essential. The rise in e-commerce and the demand for efficient and affordable freight management have made North America a vibrant market where freight brokers may prosper by providing customised solutions to a wide range of business sectors.

Top Key Players of Freight Brokerage Market:

ArcBest Corporation,
BNSF Logistics LLC,
C.H. Robinson Worldwide Inc,
Coyote Logistics,
Echo Global Logistics Inc,
England Logistics,
GlobalTranz,
Hub Group Inc,
J.B. Hunt Transport Inc,
Kenan Advantage Group and Others.

Freight Brokerage Market Dynamics:

Increasing global trade and e-commerce activities driving demand for freight brokerage services.
Intense competition leading to margin pressures for freight brokers.
Leveraging data analytics and AI to optimize freight matching and route planning.
Balancing the need for digital transformation with legacy systems and processes.

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AI and ML technologies are probably going to be more and more integrated into the freight brokerage sector. These developments have the potential to improve operational efficiency through the automation of several logistics chain activities, demand pattern prediction, and route planning optimisation.

Through the provision of real-time insights, AI and ML technologies may further enhance decision-making by allowing more data-driven and responsive freight brokerage services In light of this, Uber Freight broadened its purview in October 2023 by launching a number of new offerings that cast the company in the category of Software as a Service (SaaS). The company has committed $120 million to these initiatives, with a particular emphasis on technology; management notes that scaling enterprise applications-which include logistics software solutions, generative AI, data-enabled insights tools, and innovative capacity and mode expansions-is a top priority.

Freight Brokerage Market Segmentation:

By Services

Intermodal
Truckload
Less than Truckload

By Customer Type

B2B
B2C

By Mode of Transport

Waterways
Roadways
Others

By Industry Vertical

Retail and E-commerce
Manufacturing
Healthcare
Automotive
Others

By Regional Analysis

North America
Europe
Asia-Pacific
South America
Middle East, Africa and rest of the world

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This release was published on openPR.