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Freight Transport Management Market Analysis, Trends, Strategies Overview By 2033
Freight Transport Management Market Analysis
According to The Business Research Company's, The freight transport management market size has grown rapidly in recent years. It will grow from $24.54 billion in 2023 to $27.28 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to increased globalization, growing population, increase in demand for goods and services, increase in government policies aimed at promoting global trade, rising freight transportation.
The freight transport management market size is expected to see rapid growth in the next few years. It will grow to $41.18 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to trade expansion, rise of e-commerce industry, increasing complexity of supply chains, growing demand for freight management solutions, rising transport volumes. Major trends in the forecast period include technological advancements, inclination of growth toward information technology, product innovation, investment in advanced transport management solutions, advancements in freight transport management system.
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Market Drivers and Trends:
The rise of the e-commerce industry is expected to propel the growth of the freight transport management market going forward. The e-commerce industry refers to the buying and selling goods and services over the internet. It encompasses many online transactions, including retail purchases, online auctions, digital downloads, and business-to-business trading. The e-commerce industry is growing due to increased internet penetration, expanding mobile connectivity, convenience-driven consumer behavior, and the continuous evolution of online shopping platforms and technologies. Freight transport management is required for the e-commerce industry to ensure efficient and timely delivery of goods to customers, optimize logistics operations, minimize shipping costs, and maintain customer satisfaction. For instance, in October 2021, according to a report published by the International Trade Administration, a US-based agency, e-commerce for consumer goods is expected to constitute approximately 22% of total global retail sales by 2024, with a projected average growth rate exceeding 1% annually. Further, retail e-commerce sales are expected to demonstrate a steady, long-term expansion, with an estimated 8% increase in all global retail e-commerce sales anticipated through 2024. Therefore, the rise of the e-commerce industry is driving the growth of the freight transport management market.
Major companies operating in the freight transport management market are developing innovative software solutions, such as transport management software, to serve customers with advanced features better. Transportation management software (TMS) is a specialized software system used by logistics and supply chain professionals to plan, execute, and optimize the transportation of goods. For instance, in December 2022, WrxFlo, an Ireland-based supply chain software provider, launched the WrxFlo Transport Management System. WrxFlo Transport Management System (TMS) is a software solution designed to assist businesses in efficiently managing the logistics of transporting physical goods, whether by land, air, or sea. This comprehensive platform enables companies to streamline operations by overseeing all transportation activities across their global supply chain. With WrxFlo TMS, haulage operators can efficiently plan, execute, and visualize logistics strategies in real-time, resulting in time savings and cost reductions.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
DHL International GmbH, Amazon Web Services Inc., CEVA Logistics, Accentur*e Plc, IBM Corporation, Oracle Corporation, DSV A/S, SAP SE, Union Pacific Corp., Cleveland-Cliffs Inc., Geodis SA, DB Schenker, Landstar System Inc., Korber AG, Fusion Transport, Universal Logistics Holdings Inc., Transportation Insight LLC, SEKO Logistics Ltd., Covenant, Manhattan Associates inc., Descartes Systems Group Inc., IBS Software, JDA Software Group Inc., CTSI-Global, HighJump Software LLC
Freight Transport Management Market 2024 Key Insights:
• The freight transport management market size is expected to see rapid growth in the next few years. It will grow to $41.18 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%.
• Impact Of E-commerce Growth On Freight Transport Management Market
• Innovative Solutions In The Freight Transport Management Market
• North America was the largest region in the freight transport management market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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