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According to The Business Research Company's, The digital freight matching market size has grown exponentially in recent years. It will grow from $25.57 billion in 2023 to $32.29 billion in 2024 at a compound annual growth rate (CAGR) of 26.3%. The growth in the historic period can be attributed to rising driver shortage, the rise of the internet, the proliferation of smartphones, the integration of Internet of Things (IoT) devices, the focus on sustainability and green logistics, and the emergence of autonomous vehicles.
The digital freight matching market size is expected to see exponential growth in the next few years. It will grow to $83.23 billion in 2028 at a compound annual growth rate (CAGR) of 26.7%. The growth in the forecast period can be attributed to rise of e-commerce, increasing supply chain optimization, growing environmental awareness, increasing globalization, and customer demand for transparency. Major trends in the forecast period include real-time communication, artificial intelligence (AI) and machine learning, blockchain, seamless and automated ecosystem, digital freight brokerage platforms, and freight logistics solutions.
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Market Drivers and Trends:
The increasing e-commerce activities are expected to propel the growth of the digital freight matching market going forward. E-commerce activities refer to any commercial transactions conducted electronically over the internet. The e-commerce activity arises because of convenience, wide variety, competitive pricing, and personalization. Digital freight matching (DFM) is employed to enhance e-commerce activities by providing efficient, cost-effective, and transparent transportation solutions tailored to the specific needs of online businesses. For instance, in February 2024, according to the United States Census Bureau, a US-based government agency, total e-commerce sales were estimated at $1,118.7 billion by 2023, which increased by 7.6% (±1.2%) from 2022, and e-commerce total sales increased by 15.4% in 2023 from 14.7% in 2022. Therefore, increasing e-commerce activities are driving the digital freight matching market.
Major companies operating in the digital freight matching market are focused on developing advanced technological solutions, such as Fr8Now, to enhance the efficiency and reliability of freight operations. Fr8Now is an online marketplace or software solution that connects shippers with carriers in a streamlined and efficient manner. The platform leverages technology, such as algorithms and data analytics, to match available freight capacity with shipping requirements in real-time. For instance, in March 2023, Freight Technologies, Inc., a US-based transportation logistics technology company, launched Fr8Now, a digital freight-matching platform that offers less-than-truckload (LTL) services in Mexico. Fr8Now is designed to revolutionize the LTL segment in Mexico by digitizing shipments and providing real-time shipping services to businesses across the region, using technology in a manner that other market participants are unable to offer. Additionally, this platform uses machine-learning algorithms to match shippers with the best carriers, making the shipping process faster, more efficient, and more cost-effective.
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• 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.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
C.H. Robinson Worldwide Inc., J.B. Hunt Transport Services Inc., XPO Inc, Uber Freight LLC, Schneider National Inc, Roper Technologies Inc, Flexport Inc, Trimble Inc, Echo Global Logistics Inc, TOTAL QUALITY LOGISTICS LLC, Redwood Logistics, Convoy Inc, JiangSu ManYun Software Technology Co. Ltd, Delhivery, Coyote Logistics, Transfix Inc., Project44, Roadie Inc, Cargomatic Inc, Motive, NEXT Trucking Inc, FourKites Inc, Freight Tiger, uShip Inc, FreightWaves Inc, DAT Solutions LLC, Freight Technologies Inc, Loadsmart, Getloaded, VeriTread LLC
Digital Freight Matching Market 2024 Key Insights:
• The digital freight matching market size is expected to see exponential growth in the next few years. It will grow to $83.23 billion in 2028 at a compound annual growth rate (CAGR) of 26.7%.
• E-commerce Activities Fueling The Digital Freight Matching Market
• Advanced Technology Platforms In Digital Freight Matching
• North America was the largest region in the digital freight matching 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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