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Digital Freight Brokerage Market: Foray of New Players to Intensify Competition- A Study

12-06-2017 11:44 AM CET | Logistics & Transport

Press release from: Transparency Market Research

/ PR Agency: Transparency Market Research
Digital Freight Brokerage Market: Foray of New Players

The freight brokering industry, in which freight brokers match shippers to the carriers, has been around for quite a while now. However, emergence of digital freight broker companies in the recent past have revolutionized the industry.

Currently, the competition in the relatively new digital freight brokerage market is moderate. However, in the years ahead, the competition will likely intensify on account of the foray of numerous solution providers.

Serving to boost the global digital freight brokerage market is the rising uptake of sophisticated smartphones, improved wireless connectivity, and advantages accorded by digital platforms such as better efficiency and reduced costs. This helps to save time and the brokerage money too.

Being in a nascent state, the growth prospects in the global digital freight brokerage market is high. A research study by Transparency Market Research projects the market to expand at a mind-boggling 61.7% CAGR during the period between 2017 and 2025. Expanding at this pace, it will likely attain a value of US$10,964.3 mn by 2025 from US$144.5 mn.

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Full Utilization of Cargo Space in Trucking Industry Will Propel Road Transport Segment

Depending upon the mode of transportation, the global market for digital freight brokerage can be segmented into roadway, seaway, airway, and railway. Among them, the segment of road transportation is slated to expand considerably in the forecast period and also rake in maximum revenue. This is because of the rising use of digital applications to avoid hefty brokerage fees and desire to utilize unutilized cargo space in trucking industry.

When it comes to industry verticals, the main sections of the global market for digital freight brokerage are automotive, food and beverages, manufacturing, retail and e-commerce, healthcare, and others such as aerospace and defense.

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North America Dominates Global Market due to Presence of Key Players

From a geographical standpoint, North America accounts of maximum revenue share in the global digital freight brokerage market at present. The expansion in the region is being primarily driven by the U.S., which is home to a copious number of players. The high demand in the region is also serving to boost demand. The revenue in the region is slated to become US$4.70 bn by 2025-end.

Europe is another key market which is predicted to rise at 62.6% CAGR to become worth US$3.478 bn by 2025.

Key players in the global market for digital freight brokerage are Echo Global Logistics Inc., Coyote Logistics, Transfix, LLC, Convoy, Cargomatic Inc., Trucker Path Inc., J.B. Hunt Transport, Inc., Cargocentric Inc., Uber Freight and TGMatrix Limited.

About Us

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

Each TMR Syndicated Research report covers a different sector – such as pharmaceuticals, chemical, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, our syndicated reports thrive to provide clients to serve their overall research requirement.

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Albany, NY 12207
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