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

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.

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. In the traditional freight brokerage market, carriers and the loads are forced to remain idle till the deal is finalized by brokers through phone or mail.

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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.

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.

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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.

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