Digital Freight Brokerage Market Outlook 2031
The Global Digital freight brokerage market size was valued at USD 3.34 Billion in 2022 and is expected to reach USD 42.33 Billion by 2031, expanding at a CAGR of 32.6% from, 2023 to 2031.
Digital freight brokerage refers to the service by which shippers and trucking companies are connected online. As more companies are using digital technologies to improve various aspects of the value chain, the digital freight brokerage in the transportation & logistics sector is gradually heading toward a digital transformation.
The overall growth of logistics has been fueled by a significant increase in the volume of container shipping and air freight, due to consistent restocking of business inventories around the globe, which is projected to have a direct impact on the growth of the global digital freight brokerage market. Additionally, increasing use of smartphones and mobile application by the shippers is boosting the market.
Digital Freight Brokerage Market Trends, Drivers, Restraints, and Opportunities
- Retail and e-commerce sectors are rising continuously, hence the increasing need for logistics is driving the market.
- High growth of logistics globally resulted from the huge increase in container shipping and air freight volumes, which is projected to have a direct positive impact on the global digital freight brokerage market.
- Many truck drivers do not trust digital freight brokerage platforms, which has a negative impact on the digital freight brokerage market; however, many drivers started to adopt digital freight brokerage platforms, due to increased use of smartphones.
- Growing emphasis on use of mobile applications to centralize different logistics operations and procedures is expected to result in expansion of market throughout the forecast period.
Scope of Digital Freight Brokerage Market Report
The report on the global digital freight brokerage market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Digital Freight Brokerage Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast
Platform (Specialized & generic marketplaces, Crowd shipping platform, Digital freight exchange, Tender platform), Development (Desktop, Mobile), Transportation mode (Roadways [Truck, Trailer, Lorry], Seaways, Airways, Railways), End-users (Food and beverages, Automotive, Retail and e-commerce, Healthcare, Manufacturing)
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
Key Players Covered in the Report
C.H. Robinson, Cargocentric Inc., CEVA Logistics, Convoy, Coyote Logistics LLC, DAT Solutions LLC, DB Schenker Logistics, DHL International GmbH, and Echo Global Logistics
Digital Freight Brokerage Market Segment Insights
Platform Segment Analysis
In terms of platform, the global digital freight brokerage market is segmented into specialized & generic marketplaces, crowd shipping platforms, digital freight exchanges, and tender platforms. There has been rapid growth in the adoption of digital freight exchange platforms, which is expected to continue during the forecast period 2023-2031.
Many small to large-scale digital freight exchange players entered the market, due to increasing monetary support from venture capitalists. Many companies in developed nations prefer to invest considerable resources to transform their brokerage operations. As a result, the market is expected to rise during the forecast period, due to increasing digitalization and investments in freight brokerage.
Development Segment Analysis
On the basis of development, the global digital freight brokerage market is fragmented into desktops and mobiles. The increasing use of mobiles makes the process of digital freight market efficient by providing price transparency and finding carriers on demand.
Many players in the digital brokerage market are operating on mobile platform and shipper and carriers are able to interact directly. Hence, the increased adoption of smartphones and mobile applications is anticipated to have a positive impact on the demand for digital brokerage solutions during the forecast period.
Transportation Segment Analysis
Based on transportation, the digital freight brokerage market is fragmented into by road, seaways, airways, and railways. Road shipping is a flexible way of shipping and transport of goods. Therefore, this segment accounts for the largest share of the global digital freight brokerage market.
Roadway is an easy and low-cost form of transport among all other ways. It helps in maximizing truckload utilization, decreasing deadhead miles, and accelerating the shipping time.
End-User Segment Analysis
On the basis of end-users, the global digital freight brokerage market is classified into food and beverages, automotive, retail and e-commerce, healthcare, manufacturing, and others. Retail and e-commerce completely transformed the sector in the past two decades.
E-commerce is a global marketplace, which handles all transactions in the retail sector. Retail giants such as Amazon, eBay, and Alibaba play an important role in changing consumer perception and hence, define the norm in the industry of retail and e-commerce.
Digital Freight Brokerage Market Regional Analysis
In terms of regions, the global digital freight brokerage market is split into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in Latin America is expected to expand at a CAGR of more than 30% in the forecast period.
Some logistics issues prove to be challenge and hold back the growth of the logistics market. Hence, there is a vast potential for digital freight brokerage providers to streamline the business and increase efficiency.
- Specialized & generic marketplaces
- Crowd shipping platform
- Digital freight exchange
- Tender platform
- food and beverages
- retail and e-commerce
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
- C.H. Robinson
- Cargocentric Inc.
- CEVA Logistics
- Coyote Logistics LLC
- DAT Solutions LLC
- DB Schenker Logistics
- DHL International GmbH
- Echo Global Logistics
Key players in the global digital freight brokerage market include C.H. Robinson, Cargocentric Inc., CEVA Logistics, Convoy, Coyote Logistics LLC, DAT Solutions LLC, DB Schenker Logistics, DHL International GmbH, and Echo Global Logistics. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.