The Global Freight Transport Management Market size was valued at USD 30.80 Billion in 2022 and is expected to surpass USD 67.67 Billion by 2031, expanding at a CAGR of 9.14% during the forecast period, 2023 – 2031. The growth of the market is attributed to need to control time-in-transit, advancement in freight security, safety and solutions of transportation, increase in global trade, growing urbanization, growth in communications technologies, and rising freight visibility solutions and technologies.
Freight transport is a process of transporting merchandise goods, cargo, and commodities through various modes of transport. Freight transport management means developing various strategies for increasing the efficiency of commercial and freight transport. Freight transportation helps shippers to reduce the cost and to use right mode of transportation. Efficient freight transportation is very important for the economic growth and development of any country.
Different strategies are needed for improving freight and commercial transport such as, fuel management, freight optimization, route planning, and order management. In recent years, the industry has been witnessing the arrival of machine-to-machine learning and analytics to operate these operations effectively. Freight transport helps the companies to deliver the goods quickly in less time and at a low cost.
Market Trends, Drivers, Restraints, and Opportunities
Growing demand for high visibility and short transit time is projected to fuel the market during the forecast period.
Rising advancements in big data, mobility services, and cloud computing are major factors driving the market in the coming years.
Difficulty in shipping and delivering goods and problem in controlling cost act as a factors that can restrict the market growth.
Risk related to cross border transportation and congestion in trade routes are estimated to impede the market expansion.
Increasing demand of consumers for digitization create lucrative opportunities for the market players.
Scope of Freight Transport Management Market Report
The report on the global freight transport management market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Freight Transport Management Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Solutions (Warehouse Management System, Freight Security and Monitoring System, Freight 3PL Solutions, Freight Transportation Cost Management, Freight Mobility Solutions, and Other Solutions), Mode of Transports (Air Freight, Road Freight, Rail Freight, and Waterborne Freight), End-users (Oil and Gas, Energy and Power, Automotive, Consumer and Retail, Aerospace and Defense, Third Party Logistics, and Other End-users)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
HighJump Software Inc., Accenture Plc, CTSI-Global, Manhattan Associates, Inc., JDA Software Group, Inc., GEODIS, and Descartes System Group Inc.
Freight Transport Management Market Segment Insights
The freight security and monitoring system solution is projected to account for a large market share
Based on solutions, the freight transport management market is divided into warehouse management system, freight security and monitoring system, freight 3PL solutions, freight transportation cost management, freight mobility solutions, and other solutions. The freight transport and monitoring system is expected to account for a key share of the market in the coming years owing to high demand for track and trace, visibility, security, and monitoring applications.
The rail freight segment is projected to hold a key market share
On the basis of mode of transports, the freight transport management market is segmented into air freight, road freight, rail freight, and waterborne freight. The rail freight segment is expected to constitute a key share of the market during the forecast period due to the industries demand for the rail freight and information technology systems together. However, there is high demand for the rail freight transportation in the countries. International trades require high capacity, flexible, and safe transportation which requires the use of more than one mode of transportation.
The third party logistics segment is projected to constitute a major market share
Based on end-users, the freight transport management market is fragmented into oil and gas, energy and power, automotive, consumer and retail, aerospace and defense, third party logistics, and other end-users. The third party logistics segment is expected to account for a key share of the market during the forecast period due to the growth in the world trade volumes and increasing globalization. On the other hand, the consumer and retail segment is anticipated to expand at a rapid pace during the forecast period owing to carry business activities and easy operation in the business.
North America is anticipated to hold major market share
On the basis of regions, the freight transport management market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to expand at a rapid pace during the forecast period. The regional market growth can be attributed to increasing digitization and rising adoption of internet of things by various industries. Many firms are going online which is increasing the retail sector in the region. The US is projected to dominate the market owing to its well-established and sustainable economy and industrial sector. However, the market of Asia Pacific is expected to exhibit a rapid growth rate in the coming years due to its increasing population it is rising the demand for freight transport.
The global freight transport management market has been segmented on the basis of
- Warehouse Management System
- Freight Security and Monitoring System
- Freight 3PL Solutions
- Freight Transportation Cost Management
- Freight Mobility Solutions
- Other Solutions
Mode of Transport
- Air Freight
- Road Freight
- Rail Freight
- Waterborne Freight
- Oil and Gas
- Energy and Power
- Consumer and Retail
- Aerospace and Defense
- Third Party Logistics
- Other End-users
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- HighJump Software Inc.
- Accenture Plc
- Manhattan Associates, Inc.
- JDA Software Group, Inc.
- Descartes System Group Inc.
Key players competing in the freight transport management market include HighJump Software Inc., Accenture Plc, CTSI-Global, Manhattan Associates, Inc., JDA Software Group, Inc., GEODIS, and Descartes System Group Inc. Some of these players are adopting various business practices and several strategies including mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares. For instance,
In May 2020, SAP SE combined its InstaFreight’s service offerings with SAP Logistics Business Network for handling road shipment efficiently and faster.
In February 2018, Descartes acquired Aljex, a cloud based logistic provider, to provide Ajiex’s back-office transportation management solutions.