The freight management system market is expected to grow from USD 10.76 Billion in 2018 to USD 17.45 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.1% during the forecast period.
The major drivers that are expected to propel the growth of this market are the increase in global trade, need to control time-in-transit, growth in freight visibility solutions and technologies, advancements in freight security, safety, and transportation solutions, and growth in communications technologies and IoT adoption worldwide.
Under the solutions segment, the execution and operations solution segment is expected to hold the largest market share during the forecast period
The execution and operations solutions include information interchange, visibility, audit and payments, and transportation management. These solutions are involved in the exchange of information and execution of the processes involved in the transportation of freight from consignors to consignees. Most solutions are existing in the market for many years and are evolving with advanced technologies, hence the execution and operations solution segment holds the largest market share in the market.
Among transportation modes, the road freight transportation mode is expected to hold the largest market share during the forecast period
The road freight transportation mode is estimated to hold the larger market share in 2018, owing to the higher adoption of freight management solutions in domestic freight transportation. Under the solution segment, the control and monitoring solution segment is expected to dominate the freight management system market, due to the higher demand for visibility, track and trace, and security and monitoring applications and technologies. APAC has the highest volumes in terms of freight movement, hence users in this region would adopt freight management system tools rapidly, which in turn, is expected to boost the growth of the overall market within the next 5 years.
Under the solutions segment, the control and monitoring solution segment is expected to grow at the fastest rate during the forecast period
The control and monitoring solution segment is expected to grow at the fastest rate during the forecast, owing to the increasing demand for freight visibility and reducing technological costs. Additionally, the control and monitoring solution segment is expected to dominate the freight management system market, due to the higher demand for visibility, track and trace, and security and monitoring applications and technologies. APAC has the highest volumes in terms of freight movement, hence users in this region would adopt freight management system rapidly, which in turn, is expected to boost the growth of the overall market within the next 5 years.
The major vendors covered in the freight management system market include Descartes (Canada), Oracle (US), Werner Enterprises (US), MercuryGate (US), SAP (Germany), Accenture (Republic of Ireland), JDA Software (US), Ceva Logistics (Spain), UPS (US), DB Schenker (Germany), C.H. Robinson TMC (US), Riege Software (Germany), Retrans (US), BluJay Solutions (UK), McLeod Software (US), FreightView (US), Freight Management (US), Linbis (US), Logisuite (US), DreamOrbit (India), Manhattan Associates (US), Magaya Corporation (US), Kuebix (US), ImageSoft (Australia), and 3GTMS (US).
Descartes is one of the prominent providers of freight management solutions and services, predominantly in the form of large-scale end-to-end implementations on the cloud or on-premises. Its solutions include routing, mobile, and telematics; transportation management; customs and regulatory compliance; logistics network services; and broker and forwarder enterprise systems. The company has adopted a mix of organic and inorganic growth strategies, such as new product launches, and mergers and acquisitions. For instance, in February 2018, the company acquired Aljex Software, a leading provider of cloud-based transportation management solutions to freight brokers and carriers. The company invested USD 32.4 million for this acquisition, thereby expanding its capabilities for providing cloud-based transportation management systems.
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