Freight Management System Market Size was valued at USD 25.5 billion in 2022. The freight management system market industry is projected to grow from USD 28.08 Billion in 2023 to USD 60.77 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.13% during the forecast period (2023 - 2032).The increasing development of communication technologies and the rising popularity of the Internet of Things are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Freight management is efficiently and strategically moving cargo over the network from its origin to its required destination using various modes of transportation, intermediaries, and technologies. To move freight efficiently, the process uses technology, logistics and supply chain tools, physical resources like trucks, warehouses, and distribution centers and physical assets like distribution centers. For as long as there have been businesses, it has been crucial to delivering goods promptly, to the appropriate location, in the exact quantity, without damage, and for the lowest possible cost. This system is more crucial in a competitive environment because of reduced shipper supplies, just-in-time production techniques, rising warehousing and labor costs, and consumer satisfaction driven by e-commerce companies. Using the Internet of Things-based sensing systems, goods and parts can be tracked as they travel through different modes of transportation, like trucks, ships, and trains.
These systems offer businesses real-time location information and status updates, such as the temperature of goods and commodities. The adoption of technologies that aid in tracking, securing, and controlling in-transit freight, the expansion of free trade policies between nations, and rising business imports and exports globally are the factors propelling the growth of the market for freight management systems. Additionally, the market is growing due to the development of communication technologies and the rising popularity of the Internet of Things. However, the factors impeding the market's growth include congested trade routes, risks associated with cross-border trade, and environmental issues related to logistics and transportation. Additionally, expanding e-commerce industries are anticipated to offer the freight management system market lucrative growth opportunities during the anticipated period. An order management system is a system for managing an order's lifecycle. It keeps track of every piece of data. Businesses are implementing order management systems in freight management systems to streamline all organizational processes properly and to address the need to create a flexible system to enhance the customer experience. The order management system integrates product information and enterprise resource planning systems. The system's benefits spur increased demand in businesses. Thus, driving the freight management system market revenue.
Based on components, the freight management system market segmentation includes solutions and services. The solutions segment dominated the market due to the increased demand for security, monitoring, and track-and-trace applications and technologies. Since there is the most freight movement in Asia Pacific (APAC), users in this region would adopt freight management system tools quickly, expected to accelerate the overall market’s growth over the next five years.
Figure 1: Freight Management System Market, by Components, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Based on end-users, the freight management system market segmentation includes third-party logistics, forwarders, brokers, shippers, and carriers. The third-party logistics category generated the most income. Opportunities for logistics service providers should arise due to globalization and the expansion of international trade.
Based on transportation mode, the freight management system market segmentation includes road freight, ocean freight, air freight, and rail freight. The road freight category generated the most income. The fact that it is adaptable and works for both short and long distances is one of the reasons. It is also reasonably quick and can be used to deliver goods to far-flung locations that might not be reachable by other forms of transportation. Door-to-door delivery is another benefit of using the road, making it easier for shippers and receivers.
By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The Asia Pacific freight management system market will dominate due to increased rates of goods movement and population growth. This factor contributes to the market’s growth through the forecast period.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: FREIGHT MANAGEMENT SYSTEM MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe freight management system market accounts for the second-largest market share. Reduce time-in-transit and concentrate on supply chain visibility due to growing trade. One of the most vital components of an economy is the efficient movement of freight. Shipping companies have been urged to choose freight management solutions to ensure the efficiency and security of their operations over the past ten years due to factors like rapid globalization, rising population, and rising demand for goods. Further, the German freight management system market held the largest market share, and the UK freight management system market was the fastest-growing market in the European region.
The North America Freight Management System Market is expected to grow at the fastest CAGR from 2023 to 2032. Due to the high rate of technological adoption and the presence of top solution providers in the market, North America is anticipated to be the region with the most developed market for the growth of freight management systems. The US and Canada are part of the North American region, where freight management systems are becoming widely used. Due to its stable and established economy, which enables it to make sizable investments in R&D activities and thereby contribute to developing new technologies and use cases, the US is expected to have a major dominance in the market. Moreover, Canada’s freight management system market held the largest market share, and the US freight management system market was the fastest-growing market in the North American region.
For instance, Americans are actively pursuing a physically active lifestyle and are becoming more health concerned. The expansion and growth of the industry have been aided by an increase in the number of health clubs and fitness facilities across the nation.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the freight management system market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, freight management system industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the freight management system industry to benefit clients and increase the market sector. The freight management system industry has offered some of the most significant advantages in recent years. Major players in the freight management system market, including Trend Micro (Japan), Raytheon (US), Nubo (US), Pulse Secure (US), Avast Software (Czech Republic), Prescient Solutions (US), Sierraware (US), Fortinet (US), Forcepoint (US), Intelligent Waves (US), Genymobile (France) and others, are attempting to increase market demand by investing in research and development operations.
Nubo (US) On the tablets and smartphones of your staff members, Nubo's Virtual Mobile Infrastructure creates a virtual corporate device. Deliver any mobile application while retaining all data on your remote server. Without putting any data at risk, enable limitless mobility. On any device, there is never any data. Your data center, which houses your entire mobile OS and apps, has the highest level of security. Deliver apps without the need for packaging, containers, or modifications. Without compromising user privacy, keep work and personal environments separate. Any Android app on the market can be remotely streamed to any device. Access to essential business apps that boost productivity and produce results for your company should be made available to all your employees. Stop trading off security for the user experience. Systematically streamline app management and lower expenses by 70 percent. Spend less on app development and launch it sooner. Reduce hardware costs by 90% while saving time and resources on overhead device maintenance.
Fortinet (US), Through its mission to safeguard individuals, devices, and data worldwide, enables a digital world we can always trust. This is why the biggest businesses, service providers, and governmental agencies in the world select Fortinet to securely speed up their digital transformation. The Fortinet Security Fabric platform offers comprehensive, integrated, and automated protections across the entire digital attack surface, from the data center to the cloud to the home office. More than 635,000 customers trust Fortinet to safeguard their companies, giving it the top spot for the most security appliances shipped globally. And to make cyber training and new career opportunities available to everyone, the Fortinet NSE Training Institute, a Fortinet's Training Advancement Agenda (TAA) project, offers one of the sector's biggest and most comprehensive training programs.
March 2022: In collaboration with telecommunications providers, Sierraware unveiled its new edge-based 5G VMI solution. According to the company, the solution can provide latency-free, 60-frames-per-second video and game streaming.
Solutions
Services
Third-party Logistics
Forwarders
Brokers
Shippers
carriers
Road Freight
Ocean Freight
Air Freight
Rail Freight
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 25.5 billion |
| Market Size 2023 | USD 28.08 billion |
| Market Size 2032 | USD 60.77 billion |
| Compound Annual Growth Rate (CAGR) | 10.13% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2019- 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Organization Size, Deployment, Vertical and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Trend Micro (Japan), Raytheon (US), Nubo (US), Pulse Secure (US), Avast Software (Czech Republic), Prescient Solutions (US), Sierraware (US), Fortinet (US), Forcepoint (US), Intelligent Waves (US), Genymobile (France) |
| Key Market Opportunities | The increasing development of communication technologies |
| Key Market Dynamics | The rising popularity of the Internet of Things |
Frequently Asked Questions (FAQ) :
The freight management system market size was valued at USD 25.5 Billion in 2022.
The market is projected to grow at a CAGR of 10.13% during 2023-2032.
Asia Pacific had the largest share of the market
The key players in the market are Trend Micro (Japan), Raytheon (US), Nubo (US), Pulse Secure (US), Avast Software (Czech Republic), Prescient Solutions (US), Sierraware (US), Fortinet (US), Forcepoint (US), Intelligent Waves (US), Genymobile (France).
The solutions category dominated the market in 2022.
Large enterprises had the largest share in the market.
Senior Research Analyst Ankit gupta is an analyst in market research industry in ict and semi industry. with post-graduation in "telecom and marketing management" and graduation in "electronics and telecommunication" vertical he is well versed with recent development in ict industry as a whole. having worked on more than 150+ reports including consultation for fortune 500 companies such as microsoft and rio tinto in identifying solutions with respect to business problems his opinions are inclined towards mixture of technical and managerial aspects.
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