DUBLIN--(BUSINESS WIRE)--The "Global Freight Procurement Technology Solutions Market, By Component, By Deployment, By Industry, Estimation & Forecast, 2016 - 2028" report has been added to ResearchAndMarkets.com's offering.
The global Freight Procurement Technology Solutions market in 2021 was valued at USD 812.5 Million and is projected to reach USD 1,392.2 Million by the year 2028. The market is anticipated to register a CAGR of 8% over the projected period.
Companies Mentioned
- Freight Procurement
- Alpega Group
- Blue Yonder
- Coupa
- EC Sourcing Group
- Enterprise System Solutions Pvt. Ltd.
- Freightos
- FreightPOP
- Jaegger
- MercuryGate International, Inc.
- Nexus (Infor)
- nVision Global
- Sleek Technologies
- Translogistics Inc.
- Transporeon Group Americas Inc.
- Freight Tender
- Freightender
- FreightArea.com
- Freightos
- Transmate
Freight procurement or logistics procurement refers to hiring third party logistics service providers for freight transportation. Demand for greater visibility and transparency in supply chain data and processes is expected to boost the market growth. Furthermore, rising e-commerce sector coupled with mergers & acquisitions can create new potential opportunities in the market.
Despite the driving factors, high initial cost of solutions are expected to hinder the market growth during the forecast period. Moreover, lack of awareness regarding these solutions is also estimated to negatively impact the market growth.
Supply chain visibility and transparency have started to become a priority, because of the advantages it provides to a firm. Therefore, the firms share certain information with consumers as well as trading partners. Companies are able to connect better with their consumers by increasing the supply chain transparency. It also helps to build trust and achieve better visibility to all aspects of the supply chain to enable improvements and also respond faster and in an effective manner when issues occur. Hence, the demand for greater visibility and transparency in supply chain data and processes are expected to fuel the market growth.
Segments Overview:
The global Freight Procurement Technology Solutions market is segmented based on component, deployment, and industry.
By Component,
- Software Applications
- Carrier Management
- Freight Tendering
- KPIs and Analytics
- Order Management and Control
- Others
- Services
- Professional
- Managed/Outsourced
The software applications segment is expected to account for the dominant share of the market of over 75% in 2021, owing to its high demand. Within this segment, the order management and control segment is anticipated to witness the fastest growth rate of around 8.7% during the projected period owing to the increasing demand for freight procurement technology solutions for efficient tracking and fulfilling of the sales orders. Within the services segment, the professional sub segment is estimated to hold a market opportunity of around USD 33 million during 2022 to 2028.
By Deployment,
- Cloud-Based
- On-Premises
The cloud-based segment is estimated to witness the fastest growth rate of 10.3% during the projected period owing to the growing usage of cloud-based services by many companies owing to their efficient deployment as compared to the on-premises segment.
By Industry,
- Retail
- Agriculture
- FMCG Manufacturing
- Food & Beverages
- Oil & Gas
- Others
The retail segment is estimated to account for the largest market share of over 32% in 2021 owing to the growing demand for freight procurement technology solutions in the retail sector. Moreover, the food & beverages segment is anticipated to witness the fastest growth rate of about 8.7% over the forecast period owing to the growing food and beverages industry globally.
Regional Overview
Based on region, the global Freight Procurement Technology Solutions market is divided into Europe, North America, Asia Pacific, South America, and the Middle East & Africa.
Asia Pacific region is also expected to witness the fastest growth rate of about 9.8% during the forecast period owing to the growth of e-commerce in the region and due to the continuous trade growth.
The North America region is expected to surpass a market size of about USD 400 million by 2025 owing to the presence of major players in the market and growing awareness regarding importance of the freight procurement solutions.
Key Questions Answered:
- What is the market size and forecast of the Global Freight Procurement Technology Solutions Market?
- What are the inhibiting factors and impact of COVID-19 on the Global Freight Procurement Technology Solutions Market during the assessment period?
- Which are the products/segments/applications/areas to invest in over the assessment period in the Global Freight Procurement Technology Solutions Market?
- What is the competitive strategic window for opportunities in the Global Freight Procurement Technology Solutions Market?
- What are the technology trends and regulatory frameworks in the Global Freight Procurement Technology Solutions Market?
- What is the market share of the leading players in the Global Freight Procurement Technology Solutions Market?
- What modes and strategic moves are considered favorable for entering the Global Freight Procurement Technology Solutions Market?
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