The study published by Astute Analytica foresees a tremendous growth in revenue of the Global Freight Procurement Technology Solutions Market from US$ 812.5 Mn in 2021 to US$ 1,392.2 Mn by 2028. The market is registering a CAGR of 8% during the forecast period 2022-2028. Freight procurement refers to hiring third party logistics service providers for freight transportation. The market is majorly driven by factors such as demand for greater visibility and transparency in supply chain data & processes and rising e-commerce sector.
Market Dynamics
Drivers:
Freight procurement technology solutions assists various industries and organizations in procurement and freight shipment of goods with the help of several tools such as freight audit, payment, route planning, yard management and so on. Through the adoption of these solutions, shipping companies can improve the efficiency of their shipments, reduce the cost incurred and get real-time supply chain visibility with greater customer service. Further, the digitalization and automation in freight procurement can help optimize cargo traffic, process transparency and speed, and reduce human errors. Moreover, the rising e-commerce sector is also fueling the market growth as the freight procurement technology solutions helps in looking after all e-commerce shipments and identify the best carrier and/or mode of e-commerce based on the need. In addition, mergers and acquisitions by key market players is creating a lucrative opportunity for market expansion.
Restraints:
The high initial cost of solutions may hinder the market growth over the forecast period. The price may vary as per the solution features, customization, integration, and recovery tools, and many others. Furthermore, companies offer distinct pricing plans of solutions for buyers based on their business size.
Segmental Analysis
The various segmentations considered to analyze the Global Freight Procurement Technology Solutions Market are based on component, deployment, industry, and region. Based on component, the software application segment holds the highest market share in 2021. In terms of deployment, the on-premises segment dominates the market in 2021, however, the cloud-based segment is estimated to dominate the market by the end of 2028. Further, in terms of end use industry, retail industry is the highest end use industry in the market in 2021. North America is the highest shareholder country in the Global Freight Procurement Technology Solutions Market in 2021.
Regional Analysis
North America dominates the Global Freight Procurement Technology Solutions Market in 2021
North America is the highest shareholder region in the Global Freight Procurement Technology Solutions Market in 2021. The well-developed transportation system in the region leads to earlier adoption of newer technology, which is propelling the market growth. The US is the highest shareholder country in the region and Mexico holds the highest CAGR over the projection period. In terms of component, software application segment holds the highest share in the freight procurement technology solutions market of North America.
UK is the highest shareholder region in the Europe freight procurement technology solutions market in 2021
Europe holds the second highest share in the Global Freight Procurement Technology Solutions Market in 2021. Increase in processing of food & beverage products directly enhances the exports & shipments of these products which calls for the need & utility of freight procurement technology solutions market in the region. Further, UK is the highest shareholder country in the region. Sweden records the highest compound annual growth rate over the forecast period. In terms of industry, retail industry is the highest end use industry in the Europe freight procurement technology solutions market in 2021.
Asia Pacific registers the highest CAGR in the Global Freight Procurement Technology Solutions Market
Asia Pacific is recording the highest annual growth rate over the forecast period. The robust growth of the e-commerce sector across developed and developing nations in Asia Pacific will trigger the demand for the freight procurement technology solutions market in the region. China is the highest shareholder country in the Asia Pacific freight procurement technology solutions market in 2021. This is due to the growing exports and maritime trade in China. Further, Japan registers the highest CAGR over the forecast period. Based on deployment, on-premises segment holds the highest market share in 2021.
South Africa dominates the MEA freight procurement technology solutions market in 2021
South Africa is the highest shareholder country in the Middle East & Africa Freight Procurement Technology Solutions Market in 2021 and further registers the highest CAGR over the forecast period. This is because the region has experienced significant penetration of automated technologies and equipment in transportation and logistics industry. Further, in terms of industry, retail industry is the highest end use industry in the MEA market in 2021.
Brazil is the highest shareholder region in the South America freight procurement technology solutions market in 2021
Brazil dominates the freight procurement technology solutions market of South America in 2021 and is further estimated to continue its dominance over the projection period. The increasing cargo traffic in the region has led to a widening demand for freight procurement technology solutions in the region. However, Columbia holds the highest CAGR of 11.3% over the projection period. In terms of component, the software application segment holds the highest share in the freight procurement market of South America in 2021.
Competitive Analysis
The key players in the Global Freight Procurement Technology Solutions Market are Blue Yonder, Nexus (Infor), Transporeon Group Americas Inc., Alpega Group, Coupa, Jaegger, nVision Global, Enterprise System Solutions Pvt. Ltd. and MercuryGate International, Inc., among others. Through extensive research, it is found that big players have adopted various competitive strategies such as merger & acquisition in order to have a grip in the stabilized market scenarios. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.
Segmentation Overview
The following are the different segments of the Global Freight Procurement Technology Solutions Market:
By Component segment of the Global Freight Procurement Technology Solutions Market is sub-segmented into:
By Deployment segment of the Global Freight Procurement Technology Solutions Market is sub-segmented into:
By Industry segment of the Global Freight Procurement Technology Solutions Market is sub-segmented into:
By Region segment of the Global Freight Procurement Technology Solutions Market is sub-segmented into:
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