Report : Trade Management Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Solutions and Services), Deployment (Cloud and On-Premise), Organization Size (Small Enterprises, Medium Enterprises, and Large Enterprises), and End User (Retail and Consumer Goods Automotive, Logistics and Transportation, Healthcare and Pharma, Government, Aerospace and Defense, Chemicals and Minerals, Manufacturing, and Others), Geography
According to the new research report titled “Trade Management Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 1,748.4 million by 2028, registering a CAGR of 10.1% from 2021 to 2028.
The management of global trade is more complex than the management of domestic distribution. Diversification in country laws and regulations, currencies, languages, time zones, and transport modes are among the major factors influencing the trade management market growth. Moreover, the involvement of several parties in a single international shipment makes the trades more complicated. The government regulations related to international trade are highly complex, and there is a continuous scope for updating these laws. Organizations need to review and act on the high volume of data, comprising regulatory information, which is often presented on paper in various formats. These challenges are encouraging the adoption of global trade management software. Complexities involved in the global trade are compounded by the unique position of each global trade participant in the field. Vendors offer customized GTM solutions that are flexible and adapt to changing regulations and business requirements.
In 2019–2020, the COVID-19 pandemic disrupted the global supply chain due to restrictions levied on production and trade cycle of products. Owing to such impositions, the business of trade has fallen drastically. Therefore, for proper management of trade, maintaining speed in trade business and supply chain is a must. The pandemic situation encouraged companies to adopt cloud-hosted systems to enable personnel flexibility as organizations are performing their operations remotely. Therefore, the COVID-19 pandemic gathered the focus of enterprises toward ensuring the necessary speed in supply and trade operations, which triggered the adoption of trade management software.
The COVID-19 pandemic has been affecting every business globally since December 2019. The continuous growth in the number of virus-infected patients compelled governments to put a bar on transportation of humans and goods. The manufacturing sector witnessed severe losses due to temporary factory shutdowns and low production volumes, which hindered the growth of retail, e-commerce, and logistics sectors. Additionally, the social or physical distancing measures imposed by governments have put limitations on the operations of logistics and other service providers. This disruption has resulted in the decline in trade business. These adversities led to the reduction in the global trade volumes by 17.7% in May 2020, compared to the trade volumes in May 2019. The decline in first 5 months of 2020 was pervasive, however, it majorly impacted exports from Japan, the US, and European countries. Despite the disruption caused by the COVID-19 pandemic, the trade is likely to surge in the future as businesses are resuming after a long lockdown. With the social distancing measures in effect, the e-commerce, logistics, retail, and other such sectors involved in trade activities are focusing on the adoption of trade management software, to meet compliance by ensuring speed in supply chain. Thus, the uncertainties introduced by COVID-19 have expanded the scope of using cloud-based software/SaaS in logistics.
Key Findings of Study:
The global Trade management software market is fragmented into five major regions—North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and South America (SAM). Europe held the largest share of the Trade management software market in 2019, followed by Asia Pacific and North America. Further, Asia Pacific is projected to witness the highest growth rate during the forecast period. Nevertheless, significant strategic initiatives by several industry players are observed in the market; for instance, in January 2019, Bamboo Rose launched services as a subscription model, which helps customers to plan better, innovate, and collaborate with their multi-enterprise retail communities, saving 10 to 30 percent on technology investments. Moreover, in June 2019, E2open, LLC acquired Amber Road, Inc. Chicago Merger Sub, Inc., a wholly owned subsidiary of E2open completed an all-cash tender offer for all the outstanding shares of Amber Road common stock, followed by a merger.