Freight Forwarding Software Market: Current Analysis and Forecast 2021-2027

Freight Forwarders acts as an intermediate for intermodal transportation which brings many benefits, such as increased safety for the goods and faster delivery. A freight forwarder's job involves the tracking of inland transportation, warehousing, preparation of shipping and export documents, freight consolidation, booking cargo space, negotiating freight charges, cargo insurance, and filing of insurance claims. Freight forwarding software allows the management, as well as control of air freight, land freight, sea freight, warehouse, transport, customs, and integrate it with customer relationship management (CRM), billing, & financial accounting online from anywhere, anytime with any device. The demand for freight forwarding software is rising on account of the implementation of cloud and big data analytics across various industries, the emergence of advanced solutions in cargo security, transportation, and safety. For instance, in 2021, Softlink Logistic Systems, India's leading logistics software provider, announced the successful installation of Logi-Sys an end-to-end cloud freight forwarding software that provides easy and effective Domestic as well as International freight management systems for both Import and Export activities. It offers sophisticated functionalities to help freight forwarders by integrating entire operations, branches, and all the stakeholders of the supply chain into a single application. In addition, the advancements in communication technologies and the Internet of things (IoT) are also intensifying market growth. Furthermore, the rapidly increasing global trade activities and the need to control the time-in-transit is the key factor driving the market growth.
Insights Presented in the Report
"Amongst Type, Ocean Freight Software segment holds the major share."
Based on Type, the market is fragmented into Rail Freight Software, Road Freight Software, Ocean Freight Software, and Air Freight Software. The Ocean Freight Software segment dominated the market in 2020 and is anticipated to show lucrative growth in the upcoming period due to the rising infrastructure developments, rising purchasing power, and booming internet penetration. In addition, the high preference for Sea freight forwarding by several industries and rise in strategic partnerships also propels the segment growth. Moreover, the increasing global cross-border e-commerce market is intensifying the less-than-container load (LCL) volume, which furthers shows a positive impact on the ocean freight forwarding segment growth. Furthermore, the increasing container port throughput, rising trade volume in European trade routes, and the rising number of Free trade agreements (FTAs) are driving the segment growth. As per the United Nations Conference on Trade and Development, over 70 percent of global trade by value and around 80 percent of global trade by volume are carried by the ocean and are handled by ports.
"Amongst Application, Third-Party Logistics is anticipated to grow at the highest CAGR during the analyzed period."
Based on Application, the market is fragmented into Third-Party Logistics, Forwarders, Shippers and Carriers, and Others. The Third-Party Logistics segment is anticipated to show lucrative growth in the forthcoming period owing to the rapid growth of the global e-commerce sector, and the development of new technologies. The rise in focus on outsourcing the logistics activity amongst shippers to enhance their cost-effectiveness and operations drives the segment growth. As per the research and consulting firm Armstrong & Associates Inc., the global logistics market was $9.6 trillion in 2018, and Trucking accounted for 43% of total logistics costs globally.
"North America signifies one of the largest markets and is expected to be the fastest-growing markets of Freight Forwarding Software market."
For a better understanding of the market adoption of Freight Forwarding Software, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of APAC), and Rest of World. North America will dominate the Freight Forwarding Software market on account of the rising demand for cold storage, and tight truck capacity across the U.S. Moreover, the increasing demand for the foreign goods in the emerging economies, such as Indonesia, India, and Thailand. In addition, the rising GDP in North America region also derives the market growth. As per the World Trade Organization, the North America GDP at market exchange rates should increase by 11.4% in 2021 in comparison to the pervious year. Some of the major players operating in the market include WiseTech, Descartes, Oracle, Werner Enterprises, Mercurygate, SAP, Accenture, Jda Software, Db Schenker, and C.H. Robinson (TMC). Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
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- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
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Freight Forwarders acts as an intermediate for intermodal transportation which brings many benefits, such as increased safety for the goods and faster delivery. A freight forwarder's job involves the tracking of inland transportation, warehousing, preparation of shipping and export documents, freight consolidation, booking cargo space, negotiating freight charges, cargo insurance, and filing of insurance claims. Freight forwarding software allows the management, as well as control of air freight, land freight, sea freight, warehouse, transport, customs, and integrate it with customer relationship management (CRM), billing, & financial accounting online from anywhere, anytime with any device.
The demand for freight forwarding software is rising on account of the implementation of cloud and big data analytics across various industries, the emergence of advanced solutions in cargo security, transportation, and safety. In addition, the advancements in communication technologies and the Internet of things (IoT) are also intensifying market growth. Furthermore, the rapidly increasing global trade activities and the need to control the time-in-transit is the key factor driving the market growth.
However, some of the restraints in the market are congested trade routes.
Based on Type, the market is fragmented into Rail Freight Software, Road Freight Software, Ocean Freight Software, and Air Freight Software. The Ocean Freight Software segment dominated the market in 2020 and is anticipated to show lucrative growth in the upcoming period due to the rising infrastructure developments (ports, containers, and ships with new technologies), rising purchasing power, and booming internet penetration.
Based on Application, the market is fragmented into Third-Party Logistics, Forwarders, Shippers and Carriers, and Others. The Third-Party Logistics segment is anticipated to show lucrative growth in the forthcoming period owing to the rapid growth of the global e-commerce sector, and the development of new technologies.
For a better understanding of the market adoption of Freight Forwarding Software, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America will dominate the Freight Forwarding Software market on account of the rising demand for cold storage, and tight truck capacity across the U.S. Some of the major players operating in the market include WiseTech, Descartes, Oracle, Werner Enterprises, Mercurygate, SAP, Accenture, Jda Software, Db Schenker, and C.H. Robinson (TMC). Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.