Market Analysis 

Freight Management System Market to hit $84.9 Billion, Globally, by 2027 at 8.2% CAGR, states the latest Market Research Future (MRFR) report. The market research report provides market analysis by countries, competitive landscape, production, value, price, gross margin and Freight Management System Market Forecast.

Drivers 

Demand for On-Time Delivery of Products to Fuel Market Growth 

The rapid rise in the need for on-time delivery of products and raw materials that encourage fleet owners to implement an effective freight management which allows planning for the current inventory will boost market growth over the forecast period. 

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Opportunities 

Rise in Global Trade to offer Robust Opportunities 

The increase in global trade will offer the market with robust opportunities during the forecast period. The international trade bodies like WTO (World Trade Organization) are paving the way to promote international trade sans tax barriers. Most enterprises are reaping the benefits of trade incentives and also relaxation in regulations to expand their business beyond national boundaries. This may trigger the requirement for freight management systems that can update as well as track freight movements worldwide and also ensure safe and on-time delivery. 

 Restraints 

Congested Trade Routes to act as Market Restraints 

The congested trade routes may act as a market restraint in the forecast period. Economic expansions coupled with global trade have led to freight congestion in specific areas on highways which are not designed to handle freight traffic in large volumes. Besides the COVID-19 impact too may act as a market restraint. 

 Challenges 

Poor Transport Infrastructure to Challenge Market Growth 

The poor transport infrastructure in India and China leads to traffic congestion and accidents which are untoward in nature. These unpredictable events impact the freight management system’s operational efficiency. Besides climatic conditions like rain and snow coupled with cargo thefts may also impede market growth. 

 Market Segmentation 

The freight management system market has been bifurcated based on component, end user, and transportation mode. 

 By component, the solution segment will lead the market over the forecast period. Several players are deploying these solutions effectively for managing the freight and transportation process that is adding to the segmental growth. 

 By end user, the forwarders segment will dominate the market over the forecast period. 

 By transportation mode, the ocean freight segment will spearhead the market over the forecast period. 

 Regional Analysis 

 North America to Sway Freight Management System Market 

North America will sway the market over the forecast period. Constant investments and focus on freight automation, the presence of several software providers in the market, adoption of freight management solutions and services that are adopted by most users, high technological adoption, significant adoption in Canada and the US, the presence of a well-established and sustainable economy, and huge investments in research development activities that contribute to the development of new use cases and new technologies are adding to the freight management system market share in the region. 

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Key Players 

Industry Updates 

A renowned provider of technology solutions in freight transportation, MGN Logistics, Inc., has acquired a California based niche freight brokerage, Republic Logistic Services. 

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