Freight management is the process of effectively and strategically moving cargo over the network from its point of origin to its required destination utilizing different modes of transportation, intermediaries, and technologies. The process utilizes logistics and supply chain equipments, physical assets such as trucks, distribution centers & warehouses, and technology to transfer freight efficiently. The ability to deliver cargo on time and to the right destination and accurate quantity, damage-free, and at the least possible expense has always been extremely important to businesses. In the competitive environment, this system is more important due to factors such as leaner shipper supplies, just-in-time production processes, increasing warehousing and labor costs, and consumer satisfaction driven by e-commerce companies. Commodities and components moving through various transportation modes such as trucks, ships, trains can be tracked using internet of things-based sensing systems. These systems provide businesses with real-time location data and status updates such as the temperature of products and commodities.
COVID-19 Scenario Analysis:
- The adverse effects of COVID-19 had an impact on each and every industry vertical. The freight management market has also been interrupted due to the pandemic situation. Attributed to lockdown restrictions imposed due to the pandemic, the financial activity of freight management systems has significantly stopped.
- Businesses are planning to adopt freight management system as it helps to operate the commercial freight transactions in the transport business. The system helps in data entry and decreasing errors while entering the freight data. Companies are implementing this system as it is easy to operate and is cost-efficient, which help the businesses to spend less during the financial crisis arrived due to pandemic.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
The growth of the free trade policy between countries, increasing business imports and exports around the world, and adoption of technologies that help track, secure, and control in-transit freight are the factors driving the growth of the freight management system market. In addition, growth of communication technologies coupled with increasing adoption of internet of things propels the market growth. However, crowded trade routes and cross-border trade risks and environment concerns related to transportation and logistics are the factors hampering the market growth. Furthermore, increasing e-commerce industries is expected to provide lucrative growth opportunities to the freight management system market during the forecast period.
The market trends for the freight management system market are as follows:
Order management system to drive the market growth
Order management system is a way that manages the lifecycle of an order. It monitors all the information & processes, inventory management, and after-sales service. To simplify all the procedures in a proper way in organizations and the need to build a flexible system to improve the customer experience, businesses are implementing order management systems in freight management systems. Order management integrates all enterprise resource planning system and product information systems. The advantages of the system increase the demand in organizations.
Increased adoption of freight management system by third-party logistics
Third party logistics segment is expected to make use of freight management system and the market is expected to grow at a high rate during the forecast period. The higher growth rate is attributed to the implementation of free trade policy by several countries around the world. Further, rapid rise in demand for on-time shipment of products & raw materials and growing demand for warehouse efficiencies also drive the growth of freight management systems in the third-party logistics market.
Key benefits of the report:
- This study presents analytical depiction of the freight management system market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the freight management system market share.
- The current freight management system market is quantitatively analyzed to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis based on the present and future competitive intensity of the market.
Questions answered in the freight management system market research report:
- Who are the leading market players active in freight management system market?
- What would be the detailed impact of COVID-19 on freight management system market?
- What current trends would influence the market in the next few years??
- What are the driving factors, restraints, and opportunities in the freight management system market?
- What are the projections for the future that would help in taking further strategic steps?
Freight Management System Market Report Highlights
By Transportation Mode
By End User
Key Market Players
Descartes Systems Group Inc., Accenture Plc, Oracle Corporation, MercuryGate International Inc., United Parcel Service Inc., BluJay Solutions Ltd., C.H. Robinson Worldwide Inc., Werner Enterprises Inc., Blue Yonder Group Inc., SAP SE