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Freight Management System Market Growing at a CAGR of 10.1% | Key Players Freight Management (FMI), Linbis, Logisuite, Dreamorbit

Freight Management System Market Growing at a CAGR of 10.1% | Key Players Freight Management (FMI), Linbis, Logisuite, Dreamorbit
Descartes (Canada), Oracle (US), Werner Enterprises (US), MercuryGate (US), SAP (Germany), Accenture (Republic of Ireland), JDA Software (US), Ceva Logistics (Spain), UPS (US), DB Schenker (Germany), C.H. Robinson TMC (US), Riege Software (Germany), Retrans (US)
Freight Management System Market by Solution (Freight Tracking & Monitoring, Cargo Routing & Scheduling, Security, EDI, TMS, Order Management), End-user (3PLs, Forwarders, Brokers, Shippers), Transportation Mode, and Region - Global Forecast to 2023

The freight management system market is expected to grow from USD 10.76 billion in 2018 to USD 17.45 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.1% during the forecast period. The major drivers that are expected to fuel the growth of the freight management system market are the business values, such as the need to reduce the transit time, desire for supply chain visibility, higher customer satisfaction, and the reduced cost of logistics, coupled with the advancements in freight security, safety, and transportation solutions; and rapid growth in communication technologies and IoT. However, congested trade routes, and cross-border trade risks and environment concerns related to transportation and logistics may restrain the market growth.         

Freight management solutions and technologies offer businesses the ability to plan, execute, and control the movement of freight from one place to another with the most efficient use of resources. These solutions enable end-users such as forwarders and brokers to imbibe flexibility in their offerings, which can be utilized to attract customers and attain competitive advantage. They also help users plan orders, manage suppliers, select the best carriers based on the cost and destination, design loads, execute orders, manage revenues and claims, transfer documents, audit orders, track, trace, and monitor freight, and ensure the security and safety of the freight.

Advancements in solutions such as load planning, freight visibility, and cargo routing are increasing the adoption of the freight management system. The more common solutions such as order management and transportation management support businesses to focus on more important issues related to the movement of freight. Another factor driving the adoption of freight management solutions is the low investment in incorporating these solutions, as vendors offer subscription-based Software-as-a-Service (SaaS) solutions.

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The scope of this report covers the freight management system market analysis by component (solutions and services), transportation mode, end-user, and region. Freight management solutions are used by companies for the smooth transitions between stages in their freight life cycles. These stages are categorized as planning, execution and operation, and control and monitoring. Further, the study of the freight management solutions in each of these stages is important, as each solution plays a defined role in the freight transportation process, and has a direct impact on the adoption of the freight management solutions, technologies, and services worldwide.

As per the geographic analysis, the Asia Pacific (APAC) region is expected to witness the fastest growth rate in the freight management system market, due to the region’s nature of rapidly adopting new technologies, making higher investments in digital transformation, and its growing share of freight volumes transported globally. Moreover, the region is rapidly investing in technological transformations.

The major vendors covered in the freight management system market include Descartes (Canada), Oracle (US), Werner Enterprises (US), MercuryGate (US), SAP (Germany), Accenture (Republic of Ireland), JDA Software (US), Ceva Logistics (Spain), UPS (US), DB Schenker (Germany), C.H. Robinson TMC (US), Riege Software (Germany), Retrans (US), BluJay Solutions (UK), McLeod Software (US), FreightView (US), Freight Management (US), Linbis (US), Logisuite (US), DreamOrbit (India), Manhattan Associates (US), Magaya Corporation (US), Kuebix (US), ImageSoft (Australia), and 3GTMS (US).

These players offer freight management software and services, thereby catering to the needs and demands of the market. They have adopted various growth strategies, such as partnerships, agreements, and collaborations, business expansions, and new product launches. The strategy of partnerships and collaborations is a major growth strategy, followed by new product launches and business expansions.

Descartes is one of the prominent providers of freight management solutions and services, predominantly in the form of large-scale end-to-end implementations on the cloud or on-premises. Its solutions include routing, mobile, and telematics; transportation management; customs and regulatory compliance; logistics network services; and broker and forwarder enterprise systems. The company has adopted a mix of organic and inorganic growth strategies, such as new product launches, and mergers and acquisitions. For instance, in February 2018, the company acquired Aljex Software, a leading provider of cloud-based transportation management solutions to freight brokers and carriers. The company invested USD 32.4 million for this acquisition, thereby expanding its capabilities for providing cloud-based transportation management systems.

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