Freight Management System Market in multimodal freight transportation is projected to hold a significant share over 2019-2025. It is combines various modes of transportation such as road, rail, and sea and allows logistics companies to cost-effectively manage shipments. A multimodal system allows companies to handle all shipping and interactions through a single provider and contract. Thus, it eases the process of communication between contracts and carriers.
Creating visibility into the company’s supply chain is one of the important aspects of the logistics management. Thus, companies are widely using the software for optimum utilization of resources in logistics and avoiding potential disruptions. The freight management system includes record maintenance, process monitoring, and inventory management, which helps in the management of complex process efficiently and provides a homogenized solution to 3PL and other freight-forwarding companies.
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The government authorities in the region are also providing support for the development of the logistics industry by working towards an open-door policy to promote the international trade. For instance, China’s Belt and Road initiative seeks to build a trans-regional international trade logistics network. The network is governed by various policies, and standards for air, land, and maritime connectivity. In June 2018, the Indian government started working to finalize the new logistics plan, which is expected to accelerate the government’s mission to develop a cost-effective method for goods transportation till 2035.
Freight Management System Market will experience substantial demand to 2025 led by growing need among logistics service providers to gain operational efficiency and improve warehouse efficiency by reducing the overall lead time. With the globalization of e-commerce, freight companies require efficient freight management software to manage their day-to-day operations and business deals. A freight management system encompasses the technology, knowledge, and human resources to facilitate the coordination between various carriers to ensure that goods are delivered at the right time. As the whole process involves controlling the flow of goods and services to meet the customers’ requirements, the demand for the software is expected to increase over the forecast timeline.
North America is projected to dominate the freight management system market share due to profound growth of the logistics and transportation industry. According to the U.S. Bureau of Transportation Statistics (BTS), in 2015, the U.S. transportation system moved a daily average of around 49.3 million tons of freight, valued amounting to value more than USD 52.5 billion. Road transport dominated all other transportation modes with trucks being the most utilized mode for freight transportation from both Canada and Mexico, carrying 63.3% of the freight transported.
The Asia Pacific freight management system market is projected to exhibit a remarkable growth over the forecast period due to the intense growth of the logistics industry with the rapid adoption of e-commerce platforms. The determination of the optimal distribution network is a challenging task, compelling shippers to maintain a balance between service and cost. The rapidly-growing e-commerce industry is driving the demand for efficient freight management software, enabling companies to manage their supply chain.
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