This study intends to analyse diverse aspects of the global freight management system market. The insights offered in this report are expected to aid in market growth examination over the forecast timeline.
Key Report Findings
Market Analysis in Brief
Demands regarding tracking of shipments have reached new heights over the recent past and the pandemic raised the intensity of this demand by manifold, in no time. While several industry verticals realize the significance of having an optimized supply chain and logistics network, consumers goods markets, especially retailers have been at the forefront of adopting the most efficient freight management systems. Despite challenges facing FMS industry in form of expensive costs, rates of implementation will improve over near term – thanks to exploding e-Commerce. Amidst volatility of financial markets, consistent trade unrest, and evolving regulatory landscape, the global freight management system market expects a promising outlook.
Industry Verticals Seek Improved Logistics and Supply Chain Optimization
Freight management systems are used by many end-use industries to manage and optimize their logistics and supply chain operations. It is used in manufacturing to manage the movement of raw materials supplies, and finished goods across their supply chain. It is used by retailers and consumer goods companies to manage their distribution networks, optimize transportation routes, and track inventory levels. In healthcare, these systems are used to manage the transportation of medical supplies, pharmaceuticals, and equipment. These systems are also used to manage the movement of parts and finished vehicles in the automotive sector. Moreover, to manage the transportation of hazardous chemicals and ensure compliance with various safety regulations in the chemicals industry. The subsequent expansion of these end-use industries is slated to have a profoundly positive impact on the growth of the global freight management system market over the forecast period.
Real-time Shipment Tracking Gains Traction for Greater Visibility
The need to optimize the supply chain process and to reduce operational costs, as well as the growing demand for real-time tracking and visibility of shipments to boost customer loyalty and satisfaction are major elements that are expected to play a vital role in fueling growth prospects for the various players engaged in the freight management system market. Additionally, various advancements in technology, such as IoT, cloud computing, and big data analytics, continue to make it easier to manage and track the movement of goods across multiple channels. This is another element that is expected to have a major impact on the growth trajectory of the global freight management system market.
High Implementation Costs, and Limited IT Infrastructure Challenge Market
The initial costs of implementing a suitable FMS solution can be expensive. This includes both the software and hardware costs, training costs, and implementation costs. These elements could result in many companies refraining from applying them to existing daily operations. Moreover, limited IT infrastructure is another crucial factor that could hinder the adoption of freight management systems. This mostly applies to emerging economies that may lack reliable internet connectivity and transportation infrastructure, both of which are needed to successfully implement FMS solutions. These factors could potentially hinder the further progression of the global freight management system market in the years ahead.
The onset of the COVID-19 pandemic resulted in the imposing of restrictions by respective governments on the movement of people and goods, as well as the hampered supply of necessary raw materials, among other operational hurdles. This led to a significant decline in generated revenues for many industries and this was no different for the global freight management system market. However, as restrictions were gradually relaxed, post the 3rd and 4th waves, the global freight management system market regressed to its pre-COVID state of projected operations. Nonetheless, the onset of this pandemic had accelerated the adoption of FMS solutions as companies looked for ways to improve their supply chain resilience and adapt to changing market conditions or scenarios.
Growth Opportunities Across Regions
North America to Remain a Dominant Regional Force
Owing to the rapidly increasing demand for efficient logistics operations, the application of ongoing technological advancements, as well as a strong presence of industry players in this region, North America is slated to account for the majority market share of the freight management system market, followed by Europe, and the Asia Pacific. On the contrary, the Asia Pacific region is projected to index the highest CAGR over the forecast period due to factors such as rising e-Commerce operations, favorable initiatives by respective governments, and increasing trade volumes.
Freight Management System Market: Competitive Landscape
Major players in the freight management system market include 3Gtms Inc., Accenture Plc, Agility Public Warehousing Company K.S.C.P., BluJay Solutions Ltd., Ceva Logistics, DB Schenker, DreamOrbit Softech Pvt Ltd., DSV Panalpina A/S, Freight Management Inc., FreightView, Geodis, Imagesoft, Kuebix - A Trimble Company, Linbis Inc., Magaya Corporation, McLeod Software Corporation Inc., and Oracle Corporation, to name a few. To gain a competitive edge, various established industry players are now more focused on new product launches, partnerships, collaborations, acquisitions, and alliances.
Recent Notable Developments:
Regional Classification of Global Freight Management System Market is Listed Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Freight Management System Market
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