North America is the largest contributor region to the global freight procurement technology solutions market in 2021. The region’s advanced transportation system leads to early adoption of newer technology, driving market growth.
New Delhi, May 31, 2022 (GLOBE NEWSWIRE) – According to the study by Astute Analytica, the global freight procurement technology solutions market is expected to see revenue rise from $812.5 million in 2021 to $1,392.2 million by 2028. Records The market has a compound annual growth rate of 8% during the forecast period 2022-2028. Freight Procurement Technology Solutions is an automated optimization tool that helps in the rapid assessment of all parameters in the freight procurement process including carrier offerings and adjust route priorities to respond to different business needs and market scenarios of the company. For example: Cargo Smart’s freight procurement solution enables shippers and logistics providers to optimize their carrier mix and make cost-effective decisions more efficiently. The shipping and logistics industry has long been seen as conservative and slow to change, due in part to the complex relationships within global shipping and transportation networks, the difficulty of documentation and customs requirements, the lack of transparency between the parties involved, and the obstacles to adapting quickly to sudden economic changes. However, with the advancement of freight purchase technology solutions, a recovery is happening in the freight procurement market.
The increased market momentum is attributed to factors such as the demand for greater clarity and transparency in supply chain data and processes and the rise of the e-commerce sector. Freight Procurement Technology solutions help many industries and organizations in the field of procurement and freight forwarding with the help of many tools such as freight auditing, payment, route planning, yard management, etc. By adopting these solutions, shipping companies can improve the efficiency of their shipments, reduce the cost incurred, and gain real-time visibility into the supply chain with greater customer service. Furthermore, digitization and automation in freight procurement can help improve cargo movement, process transparency and speed, and reduce human error. Moreover, the growing e-commerce segment is also fueling market growth as freight procurement technology solutions help take care of all e-commerce shipments and select the best carrier and/or e-commerce method based on the need. However, the high initial cost of the solutions may hamper the growth of the market during the forecast period.
Based on components, the market is segmented into software applications and services. Further, in terms of software application, the market is further sub-divided into carrier management, freight tendering, KPIs and analytics, order management and control, among others. In terms of services, the market is divided into professional and managed/outsourced. Among these, the software applications segment will occupy the largest share in the freight procurement solutions technology market in 2021. This is due to the high demand for software applications from various end-use industries such as retail, food and beverage, agriculture, among others. Moreover, within the software applications segment, the demand management and control sub-segment occupies the highest share in 2021. However, the services segment registers the highest annual growth rate during the forecast period.
In terms of deployment, the market is divided into on-premises and cloud. The local segment records the highest market share in 2021. However, the cloud-based segment registers the highest compound annual growth rate during the forecast period and is also expected to dominate the market by 2028. The growth of the cloud-based segment is attributed to an exponential growth in the demand for This segment due to low operating costs as well as ease of maintenance of computing resources without additional training for new employees.
Based on the end-use industry, the market is segmented into retail, agriculture, FMCG manufacturing, food and beverage, oil and gas, and others. Among these, the retail industry holds the largest share in the global freight procurement technology solutions market in 2021 and is also registering the highest compound annual growth rate (CAGR) during the forecast period. Retailers can easily track and maintain supply chain partner records, supply chain gap analysis and quality control with the availability of these freight procurement technology solutions.
North America is the largest contributor region to the global freight procurement technology solutions market in 2021. The region’s advanced transportation system leads to early adoption of newer technology, driving market growth. Moreover, the Asia Pacific region recorded the highest compound annual growth rate (CAGR) during the forecast period.
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|Market size value in 2021||812.5 million US dollars|
|Market Outlook 2028||1392.2 Million USD|
|Expected growth in compound annual growth rate||8%|
|The best players in the market||Blue Yonder, Nexus (Infor), Transporeon Group Americas Inc. and Alpega Group, Coupa, Jaegger, nVision Global, and Enterprise System Solutions Pvt. Ltd. and MercuryGate International, Inc. , among others.|
|covered slices||By component, by publication, by industry, by region|
|geographical coverage||North America, Europe, Asia Pacific, Middle East, Africa and South America|
|Customization Options||Get a customized report as per your preference. Ask for customization|
- Transmit is a logistics and supply chain company based in Belgium. The company has a wide range of product portfolio offering price management, instant bidding, freight bidding and invoice review, shipping engine, mobile tracking application, integration, connectors and other services related to shipping bidding. With the help of the company’s central web platform and mobile app support, the freight forwarder, carriers and end customers can register and share the different steps during the logistics process.
- Blue Yonder, formerly JDA Software Group, is an American consulting and software firm that provides services in supply chain management, manufacturing planning, retail planning, store operations, and category management offerings. It has an end-to-end digital supply chain platform specifically designed to cater to a potential and resilient supply chain with better transparency.
- Alpega Group is a logistics software company with over 30 years of experience in the transportation field. The Alpega Group offers comprehensive solutions covering all types of transportation needs, including Transportation Management Services (TMS) and freight exchange. The company’s freight exchanges are known as tele route, Wtransnet and 123 cargo and are marketplaces for matching spot shipments with freight capacity.
- Jaegger, formerly SciQuest, is a provider of cloud-based business automation technology for spending management. Offers software for e-procurement, supplier management and empowerment, customer satisfaction, fulfillment and support services, contract lifecycle management, accounts payable automation, spend analysis, SaaS for procurement, supplier onboarding, advanced sourcing, procure to pay, source to pay, strategic sourcing and billing.
- Mercury Gate helps manage all modes of on-demand freight transportation for real-time supply costs and savings. Provides platform support for all modes of transportation including ocean, air, rail, truckload, LTL, last mile, parcel and multimedia to give visibility into each shipment, automate manual processes, and make smarter decisions based on delivery performance.
The various segments of the global Procurement Technology Solutions market are as follows:
by part of Global Procurement Technology Solutions Market is segmented into:
- software applications
- Managed / Outsourced
Through the publication section of Global Procurement Technology Solutions Market is segmented into:
by industry a piece of Global Procurement Technology Solutions Market is segmented into:
- selling by pieces
- FMCG manufacturing
- Food and drink
- oil and gas
By Region Part of Global Procurement Technology Solutions Market is segmented into:
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