KUALA LUMPUR (July 29): The global supply chain management platform market will likely reach US$32.31 billion (about RM143.78 billion) by 2026, from US$18.85 billion in 2021, expanding at a compound annual growth rate of 11.4%.
In a statement on Thursday (July 28), Frost & Sullivan in a report titled Global Freight Visibility Growth Opportunities said the increasing complexity of global supply chains across industries, such as unreported process delays and late deliveries, necessitates shippers to have real-time visibility of the status of their freight.
Frost & Sullivan mobility senior industry analyst Mugundhan Deenadayalan said visibility platforms had transformed how logistics stakeholders manage their inbound and outbound shipments.
“Further, unique value propositions like freight cost management and trade management systems make enterprises rely on predictive and dynamic freight intelligence for optimised transportation performance and end-to-end supply chain orchestration.
“Open collaboration among data-sharing and freight visibility platforms drives the functional capabilities of ecosystem partners to deliver advanced operational and process intelligence for enterprises.
“Additionally, widening partner system integrations and strategic engagement models would position visibility platforms as a single pane of glass for supply chain intelligence,” he said.
Deenadayalan said market participants should encourage shippers to use freight visibility platforms.
“They can support trading partners and vendors in gaining a credible position with financial institutions and private lending firms, reducing uncertainties in freight transportation milestones.
“Emphasise adopting a visibility platform to drive infrastructure modernisation, which can lead to the development of electric vehicle charging infrastructure and logistics parks.
“Focus on leveraging their Internet of things partners to digitise the returnable assets, facilitating end users to strategise on asset repositioning with one-way leasing opportunities,” he said.
