New Delhi, May 31, 2022 (GLOBE NEWSWIRE) — According to the study undertaken by Astute Analytica, the Global Freight Procurement Technology Solutions Market is projected to witness a rise in its revenue from US$ 812.5 Mn in 2021 to US$ 1,392.2 Mn by 2028. The market is registering a CAGR of 8% during the forecast period 2022-2028. Freight procurement technology solutions is an automated optimization tool which helps in quickly assessing all the parameters in a freight procurement process including carriers’ bids and adjusts route priorities to respond to different business needs and market scenarios of a company. For instance: Cargo Smart’s freight procurement solution lets shippers and logistics service providers optimize their carrier mix and make cost-effective decisions more efficiently. The shipping and logistics industry has long been viewed as conservative and slow-to-change, in part due to complex relationships within global shipping and transportation networks, difficult documentation and customs requirements, lack of transparency among involved parties, and obstacles to adapting quickly to sudden economic changes. However, with the advancement of freight procurement technology solutions, a revival is happening in the freight procurement market.
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The growing impetus of the market is attributed to factors such as demand for greater visibility and transparency in supply chain data & processes and rising e-commerce sector. Freight procurement technology solutions assists various industries and organizations in procurement and freight shipment of goods with the help of several tools such as freight audit, payment, route planning, yard management and so on. Through the adoption of these solutions, shipping companies can improve the efficiency of their shipments, reduce the cost incurred and get real-time supply chain visibility with greater customer service. Further, the digitalization and automation in freight procurement can help optimize cargo traffic, process transparency and speed, and reduce human errors. Moreover, the rising e-commerce sector is also fueling the market growth as the freight procurement technology solutions helps in looking after all e-commerce shipments and identify the best carrier and/or mode of e-commerce based on the need. However, the high initial cost of solutions may hinder market growth over the forecast period.
Segmental Analysis
Component Insights:
Based on component, the market is segmented into software applications and services. Further, in terms of software application, the market is sub-segmented into carrier management, freight tendering, KPIs and analytics, order management and control, and others. In terms of services the market is bifurcated into professional and managed/outsourced. Among these, the software application segment holds the highest share in the freight procurement solutions technology market in 2021. This is due to the high demand of software applications from various end use industries such as retail, food & beverage, agriculture, and others. Further, within the software application segment, the order management and control sub-segment holds the highest share in 2021. However, the services segment registers the highest annual growth rate over the projection period.
Deployment Insights:
In terms of deployment, the market is divided into on-premises and cloud based. The on-premises segment records the highest market share in 2021. However, the cloud-based segment registers the highest CAGR over the forecast period and is further estimated to dominate the market by 2028. The growth of the cloud-based segment is attributed to tremendous growth demand of this segment due to reduction in operating costs as well as easy maintenance of computing resources without additional training of new staff.
Industrial Insights:
Based on end use industry, the market is segmented into retail, agriculture, FMCG manufacturing, food & beverage, oil & gas, and others. Among these, the retail industry holds the highest share in the Global Freight Procurement Technology Solutions Market in 2021 and is further registering the highest CAGR over the forecast period. Retailers can easily track and maintain updated records of supply chain partners and analyze the gap in supply chain and quality control with the availability of such freight procurement technology solutions.
Regional Insights:
North America is the highest shareholder region in the Global Freight Procurement Technology Solutions Market in 2021. The well-developed transportation system in the region leads to earlier adoption of newer technology, which is propelling the market growth. Further, Asia Pacific records the highest CAGR over the forecast period.
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| Report Attribute | Details |
| Market Size Value in 2021 | US$ 812.5 Million |
| Market Outlook for 2028 | US$ 1392.2 Million |
| Expected CAGR Growth | 8% |
| Base Year | 2021 |
| Forecast Period | 2022-2028 |
| Top Market Players | Blue Yonder, Nexus (Infor), Transporeon Group Americas Inc., Alpega Group, Coupa, Jaegger, nVision Global, Enterprise System Solutions Pvt. Ltd. and MercuryGate International, Inc., among others. |
| Segments Covered | By Component, By Deployment, By Industry, By Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Customization Options | Get your customized report as per your preference. Ask for customization |
Competitive Insights:
- Transmate is a logistics & supply chain company based in Belgium. The company has a wide range of product portfolio offering rate management, spot tendering, freight tendering & invoice audit, freight engine, mobile tracking app, integration, connectors, and other freight – tender related services. With the help of company’s central web platform and supporting mobile apps, shipper, carriers, and end-customers can register and share the different steps throughout the logistic process.
- Blue Yonder, formerly JDA Software Group, is an American software and consultancy firm, servicing in supply chain management, manufacturing planning, retail planning, store operations and category management offerings. It has an end-to-end digital supply chain platform purpose-built to fulfill potential and flexible supply chain with better transparency.
- Alpega Group is a logistics software company with over 30 years of experience in transportation. Alpega group offers end-to-end solutions covering all kinds of transport needs, including transport management services (TMS) and freight exchanges. The company’s freight exchanges are known as tele route, Wtransnet, 123 cargo, serving as marketplaces for matching spot shipments with freight capacity.
- Jaegger, formerly SciQuest, is a provider of cloud-based business automation technology for spend management. It offers e- procurement software, supplier management and enablement, customer satisfaction, implementation and support services, contract lifecycle management, accounts payable automation, spend analysis, procurement SaaS, supplier onboarding, advanced sourcing, procure to pay, source to pay, strategic sourcing, and invoicing.
- Mercury Gate helps in managing all modes of freight transportation on demand to see real-time sourcing costs and savings. It offers platform supports to all modes of transport including ocean, air, rail, truckload, LTL, last mile, parcel, and intermodal to give visibility to every shipment, automate manual processes, and make smarter decisions based on delivery performance.
Segmentation Overview
The following are the different segments of the Global Freight Procurement Technology Solutions Market:
By Component segment of the Global Freight Procurement Technology Solutions Market is sub-segmented into:
- Software Applications
- Carrier Management
- Freight Tendering
- KPIs and Analytics
- Order Management and Control
- others
- Services
- Professional
- Managed/Outsourced
By Deployment segment of the Global Freight Procurement Technology Solutions Market is sub-segmented into:
By Industry segment of the Global Freight Procurement Technology Solutions Market is sub-segmented into:
- Agriculture
- Retail
- FMCG Manufacturing
- Food & Beverage
- Oil & Gas
- Others
By Region segment of the Global Freight Procurement Technology Solutions Market is sub-segmented into:
- North America
- Europe
- The UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Switzerland
- Sweden
- Turkey
- Poland
- Russia
- Belgium
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Australia & New Zealand
- ASEAN
- Indonesia
- Thailand
- Philippines
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Egypt
- Rest of MEA
- South America
- Argentina
- Brazil
- Columbia
- Chile
- Rest of South America
To gain more insights into the market with a detailed table of content and figures, click here: https://www.astuteanalytica.com/industry-report/freight-procurement-technology-solutions-market
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