Global Freight Transport Management Market Size Forecast 2024 - 2033
19 Dec, 2024
How Is The Global Freight Transport Management Market Defined?
Freight transport management refers to the strategic planning, coordination, and optimization of the movement of goods from one location to another. It encompasses a range of activities, including route planning, carrier selection, freight booking, shipment tracking, and logistics management. Freight transport management ensures efficient, cost-effective, and timely delivery of goods while maximizing resource utilization and minimizing operational complexities.
Freight Transport Management Global Market Report 2024 provides data on the global freight transport management market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Freight Transport Management market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Freight Transport Management Market Size And Annual Growth Rates?
The freight transport management market size has grown rapidly in recent years. It will grow from $24.54 billion in 2023 to $27.28 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to increased globalization, growing population, increase in demand for goods and services, increase in government policies aimed at promoting global trade, and rising freight transportation. The freight transport management market size is expected to see rapid growth in the next few years. It will grow to $41.18 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to trade expansion, rise of e-commerce industry, increasing complexity of supply chains, growing demand for freight management solutions, and rising transport volumes. Major trends in the forecast period include technological advancements, inclination of growth toward information technology, product innovation, investment in advanced transport management solutions, and advancements in freight transport management system.
Which Key Drivers Are Propelling The Freight Transport Management Market's Growth?
The rise of the e-commerce industry is expected to propel the growth of the freight transport management market in the future. E-commerce involves the online buying and selling of goods and services, encompassing various transactions from retail purchases to business-to-business trading. The industry's growth is spurred by increased internet penetration, expanding mobile connectivity, changing consumer behaviors favoring convenience, and ongoing advancements in online shopping platforms and technologies. Freight transport management plays a critical role in ensuring efficient, timely delivery of goods, optimizing logistics operations, minimizing shipping costs, and enhancing overall customer satisfaction. For instance, the International Trade Administration projected that by 2024, e-commerce for consumer goods would constitute about 22% of total global retail sales, with an annual growth rate exceeding 1%. Additionally, global retail e-commerce sales are anticipated to show steady expansion, with an estimated 8% increase through 2024. Therefore, the rise of the e-commerce industry is driving the growth of the freight transport management market.
Get Your Free Sample of the Global Freight Transport Management Market ReportWhat Are The Key Segments Within The Global Freight Transport Management Market?
The freight transport management market covered in this report is segmented –
1) By Offering: Solution, Services
2) By Deployment: On-Premise, Cloud
3) By Application: Road Freight, Rail Freight, Air Freight, Ocean Freight
4) By End-User: Manufacturing, Retail, Healthcare, Oil And Gas, Food And Beverage, Other End Users
How Are New Trends Impacting The Size Of The Freight Transport Management Market?
Companies in the freight transport management sector are innovating with software solutions like transport management software (TMS) to improve customer service. Transportation management software is a specialized system used by logistics and supply chain professionals to plan, execute, and optimize goods transportation. For example, in December 2022, WrxFlo, an Ireland-based supply chain software provider, launched the WrxFlo Transport Management System. This TMS is designed to help businesses efficiently manage the logistics of transporting goods by land, air, or sea. The platform streamlines operations by overseeing all transportation activities across global supply chains, enabling haulage operators to plan, execute, and visualize logistics strategies in real time, leading to time and cost savings.
Which Region Drives The Highest Growth In The Freight Transport Management Market?
North America was the largest region in the freight transport management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the freight transport management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.