According to a new market research report published by Credence Research, “Trade Management Software Market (by Offerings (Services and Solutions), by Application (On-premise and Cloud Based), by Organization Size (Small & Medium Enterprises and Large Enterprise), by End-use Vertical (Retail, Transport & Logistics, Healthcare, Government, Manufacturing and Others (Energy & Utilities)), and by Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the global trade management software market was valued at US$ 632.3 Mn in 2018 and is expected to reach US$ 1,253.9 Mn expanding at a CAGR of 8.1% during the forecast period from 2019 to 2027.
The combination of factors including rising cross-border trade, real-time visibility offered w.r.t supply chain management and trade management are collectively driving the demand for trade management software. Adoption of trade management software among third-party logistic service providers and transport companies has increased on the back of their ability to improve the efficiency of trade routes and provide assistance to traders by offering greater visibility across the supply chain. This trend has had a positive impact on the market demand as increasing number of traders worldwide are adopting it. However, reluctance of end-users to shift from conventional trading practices to technology-based practices due to lack of technical know-how pose a challenge towards the growth of the market.
Global trade management software helps participants of the global trade management ecosystem to efficiently manage trading activities. Importers, exporters, and other trade experts are the major end-users of trade management software. The main function of this software is to improve partnerships among trading partners and manage global trade operations. While procurement professionals benefit the most from the use of trade management software, trading partners can also take advantage of it through online portals.
Based on end-use vertical, global trade management software is being increasingly adopted by verticals, such as transportation & logistics, government, healthcare, retail, manufacturing, and others (energy and utilities). In order to automate and streamline global trade operations, trade management software is being adopted widely. Thus, driving the growth of the global trade management software market across the globe. The transportation & logistics vertical is expected to hold the largest market size during the forecast period. In contrast, government and healthcare segments are also expected to represent prospective opportunities throughout the forecast period for global trade management software vendors.
Based on geography, North America was the largest trade management software market in the base year 2018. This is due to the presence of large number of retail chains, manufacturers, and software vendors/companies such as QuestaWeb, Inc., Thomson Reuters, and Oracle Corporation. In addition, rate of adoption of global trade management software is very high in the region as compared to other parts of the world. This, in turn has had positive impact on the overall demand for trade management software in the region. North America is followed by Asia-Pacific with expanding international trade by developing economies such as China, Japan, and India. This, combined with growing popularity of cloud-based business models is providing tremendous boost to the market in this segment.
Some of the major players that offer global trade management services are Amber Road, Inc., Aptean, Descartes, SAP SE, Integration Point, Inc., Oracle, Precision Software, QuestaWeb, Inc., Livingston International, MIQ Logistics, Thomson Reuters, and MIC Customs Solutions, Bamboo Rose LLC, Expeditors International of Washington, Inc.. Companies are adopting various growth strategies, such as new product development, partnerships, and mergers & acquisitions in order to enlarge their product offerings in the global trade management market.
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