Market Size of Freight Transport Management Industry
|2019 - 2029
|Market Size (2024)
|USD 29.11 Billion
|Market Size (2029)
|USD 49.58 Billion
|CAGR (2024 - 2029)
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Freight Transport Management Market Analysis
The Freight Transport Management Market size is estimated at USD 29.11 billion in 2024, and is expected to reach USD 49.58 billion by 2029, growing at a CAGR of 9.70% during the forecast period (2024-2029).
- The growing demand for freight management solutions in the market is being driven by the high levels of benefits that freight management offers, as well as a combination of factors such as increased globalization contributing to rising transport volumes.
- The economy of all countries depends on better operational efficiency in freight transport. With the growth of population and globalization, there is an increase in demand for goods and services. In order to address the different environmental and safety concerns of their operations, a number of shipping undertakings are choosing freight transport management solutions.
- Technological progress has made it possible to conceive the process in novel ways and generate new efficiencies. The freight transport market growth is foreseen to be driven by the emergence of information networks with rapid contacts, transaction times, and more secure shipments within emerging sectors.
- In emerging countries, e.g., India, end users, and manufacturers do not have the controls necessary to solve logistics problems that can be solved through a range of freight management solutions like fleet tracking& maintenance, safety and security monitoring systems, warehouse management systems, or third-party logistics services. This factor is underpinning the growth of the entire target market.
- The high complexity and inefficiency of maritime transport, as well as the cost control required, are a challenge for market growth in freight transport. In addition, it is expected that the development of the freight market will be hindered by the risk associated with cross-border transport. Nevertheless, in order to be able to meet the needs of the logistics sector and take into account existing problems, transport management systems are being developed.
- The increase in government policies aimed at promoting global trade as part of COVID-19 is leading to a growth in the market for freight management. In addition, there is increasing demand for freight transport management services in the market due to its benefits of cost optimization and routing.