Market Size of Trade Management Software Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.32 Billion |
| Market Size (2029) | USD 2.11 Billion |
| CAGR (2024 - 2029) | 9.90 % |
| Fastest Growing Market | Middle East and Africa |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Trade Management Software Market Analysis
The Trade Management Software Market size is estimated at USD 1.32 billion in 2024, and is expected to reach USD 2.11 billion by 2029, growing at a CAGR of 9.90% during the forecast period (2024-2029).
- Growing demand for trade management automation technologies and the increasing desire to reduce organizational expenditures are among the primary drivers driving market growth. The income from trade management software sales for various end-user applications calculates the market size.
- Furthermore, trade management software provides features that help merchants and enterprises reduce supply chain and legal risks. It links importers and exporters with suppliers, brokers, logistic service providers, and carriers in other countries. The software is used by businesses to monitor and track cross-border operations. By automating cross-border processes, the application decreases risk and assists in properly managing and administrating imports-exports and legal and regulatory requirements.
- Supply networks have grown increasingly complicated and fragmented due to globalization and outsourcing. These advancements strengthen the product range of supply chain visibility solutions, the amount of international commerce, the demand for solutions to improve it, and the number of items subject to compliance, customs, and tariffs.
- The COVID-19 epidemic impeded international trade. To prevent the spread of the coronavirus, authorities in numerous countries enforced worldwide transportation and commerce restrictions. Such constraints and social alienation hampered the distribution network and international trade. Chemical and automobile sales have fallen dramatically in industrialized economies such as the United States, the European Union, and China. Textiles, office machinery, precision instruments, and communications equipment have all seen significant declines in trade.
- However, following the pandemic, the industry saw a faster digital transition for businesses of all sizes and industries. This rapid digital transformation will increase global trade, business, and job creation. For instance, according to the Asian Development Bank's Asian Economic Integration Study 2022, a 20% growth in digital sector size is predicted to boost global output by USD 4.3 trillion between 2022 and 2028.
