Freight Transportation Management Market to Witness Increase in Revenues by 2028
Posted by sandra k on November 30th, 2022
The freight transportation management market is projected to grow at a CAGR of 8.50%, with estimated market size of USD 24.1 billion in 2021 to USD 39.3 billion by 2028. The market is anticipated to grow due to several factors, including the unabated expansion of the retail and e-commerce sectors, aggressive use of the current transportation management systems and the subsequent introduction of innovation, as well as the improvement of bilateral trade relations between different countries. The growth of the market in emerging industries is anticipated to be fueled by the emergence of information networks with quick contacts, quick transaction times, and more reliable shipments.
Additionally, it is projected that introducing AI-enabled self-driving trucks and the ongoing rollout of 5G networks will change the transportation sector and create new market opportunities. The market for freight transportation management is also being boosted by the growing use of tank wagons for the delivery of different industrial goods, including oil and gas, refined petroleum products, chemicals, etc. In addition, the government's increasing investments in creating dedicated freight corridors (DFC) and improving the nation's current transportation infrastructures are fueling the market.
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Freight Transportation Management Market Dynamics
Drivers: Rising demand for rail freight transports
Railways are used for the on-land transportation of cargo in rail freight. It carries a wide range of cargo, including chemicals, unfinished building materials, agricultural products, automobiles, energy (coal, oil, and wind turbines), and forest products. Heavy cargo can be moved quickly through the railroads even when it is heavy. Railways have one of the largest built-up infrastructures and are one of the most popular modes of transportation. Rail freight transportation management is becoming increasingly important as railroads are used for transportation more and more.
Restraints: Trade-route-related congestion
Freight and transport service providers have increasing difficulty maintaining reliable timetables as traffic volumes and congestion on land and waterways rise. This impacts supply chains and truck-dependent industries, and both are becoming more important for public coverage and private region operators. Additionally, the transportation systems may face several road accidents or oil spills at sea that are unexpected and difficult to manage. Several logistics operations have also been halted recently by COVID-19, seriously harming the entire supply chain. These factors severely constrain the global market for freight transportation management.
Opportunities: Increased use of freight transportation management in roadways
Growing digitalization has caused changes in several industries and given rise to e-commerce. Due to the rise of e-commerce, cut down on transit times, businesses need to create extremely efficient supply chains, and deliver goods to customers immediately. Due to this, there is domestic traffic on the roads, and many trucks are used in this traffic. The development of road technology is accelerating the growth of the global market for freight transportation management.
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The railways' category is estimated to be the largest growth in the freight transportation management market during the forecast period
The railways' category dominated the market. It is anticipated that this market will witness considerable growth in demand over the next several years. Rail freight transportation has benefits over other modes in terms of safety, land utilization, energy consumption, and environmental performance. Because of this increased desire, the rail logistics environment has become complex and challenging to handle, and businesses need both knowledges of the rail cargo industry and information technology solutions. Due to the requirement to automate and streamline procedures, various rail freight transportation management systems have emerged that are especially suited for small freight trains, intermodal lines, and private industrial rails.
Cloud or hosted is estimated to be the largest growing market category during the forecast period
Cloud or hosted category is projected to grow the fastest during the forecast period. Due to their superior and effective configuration capabilities and distinctive planning and optimization advantages, shippers, vendors, and logistics providers are choosing cloud-based transportation management systems as the volumes of data continue to grow exponentially. The lower licensing and management costs make cloud-based transportation management systems cost-effective. These systems can also be accessed remotely and in real-time from any location.
The North American segment is estimated to be the largest growing market during the forecast period
North America is the largest freight transportation management market and is projected to grow at the fastest rate during the forecast period, ascribed to the expansion of the retail industry as a result of many businesses switching to the online channel. The United States freight transportation industry is continually expanding because of I.T. and cloud computing developments. Furthermore, the North American freight transportation management market gained traction, particularly in the United States, due to globalization, expanding digitalization, and increased adoption of the Internet of Things (IoT) by various businesses. One of the most developed marketplaces in the world is the one for road freight transportation in North America.
According to the U.S. Department of Transportation, nearly 70% of the freight movement (measured in tonnage) in the country is done by trucks, and that percentage is predicted to rise by 45% by 2040. As a result, more roads, railroads, ports, and pipelines will be needed, and multimodal connections that move freight effectively will also need to be improved. It is anticipated that there will be an increase in demand for freight transportation management in the region due to the increased demand for trucking, particularly due to the country's booming e-commerce.
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Key Market Players
The freight transportation management market is dominated by a few global players and comprises several regional players. Some key manufacturers operating in the market are CTSI-GLOBAL, Oracle, SAP SE, Accenture, Blue Yonder Group, Inc., E2open, GEODIS, THE DESCARTES SYSTEMS GROUP INC, Manhattan Associates, Transplace, Softeon, GlobalTranz, LLC., Trimble Inc., DSV, Werner Enterprises, TRANSPOREON GmbH, Supply Chain Solutions, C.H. Robinson Worldwide, Inc., MercuryGate, among others.
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