Global Freight Transport Management Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

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.

Sizing and Forecast

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, 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, 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, advancements in freight transport management system.

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Segmentation & Regional Insights

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

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.

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Major Driver Impacting Market Growth

The rise of the e-commerce industry is expected to propel the growth of the freight transport management market going forward. The e-commerce industry refers to the buying and selling goods and services over the internet. It encompasses many online transactions, including retail purchases, online auctions, digital downloads, and business-to-business trading. The e-commerce industry is growing due to increased internet penetration, expanding mobile connectivity, convenience-driven consumer behavior, and the continuous evolution of online shopping platforms and technologies. Freight transport management is required for the e-commerce industry to ensure efficient and timely delivery of goods to customers, optimize logistics operations, minimize shipping costs, and maintain customer satisfaction. For instance, in October 2021, according to a report published by the International Trade Administration, a US-based agency, e-commerce for consumer goods is expected to constitute approximately 22% of total global retail sales by 2024, with a projected average growth rate exceeding 1% annually. Further, retail e-commerce sales are expected to demonstrate a steady, long-term expansion, with an estimated 8% increase in all global retail e-commerce sales anticipated through 2024. Therefore, the rise of the e-commerce industry is driving the growth of the freight transport management market.

Key Industry Players

Major companies operating in the freight transport management market are DHL International GmbH, Amazon Web Services Inc., CEVA Logistics, Accenture Plc, IBM Corporation, Oracle Corporation, DSV A/S, SAP SE, Union Pacific Corp., Cleveland-Cliffs Inc., Geodis SA, DB Schenker, Landstar System Inc., Korber AG, Fusion Transport, Universal Logistics Holdings Inc., Transportation Insight LLC, SEKO Logistics Ltd., Covenant, Manhattan Associates inc., Descartes Systems Group Inc., IBS Software, JDA Software Group Inc., CTSI-Global, HighJump Software LLC

The freight transport management market report table of contents includes:

1. Executive Summary

2. Freight Transport Management Market Characteristics

3. Freight Transport Management Market Trends And Strategies

4. Freight Transport Management Market – Macro Economic Scenario

5. Global Freight Transport Management Market Size and Growth

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32. Global Freight Transport Management Market Competitive Benchmarking

33. Global Freight Transport Management Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Freight Transport Management Market

35. Freight Transport Management Market Future Outlook and Potential Analysis

36. Appendix