The Trade Management Software Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Trade Management Software Global Market Report 2024, The trade management software market size has grown strongly in recent years. It will grow from $1.16 billion in 2023 to $1.26 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to globalization of supply chains, complexity of customs documentation, rise of e-commerce and cross-border transactions, efficiency in trade operations, trade tariffs and duty management, trade finance and documentation automation, risk management in international trade.
The trade management software market size is expected to see strong growth in the next few years. It will grow to $1.81 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to focus on sustainability in supply chains, dynamic trade regulations, digital transformation in trade, enhanced data analytics capabilities, geopolitical influences on trade, customer demand for transparency, customization and scalability. Major trends in the forecast period include cloud-based trade management solutions, real-time visibility and tracking, blockchain for supply chain transparency, mobile accessibility, automated customs documentation, trade finance integration, cybersecurity measures.
The rising international trade activities are driving the trade management software market. International trade refers to the purchase and sale of goods and services by companies in different countries. In the international marketplace, goods such as consumer goods, raw materials, food, and machinery are bought and sold. International trade is increasing due to changing preferences of consumers and high disposable income. Trade management software is used by importers and exporters to improve collaboration with their trade partners and manage their global trade operations. This software feature supports multi-company, multi-location, and multi-currency. For instance, according to international trade statistics of OECD (The Organization for Economic Co-operation and Development), an intergovernmental organization, the G20 countries (comprising of Argentina, Australia, Brazil, Canada, China, EU, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, UK, and the USA) reported a 2.1% and 2.6% increase in merchandise exports and imports respectively in the second quarter of the year 2022, compared to a 4.8% and 6.2% increase in the previous quarter. Thus, rising international trade activities are driving the trade management software market.
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The trade management software market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Function: Trade Compliance, Custom Management, Finance Management, Trade Analytics, Other Functions
3) By Deployment: Cloud, On-Premise
4) By End-User: Defense, Pharmaceuticals, Energy, Transportation And Logistics, Consumer Goods
The use of cloud-based technologies is a key trend gaining popularity in the trade management software market. Major companies operating in the market are advancing toward the use of cloud technology, also referred to as cloud computing technology, which allows users to access storage, files, software, and servers via their internet-connected devices. For instance, in September 2022, Newgen Software, an India-based company providing digital transformation products launched the world’s only first low-code Trade Finance platform. The process of trade finance is complex, involving a lot of paperwork, multiple stakeholders, and compliance requirements. Through Newgen’s comprehensive, configurable, and future-ready trade finance platform, banks can go paperless and streamline their end-to-end trade processes while maintaining compliance with domestic and international regulations. It provides a cloud-native architecture and low-code integration engine to enable the unified processing of trade transactions.
The trade management software market report table of contents includes:
1. Executive Summary
2. Trade Management Software Market Characteristics
3. Trade Management Software Market Trends And Strategies
4. Trade Management Software Market – Macro Economic Scenario
5. Global Trade Management Software Market Size and Growth
……………….
31. Global Trade Management Software Market Competitive Benchmarking
32. Global Trade Management Software Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Trade Management Software Market
34. Trade Management Software Market Future Outlook and Potential Analysis
35. Appendix
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