According to Future Market Insights, the market for trade management software is predicted to expand at a CAGR of 10.9% from 2022 to 2032. By 2022 and 2032, the market is projected to reach US$ 1.2 billion and US$ 3.4 billion, respectively. Utilizing trade management software, companies may boost sales and raise the return on investment (ROI) of their marketing investments from producer to wholesaler to retailer to consumer.
Using trade management software, importers and exporters may manage challenges in international trade. Additionally, they assist in lowering the risks and keeping costs associated with international trade under control in today’s compliance-driven and security-conscious industry. These are going to be the main market drivers.
The demand for more effective global logistics and cargo tracking increases along with the volume of global trade. Software for trade management has features that help traders and companies lower supply chain and compliance risks. It establishes connections between importers and exporters and their foreign vendors, logistical service providers, brokers, and carriers.
The software can be used by businesses to keep track of and monitor cross-border transactions. By automating the coordination of cross-border transactions, the program lowers risk and assists in the efficient control and administration of imports-exports, as well as regulatory and legal regulations.
Additionally, as globalization continues to advance, there will be a major rise in global traffic, which will help meet the rising demand for freight transportation in the ensuing decades. In addition to changing trade flows and logistical strategies, the extra rail, barge, and marine routes will contribute to this increase in demand.
To maximize the use of new trade routes, businesses might employ trade management software. Additionally, networked logistics are being made possible by the integration of technologies like AI, ML, IoT, and others, and this is anticipated to significantly increase demand for trade management software.
APAC is anticipated to dominate the global market for trade management software during the anticipated time frame. APAC has developed into a global manufacturing powerhouse and is made up of a number of developing nations that are each seeing rapid expansion in their respective manufacturing industries. Many corporations are being lured by China and other developing nations like India, South Korea, and Vietnam to move their low- to medium-skilled manufacturing operations to nearby nations with less expensive labor.
Key Takeaways from the Market Study
- In 2022, the global trade management software market is estimated to have a global market size of US$ 1.2 Billion
- By component, the solutions segment took 35% of the global trade management software market share in 2021
- By deployment type, the cloud segment acquired a market size of 28% in 2021.
- The transportation and logistics segment is expected to grow with a 10.6% CAGR during 2022–2032.
- Asia Pacific is a highly opportunistic market, expected to grow at a 10.3% CAGR
- Over 2/5th of the global trade management market revenue will be contributed by North America
Competitive Landscape
- In 2021, Oracle partnered with Pharmaniaga Berhad. Pharmaniaga Berhad (Pharmaniaga) has selected Oracle Fusion Cloud Supply Chain & Manufacturing (SCM) to improve logistical operations for COVID-19 vaccine delivery in Malaysia. Pharmaniaga can improve the efficiency and security of its logistics operations by adopting Oracle Cloud SCM to automate planning and execution processes and receive real-time shipment analytics.
- SAP Hong Kong and consulting behemoth Deloitte collaborated in 2021 to bring major benefits to cross-border trade firms. Deloitte, in collaboration with SAP, offers one-stop end-to-end global trade services, including SAP GTS-enabled Smart GTS.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global trade management software market, presenting a historical analysis from 2017 to 2021 and forecast statistics for the period of 2022–2032.
The study reveals essential insights on the basis of component Types (services, solutions), by deployment (on-premise, cloud), organization size (SMEs, large enterprises), by vertical (Transportation And Logistics, Government And Public, Healthcare And Life Sciences, Aerospace And Defense, Manufacturing, Consumer, Goods And Retail, Energy Utilities, Others) and Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
Key Segments Covered in the Trade Management Software Market Report
Trade Management Software Market by Component:
- Trade Management Software Solutions
- Trade Management Software Services
Trade Management Software Market by Deployment:
- On-premise Trade Management Software
- Cloud-based Trade Management Software
Trade Management Software Market by Organization Size:
- Trade Management Software for SMEs
- Trade Management Software for Large Enterprises
Trade Management Software Market by Vertical:
- Trade Management Software for Transportation and Logistics
- Trade Management Software for Government and Public
- Trade Management Software for Healthcare and Life Sciences
- Trade Management Software for Aerospace and Defense
- Trade Management Software for Manufacturing
- Trade Management Software for Consumer Goods and Retail
- Trade Management Software for Energy Utilities
- Trade Management Software for Other Verticals
Trade Management Software by Region:
- North America Trade Management Software Market
- Latin America Trade Management Software Market
- Europe Trade Management Software Market
- Asia Pacific Trade Management Software Market
- Middle East & Africa Trade Management Software Market
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