According to Market Research Future (MRFR), the global trade management software market size is projected to reach USD 1352.9 million, with a CAGR of 11.5% from 2016 to 2023 (forecast period). The study provides a systematic and comprehensive review of the COVID-19 pandemic effect on the global trade management software market.
Global trade management software helps streamline customs and regulatory compliance. These solutions play a significant role in the global supply chain and help promote the flow of information, money, and products.
Market Dynamics
There is a significant increase in the complexity of handling global trade with growing globalization. As per a recent DHL report, numerous online retailers have seen a radical rise in revenue of 10-15% by expanding their offerings to their international customers. The introduction of trade management solutions allows retailers to optimize costs and risks and provide consumers with excellent experience both domestically and internationally.
According to the MRFR report, the need to implement trade management solutions has increased dramatically over the last few years. Deployment of solutions such as restricted party screening, trade compliance, customs management, and others can improve the different business processes in domestic and international trade.
Some factors, such as rising investment in global logistics infrastructure, new and changing international trade security regulations, are promoting the growth of the global market for software trade management. Increased deployment of cloud-based services is expected to be a significant game-changer during the forecast period. These services allow companies to establish a centralized source for handling global trade operations. Real-time data derived from these sources are further used as information by different companies.
Verticals such as transport and logistics, aerospace and defense, consumer goods and retail, health, and life sciences and manufacturing have primarily contributed to the global market for trade management software. For example, companies such as GT Nexus offer SaaS-based global trade management software on a subscription basis that helps to optimize operating costs and provide a common platform for service providers to connect with users. The significant benefit of this software is that it helps maintain a stable supply chain network between logistics partners.
On the flip side, lack of awareness and organization resistance to implementing new technologies are some of the factors that may hamper this market.
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Market Segmentation
The global trade management software market has been segmented into component, deployment, organization size, and vertical.
By component, the global trade management software market has been segmented into solutions and services. The solution is further segmented into trade function, import/export management, supply chain visibility, vendor management, trade compliance, duty management, invoice management, and others. The services are further segmented into consulting, implementation, and support & maintenance.
By deployment, the global trade management software market has been segmented into cloud and on-premises.
By organization size, the global trade management software market has been segmented into large enterprise and small and medium enterprises.
By vertical, the global trade management software market has been segmented into transportation and logistics, government and public, healthcare and life sciences, energy utilities, aerospace and defense, manufacturing, consumer goods and retail, and other
Regional Analysis
The regional analysis of the global trade management software market is studied for North America, Europe, Asia Pacific (APAC), and the rest of the world.
North America dominates the global trade management software market due to the presence of key players in this market, such as Oracle Corporation, Aptean, Integration Point, Inc., Precision Software, Thomson Reuters, among others, in the region. The other factors responsible for growth in the market for trade management software are the presence of early technology adopters.
Asia Pacific is projected to hit the highest CAGR during the forecast period (2018—2023) due to the extensive deployment of cloud-based technologies across various verticals and the increased adoption of digital technologies in countries like China and India.
Key Players
Some of the industry giants in the global trade management software industry include Amber Road Inc, Aptean Inc, MIC Customs Solutions, Integration Point Inc, Livingston International Inc, MIQ Logistics, Oracle Corporation, Precision Software, QuestaWeb Inc, SAP SE.
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About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.
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