Freight Forwarding Software Market: Current Analysis and Forecast (2021-2027)

Freight Forwarders acts as an intermediate for intermodal transportation which brings many benefits, such as increased safety for the goods and faster delivery. A freight forwarder's job involves the tracking of inland transportation, warehousing, preparation of shipping and export documents, freight consolidation, booking cargo space, negotiating freight charges, cargo insurance, and filing of insurance claims. Freight forwarding software allows the management, as well as control of air freight, land freight, sea freight, warehouse, transport, customs, and integrate it with customer relationship management (CRM), billing, & financial accounting online from anywhere, anytime with any device.

The demand for freight forwarding software is rising on account of the implementation of cloud and big data analytics across various industries, the emergence of advanced solutions in cargo security, transportation, and safety. In addition, the advancements in communication technologies and the Internet of things (IoT) are also intensifying market growth. Furthermore, the rapidly increasing global trade activities and the need to control the time-in-transit is the key factor driving the market growth.

However, some of the restraints in the market are congested trade routes.

Based on Type, the market is fragmented into Rail Freight Software, Road Freight Software, Ocean Freight Software, and Air Freight Software. The Ocean Freight Software segment dominated the market in 2020 and is anticipated to show lucrative growth in the upcoming period due to the rising infrastructure developments (ports, containers, and ships with new technologies), rising purchasing power, and booming internet penetration.

Based on Application, the market is fragmented into Third-Party Logistics, Forwarders, Shippers and Carriers, and Others. The Third-Party Logistics segment is anticipated to show lucrative growth in the forthcoming period owing to the rapid growth of the global e-commerce sector, and the development of new technologies.

For a better understanding of the market adoption of Freight Forwarding Software, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America will dominate the Freight Forwarding Software market on account of the rising demand for cold storage, and tight truck capacity across the U.S. Some of the major players operating in the market include WiseTech, Descartes, Oracle, Werner Enterprises, Mercurygate, SAP, Accenture, Jda Software, Db Schenker, and C.H. Robinson (TMC). Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.