Freight Management System Market Size

Freight Management System Market size was valued at USD 4.58 Billion in 2023 and is projected to exceed USD 17.18 Billion by the end of 2036, registering over 10.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of freight management system is evaluated at USD 5.02 Billion. The growth of the market can be attributed by growing global trade landscape. Global trade reached a new high of over USD 28.5 trillion in 2021, up almost 13% from the pre-pandemic level of 2019 and nearly 25% from that of 2020. Global trade expanded significantly in both halves of 2021, with the first half recording the greatest rise. Following a third quarter in which trade growth was comparatively moderate, it resumed in the fourth quarter, when commerce in products climbed by about USD 200 billion, setting a new record of USD 5.8 trillion. Additionally, since logistics and transportation solutions have developed more quickly owing to the growing global trade, there is a greater need for freight management systems.

Further, as global trade expands, the demand for detail about every aspects of shipment, shipping lines, and forwarders is growing among customers. Hence, increase supply chain visibility is also expected to boost the growth of the market over the forecast period. There has been constant innovation, and development for new tools and procedures to streamline and smooth the supply chain. Also, the technology provided by new supply chain visibility companies fosters quick response to change by allowing businesses to use real-time data. As a recent instance, Hapag-Lloyd choose the IoT company Globe Tracker to power its new real-time container monitoring system, Hapag-Lloyd Live.  Data on traffic patterns, weather, and road and port conditions are analyzed by researchers to optimize routes, restructure demand, and change supply. The usage of cloud services by warehouses to track inventory, vehicles, and equipment is made possible by the connected IoT devices on packages. Furthermore, real-time monitoring, increased fuel efficiency, and preventative maintenance procedures make IoT-enabled container management easier.