Freight Management System Market Worth 17.45 Billion USD by 2023

PUNE, India, May 25, 2018 /PRNewswire/ --

According to a new research report "Freight Management System Market by Solution (Freight Tracking & Monitoring, Cargo Routing & Scheduling, Security, EDI, TMS, Order Management), End-user (3PLs, Forwarders, Brokers, Shippers), Transportation Mode, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market size is expected to grow from USD 10.76 billion in 2018 to USD 17.45 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.1% during the forecast period.

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Browse 97 market data tables and 42 figures spread through 182 pages and in-depth TOC on "Freight Management System Market"

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Some of the factors that are expected to drive the growth of the Freight Management System Market include the need to reduce the transit time, desire for supply chain visibility, higher customer satisfaction, and the low cost of logistics, coupled with the advancements in freight security, safety, and transportation solutions; and rapid growth in communication technologies and IoT. However, congested trade routes and cross-border trade risks and environment concerns related to transportation and logistics may restrain the market growth.

Under the solutions segment, the execution and operations solution segment is expected to hold the largest market share during the forecast period 

The execution and operations solutions include information interchange, visibility, audit and payments, and transportation management. These solutions are involved in the exchange of information and execution of the processes involved in the transportation of freight from consignors to consignees. Most solutions are existing in the market for many years and are evolving with advanced technologies, hence the execution and operations solution segment holds the largest market share in the market.