The freight management system market 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. The major drivers that are expected to propel the growth of this market are the increase in global trade, need to control time-in-transit, growth in freight visibility solutions and technologies, advancements in freight security, safety, and transportation solutions, and growth in communications technologies and IoT adoption worldwide. The major vendors covered in the freight management system market include Descartes (Canada), Oracle (US), Werner Enterprises (US), MercuryGate (US), SAP (Germany), Accenture (Republic of Ireland), JDA Software (US), Ceva Logistics (Spain), UPS (US), DB Schenker (Germany), C.H. Robinson TMC (US), Riege Software (Germany), Retrans (US), BluJay Solutions (UK), McLeod Software (US), FreightView (US), Freight Management (US), Linbis (US), Logisuite (US), DreamOrbit (India), Manhattan Associates (US), Magaya Corporation (US), Kuebix (US), ImageSoft (Australia), and 3GTMS (US).
These players offer freight management software and services, thereby catering to the needs and demands of the market. They have adopted various growth strategies, such as partnerships, agreements, and collaborations, business expansions, and new product launches. The strategy of partnerships and collaborations is a major growth strategy, followed by new product launches and business expansions.
Descartes is one of the prominent providers of freight management solutions and services, predominantly in the form of large-scale end-to-end implementations on the cloud or on-premises. Its solutions include routing, mobile, and telematics; transportation management; customs and regulatory compliance; logistics network services; and broker and forwarder enterprise systems. The company has adopted a mix of organic and inorganic growth strategies, such as new product launches, and mergers and acquisitions. For instance, in February 2018, the company acquired Aljex Software, a leading provider of cloud-based transportation management solutions to freight brokers and carriers. The company invested USD 32.4 million for this acquisition, thereby expanding its capabilities for providing cloud-based transportation management systems.
3GTMS is another pure-play transportation management system provider in the freight management system market. The company partnered with companies, such as SMC3, FourKites, and project44, in the past 1.5 years to sustain in this market. This strategy enabled 3GTMS to enhance its offerings as well as expand its footprint. It has a major presence in the US, with some client base in Europe, Australia, and New Zealand.
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
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