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
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
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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.
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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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.
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