Information technology and communication services have become the most valuable tool for different business verticals. They provide swift, safe and efficient operational solutions to the businesses like transportation and logistics. Rapid rise in the network of logistics and increased pace of globalization are some of the major growth drivers for the overall freight industry. Growing demand and increasing pressure to improve the freight network are some of the reasons for the growing demand for the freight management systems. These systems are boasted to be the one-stop solutions for the management of goods transport and carriage cost. The global freight management system market provides a variety of solutions, systems and services to assist in the regular operations like shipping, detecting, visualizing, maintaining, tracking, and controlling the operations.
Segmentation in Freight Management Systems Industry
The global market is segmented on the basis of the types of services, solutions, technologies and their demand across different geographic regions. The types of services in the market include system integration, professional services, and support and maintenance services. Vital solutions offered by the freight management system market include security and monitoring systems, freight operational management, and freight information systems. Technologies used in the market are sub-segmented into detectors, surveillance systems, x-rays and radiations. Geographic segments of the market include Middle East and Africa, Europe, Latin America, Asia pacific and North America.
Scope of Research – Drivers & Restraints
The global freight management system market is expected to be driven by several vital factors. These factors include rapid emergence of advanced solutions for the management and strong rise in demand for safety and security. Increasing demand and supply channels are also expected to create strong rise in demand in the global market. Changing trade flow and globalization are also expected to play key role in the overall development of this market, which is driving the demand from different parts of the world. Major restraints for the market include growing traffic congestion, issues with operational efficiencies, security and climatic concerns, and cost sensitivity of these systems. Despite these hindrances, the global market is expected to maintain impressive growth with emergence of M2M communication, cloud and big data analytics and smart freight.
What to Expect – Forecasting Reports
As per the latest research reports, the global freight management system market is expected to grow at an impressive CAGR of over 22% from 2014 to 2019. At the estimated growth rate, the market is anticipated to become worth more than $39.09 billion by the end of the year 2019. As of 2014, the industry is estimated to be worth $14.3 billion. North America is expected to be a crucial industry leader in terms of demand, market share and growth. However, globalization is contributing to the rising demand from the emerging markets like Asia Pacific, Latin America and Middle East and Africa.