Freight Broker Software Market: Introduction
- Freight broker software, also known as transportation management software (TMS), is designed for organizations to deal with freight management, logistics, and freight brokering for both national and international shipments.
- Additionally, freight brokerage software is used to increase real-time visibility, efficiency, and asset utilization in industry. It is also used to control and manage all aspects of business by standardizing and organizing the processes.
- Furthermore, freight broker software monitors and manages the loads and sends professional invoices once loads reach the destination. Freight broker software has been developed for carriers, fleet, storage & warehouse, and transportation businesses.
- Freight broker software makes firms profitable, efficient, and more customer friendly, and it also reduces extra cost.
- The logistic and transport industry has faced major challenges during the COVID-19 crisis, as most countries are apprehensive of moving goods from one place to another. Hence, freight broker software providers are coming up with new strategies to ensure the continued supply chain of the logistics and transport industry during the pandemic outbreak, which in turn is expected to enhance the demand for freight broker software.
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Global Freight Broker Software Market: Dynamics
Global Freight Broker Software Market: Key Drivers and Restraints
- Rising adoption of freight broker software across the logistics sector is expected to boost the growth of the freight broker software market, to provide both businesses and consumers profitability reports, sales reports, and collection & commission reports, which is a major growth driver of the market.
- Besides, increasing internet penetration, and growth in adoption of cloud-based services, are some of the factors that have triggered the growth of the freight broker software market.
- Growing transportation industry and increasing acceptance of automated freight broker software is expected to boost the market.
- However, high license cost of software and lack of skilled operators are the negative factors that can hamper the growth of the freight broker software market.
North America to Account for Major Share of the Global Freight Broker Software Market
- In terms of region, the global freight broker software market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- The freight broker software market in North America is anticipated to expand at a rapid pace over the forecast period, due to well-established players. This in turn is expected to boost the growth of the market in the region.
- Europe is expected to hold significant share of the global freight broker software market, due to increased industrial penetration and manufacturing processes in the region.
- The freight broker software market in Asia Pacific is expected to hold significant share due to a rising logistics and transport sector across the region, which is expected to augment the market. India and China are the major countries enhancing the growth of the freight broker software market, owing to a rising manufacturing sector.
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Global Freight Broker Software Market: Competitive Landscape
Key Players Operating in the Global Freight Broker Software Market
Local, regional, and international players are active in the freight broker software market. The market is highly consolidated, with top manufacturers accounting for approximately 25%–30% share of the market. Key players operating in the global freight broker software market are:
- AikSphere Technologies.
- CARGOCENTRIC INC.
- Cargomatic Inc.
- DAT Solutions, LLC.
- Echo Global Logistics, Inc.
- J.B. Hunt Transport, Inc.
- McLeod Software
- Tailwind TMS
- The Descartes Systems Group Inc.
- Uber Freight
- Veson Nautical.
Global Freight Broker Software Market: Research Scope
Global Freight Broker Software Market Segmentation, by Deployment
- Cloud- based
Global Freight Broker Software Market Segmentation, by Enterprise Size
- Small & Medium
Global Freight Broker Software Market Segmentation, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.