Freight Procurement Solutions Market - Introduction
- Freight procurement solutions provide freight automation by comparing different carrier types, mode, capacity, and services offered by logistics partners on a single.
- Freight procurement solutions are required by companies who outsource their freight transportation services.
- Freight sourcing is a long and complex process, which includes obtaining rates from multiple carriers, comparing the best carrier option offering the best prices, and analyzing the quality services along with the time required for freight delivery. Freight procurement solutions ensure best supply chain and logistics partners at lowest cost.
- Increased complexity in the supply chain process due to growing international trade is one of the most important factors fueling the demand for freight procurement solutions.
- Lack of knowledge about its usage by small companies is expected to restrain the market growth.
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Key Drivers of the Freight Procurement Solutions Market
Continuous increase in transportation cost projected to drive the demand for freight procurement solutions
- Continuous increase in transportation cost is one of the most important factors responsible for the growth of the freight procurement solutions market. Growth in international trade has created an imbalance in supply and demand for freight transport services and resulted in increased oil prices.
- A huge shift has taken place in the supply chain of various industries. End-users need to optimally utilize the best mode of transportation, while keeping the cost as low as possible.
- Freight procurement solutions allow the users to compare different carriers, rates, and other important factors considered in managing the supply chain, and ensures that the best possible carrier is chosen at best rates.
Complexity of operations in supply chain management to fuel the demand for freight procurement solutions
- Another factor expected to fuel the freight procurement solutions market is the growing complexity of supply chain management.
- The changing rules and regulations pertaining to international trade, taxation policies, and availability of numerous service providers makes it difficult to maintain the supply chain manually and keep the records updated.
- Freight procurement solutions help in maintaining updated records of supply chain partners and analyzes the gap in the supply chain, thus simplifying the freight procurement process.
North America to dominate the global freight procurement solutions market
- North America is expected to account for notable share of the global freight procurement solutions market during the forecast period.
- This dominance is primarily due to the presence of numerous industries in North American countries.
- The market in the U.S. is projected to expand at a considerable pace during the forecast period, which in turn is anticipated to drive the freight procurement solutions market in the region.
Freight procurement solutions market in Asia Pacific to expand significantly
- The freight procurement solutions market is expected to expand at the highest rate in the Asia Pacific region
- This is due to the continuous growth in trade. Also, growth of e-commerce in this region is expected to drive the demand for freight procurement solutions to a great extent in the forthcoming years.
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Freight Procurement Solutions Market - Competition Landscape
The top five players are expected to account for 20% to 25% share of the global freight procurement solutions market. A few of the key players operating in the global freight procurement solutions market include:
- TRANSPOREON Group Americas Inc.
- Alpega Group
- MercuryGate International, Inc.
- Enterprise System Solutions Pvt. Ltd.
Global Freight Procurement Solutions Market - Research Scope
Global Market, by Industry
- FMCG Manufacturing
- Food & Beverage
- Oil & Gas
- Aerospace & Defense
- Energy & Utility
- Consumer Electronics
- Chemical & Materials
Global Freight Procurement Solutions Market, by Region
- North America
- Middle East & Africa (MEA)
- Asia Pacific
- South America
- Just-in-time delivery
- Freight management
- Spot freight procurement
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