Global Trade Management (GTM) is the process of rearranging the entire lifecycle of global trade across different verticals of business including order, logistics, and settlement activities. Global Trade Management ameliorates operating competences as well as cash flows considerably. The inclusive nature of GTM is an advantage for organizations that look forward to implement the system-wide and cross-functional view of global trade.
Owing to the rise in national as well as international trade and rise in fuel cost, the overall cost of global transportation and logistics is increasing. This has driven several trading organizations to put GTM solutions into practice that will eventually help them to lessen their operative costs and enhance their working proficiency. GTM solutions bring down the transportation charges by almost 4%-10%. Moreover, it helps corporations to maintain links between transportation modules, enabling economical and quicker deliveries. GTM software helps in transportation design and tracking, and improves fleet management. Additionally, GTM software enhances transportation business intelligence, billing and claims, workflow management, document management, and customs management. GTM software offers real-time visibility of customs clearance status, shipments in transit, and helps in better cost control. These factors are likely to drive the overall GTM software market in the forecast period.
One of the major challenges of the market is that GTM crosses various horizontals within organizations; hence, many organizations suffer from poor performance while implementing GTM in their global operations. Usually, it takes years before an organization can fully realize the potential of a GTM solution and reap benefits from it. However, GTM software improves inventory levels forecast, and supply chain performance. As organizations around the world are opting for automation due to the increase in the transportation business, these advantages that the GTM software offers are likely to act as opportunities for the market over the forecast period.
The global market for GTM software market can be segmented on the basis of end user and region. According to end user, the market can be trifurcated into retail and consumer goods sector, transportation and logistics services, and manufacturing sector.
The retail and consumer goods sector held a significant share of the market owing to the fact that the sector adopted GTM software very early in the GTM solutions’ lifecycle. Many global retail chains and FMCG companies such as Kroger and Wal-Mart among others adopted GTM software solutions to enhance their supply chain efficiencies, as well as lessen cash-to-cash cycles and delivery costs.
On the basis of region, the global trade management software market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America constituted the largest share in the global GTM software market. This is due to the presence of large retail chains, manufacturers, and trading companies. Additionally, adoption rate of GTM software is much higher in this region when compared to other parts of the world. Many companies are focusing on increasing efficiency and be more customer-centric, due to which the GTM software market is experiencing high demand from this market.
The leading companies offering GTM service unceasingly innovate their service offerings. There is limited service differentiation in the market. GTM software providers capitalize on the expansion of explicit and tailored solutions to reinforce their position in the global market. Major players such as Amber Road and Oracle provide unique features such as automated restricted party screening, order collaboration, and supply chain analytics.
The key players operating in the global GTM software market are Integration Point, Amber Road, QuestaWeb, Descartes, Aptean, SAP, Infor, Oracle, and Precision Software. Other companies in the market include MIC Custom Solutions, CargoWise, TradeStone Software, Kewill Technologies, and MercuryGate, among others.
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.