Surge in the international trade along with number of trade blocks is projected to optimistically influence the freight transport market over the forecast period. Factors such as growing urbanization and communication innovations are expected to amplify the freight transport market. Freight transport allows the companies to deliver the goods in quick time, and at minimal cost.
Technological advancements have led to innovative ways of conceptualizing the process along with development of new efficiencies. Emergence of information networks with quick contacts and transaction times along with more reliable shipments in the rising sectors is projected to drive freight transport market growth.
On-time delivery has become a vital factor for the logistics industry and thus several innovations in the effective management of transportation process have evolved as a key responsibility for the freight transport industry. Transportation occupies one-third of the logistics cost with freight transportation management hugely influencing the performance of logistics system.
The effective movement of freight is crucial to the quality of life and any economy. The environmental concerns, safety and security of freight operations combined with the need for operational efficiency is expected to drive freight transport market growth over the next six years.
Offering a cost-effective freight transportation management system helps local and small players to compete at the global arena. Industrial leaders and government agencies use terms such as route planning, freight optimization, fuel management, vendor management and order management to express the system applied in the freight transport management market.
Introduction of containerization has allowed easy handling and elimination of repackaging with change of modes. Prolifiration in the adaption of technology along with rise in the number of transportation vehicles is expected to offer significant opportunities for freight transport market growth. The market is expected to observe accelerated growth owing to growing advancements in mobility services, big data and cloud computing over the next six years.
Complexity of shipping and delivering goods along with inefficiency in controlling cost is expected to act as a challenge for freight transport market growth. Further, congestion in trade routes and risk associated with cross border transportation are projected to hamper the freight transport market.
The freight transport market can be segmented on the basis of modes into roadways, railways, airways and seaways. Intermodal transportation is an emerging trend in the market which uses more than one mode of transportation. Owing to globalization, companies are trading at international level requiring safer, more flexible and high capacity transportation options.
On the basis of solutions, the market can be categorized into freight transportation cost management, freight mobility solution, freight security and monitoring system, freight operational management solutions, freight 3PL solution and warehouse management system. On the basis of services the freight transport market can be classified into business services, managed services, system integrators and others. On the basis of deployment model, it can be categorized into cloud/hosted and on-premise model. On the basis of verticals, the freight transport market can be segmented into automotive, retail and consumer, aerospace and defense, energy, healthcare and pharmaceutical and others.
North America is projected to be the dominant region in the freight transport market owing to the well established industrial standards. Increasing population in the Asia Pacific region especially China, Japan and India has increased the demand for freight transport and boosted market growth in this region.
Key vendors in the freight transport market include CTSI-global, JDA Software, Accenture, FedEx Corporation., Manhattan Associates, SNCF Geodis, Descartes System Group, DSV, DHL, DB Schenker, Sinotrans, Expeditors, Kintetsu World Express, Yusen Logistics and Logwin. Capacity shortages along with thriving customer service demand are expected to compel the market players to evaluate inventory levels along with the number and location of the distribution centers and manufacturing facilities.
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