NOIDA, India, Oct. 6, 2022 /PRNewswire/ — According to a new report published by UnivDatos Markets Insights, the Digital freight forwarding Market was valued at USD 3.0 billion and is expected to grow at a CAGR of around 25% from 2022-2028. The analysis has been segmented into Component (Solutions and Services); Mode of Transport (Rail Freight, Road Freight, Ocean Freight, and Air Freight); Region/Country.
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The digital freight forwarding market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the digital freight forwarding market. The digital freight forwarding market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the Digital freight forwarding market at the global and regional levels.
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Market Overview
The digital freight forwarding market is expected to register a CAGR of around 25% over the period of 2022-2028. Digital freight forwarding is a practice of coordinating and controlling the transportation of products using digital technologies. Enterprises are adopting digital logistics solutions for their day-to-day logistics and supply chain operations to better serve their customers. Thus, the increasing customer expectation, along with the measures to control the logistics cost, plays a vital role in shaping the future of the market. Moreover, the digital freight forwarding market is growing rapidly as a result of the increasing requirement for cost-effective logistics and supply chain solutions across various industry verticals.
In addition, the market is driven owing to increasing adoption of advanced technologies in the logistics sector. Moreover, these digital solutions are helping the logistic companies in reducing incurred costs. Convergence of logistics and technology, along with cloud-based collaborative solutions that extend through the entire supply chain, tight integration of warehouse, transport, and end consumer information, and transparency through the supply chain are driving the growth of the market studied.
Some of the major players operating in the market include Deutsche Post DHL Group, Kuehne + Nagel International AG, Agility Logistics Pvt. Ltd., Uber Technologies Inc., Twill (Maersk), Turvo Inc., Forto Logistics GmbH & Co KG, Flexport Inc., Descartes Kontainers (Cracking Logistics Limited), and Transporteca.
COVID-19 Impact
Due to travel limitations and the projected dismal financial performance of market players in 2020, the spread of the COVID-19 pandemic has hurt the digital freight forwarding industry. Supply chain execution, regulatory and policy changes, labor reliance, working capital management, and liquidity and solvency management are all major concerns for key stakeholders of the industry. Changing government policies and lockdown measures made it difficult for freight service providers to keep their services running smoothly, globally. This has necessitated companies in the logistics industry to understand the specific demand effects of their business, create a short-term demand synchronization strategy, and prepare for possible channel shifts.
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The global digital freight forwarding market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
- Based on component, the market is segmented into solutions and services. During the forecast period, solution category to witness significant growth during the forecast period on account of technology transition and changing operational needs in the organizations. The growth can be attributed to the increase in both domestic and global trade; need for time-controlled deliveries and freight safety; and adoption of smart technologies like internet of things (IoT), artificial intelligence, (AI) and big data analytical solutions. Furthermore, global industry has been witnessing the maximum digital transformation, which is heavily contributing to the growth of the market. Moreover, with dozens of startups entering the region’s IoT landscape, due to the growing internet penetration, including of the 5G network, and rising scope for e-commerce, the adoption rate of IoT solutions in the logistics industry is increasing.
- Based on the mode of transport, the market is divided into rail freight, road freight, ocean freight, and air freight. Road freight to witness significant value growth during the forecast period in the digital freight forwarding market. This is mainly due to the higher adoption of integrated technologies in the road transportation sector and its higher share in the over logistics and transportation mix. For instance, in Europe, around 88% of the logistics activities are carried out via roadways, which further contributes toward the dominance of the category.
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Digital freight forwarding Market Geographical Segmentation Includes:
- North America (United States, Canada, and Rest of North America)
- Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
- Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
- Rest of the World
In 2020, North America held a prominent share in the market. North America region is driven by the presence of large IT companies and rapid technological advancements, such as digitalization in the US. Well-established economies of these countries enable the region to invest heavily in leading digital logistics solutions and services. Digitization is continuing to be one of the key drivers supporting the growth of the American economy. Companies like Convoy, Uber Freight, and uShip are coming up with new platforms to fill in the gaps in the logistics industry. In addition, major players in the market are focusing strategic measures such as partnerships and collaborations, new solution integration, among others to gain competitive advantage. Thus, driving the region’s market. For instance, in June 2021, Convoy and Flexport announced a long-term strategic relationship to deliver end-to-end shipment automation over land, sea, and air.
The major players targeting the market include
- Deutsche Post DHL Group
- Kuehne + Nagel International AG
- Agility Logistics Pvt. Ltd
- Uber Technologies Inc.
- Twill (Maersk)
- Turvo Inc.
- Forto Logistics GmbH & Co KG.
- Flexport Inc.
- Descartes Kontainers (Cracking Logistics Limited)
- Transporteca
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Digital freight forwarding market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the Digital freight forwarding market?
- Which factors are influencing the Digital freight forwarding market over the forecast period?
- What are the global challenges, threats, and risks in the Digital freight forwarding market?
- Which factors are propelling and restraining the Digital freight forwarding market?
- What are the demanding global regions of the Digital freight forwarding market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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Digital Freight Forwarding Market Report Coverage
|
Report Attribute |
Details |
|
Base year |
2021 |
|
Forecast period |
2022-2028 |
|
Growth momentum |
Accelerate at a CAGR of over 25% |
|
Market size 2020 |
USD 3 billion |
|
Regional analysis |
North America, Europe, APAC, Rest of World |
|
Major contributing region |
North America to Dominate the Global Digital Freight Forwarding Market |
|
Key countries covered |
United States, Canada, Germany, United Kingdom, Spain, Italy, France, China, Japan, and India |
|
Companies profiled |
Deutsche Post DHL Group, Kuehne + Nagel International AG, Agility Logistics Pvt. Ltd., Uber Technologies Inc., Twill (Maersk), Turvo Inc., Forto Logistics GmbH & Co KG, Flexport Inc., Descartes Kontainers (Cracking Logistics Limited), and Transporteca. |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Demand and Supply Side Analysis; Competitive Landscape; Company Profiling |
|
Segments Covered |
By Component; By Mode of Transport; By Region/Country |
About UnivDatos Market Insights (UMI)
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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