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Trade Management Software Market 2018 Analysis, Opportunities and Growth, Forecast to 2023
The global trade management software market is expected to grow from USD 590.2 million in 2016, to USD 1352.9 million by 2023, with a CAGR of 11.5%. Global trade management software market helps to streamline the processes related to customs and regulatory compliance. These solutions play a crucial role in global supply chain, and helps to facilitates the flow of information, money and goods.
With increasing globalization there is a significant rise in the complexities in managing global trade. According to a recent study by DHL, various online retailers have shown a radical sales growth of 10-15% by extending offers to its international customers. The implementation of Trade Management Software Market helps the retailers to optimize the cost & risk and provide excellent experience to customers to both domestic and international.
According to a MRFR study, the need to implement the trade management solutions has grown significantly, in past few years. The deployment of solution like restricted party screening, trade compliance, customs management and others help to enhance various business processes in both domestic and international trade.
Some of the factors such as growing investments in the global logistics infrastructure, new and evolving security regulations for international trade are accelerating in the growth of global trade management software market. The increase in the deployment of cloud-based services is considered as a major game changer during the forecasted period. These services help the companies to establish a centralized source for managing global trade operations. The real time data extracted from these sources are further utilized as an information by various companies.
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In August 2018, Oracle announced the upgradation of global trade management platforms to provide real-time, data-driven insights into shipment routes, and offers regulatory support for precise screening and customs declarations. Furthermore, in February 2017, Aptean acquired irms which would enable Aptean to expand its capability in the cloud-based supply chain technology.
Verticals such as transportation and logistics, aerospace and defense, consumer goods and retail, healthcare and life sciences, and manufacturing have contributed largely to the global trade management market. For instance, companies such as GT Nexus provides SaaS based global trade management software market on subscription basis which helps in optimizing the operating cost and provides a common platform for the service providers to connect with users. The main advantage of these software helps to maintain a robust supply chain network among the logistics partners.
On the other hand, lack of awareness and organization resistant to implement new technologies are some of the factors which may hamper this market.
Some of the key players of global trade mangement software market includes Amber Road Inc, Aptean Inc, Integration Point Inc, Livingston International Inc, MIC Customs Solutions, MIQ Logistics, Oracle Corporation, Precision Software, QuestaWeb Inc, SAP SE
The global trade management software market is segmented into component, deployment, organization size, and vertical.
By component, the market of global trade management software market is sub-segmented into solution and services.
The solution is segmented into trade function, import/export management, vendor management, trade compliance, duty management, supply chain visibility, invoice management, and others.
The services are segmented into consulting, implementation, and support & maintenance.
By deployment, the market is segmented into cloud, on-premise.
By organization size, the market is segmented into large enterprise and small and medium enterprise.
By vertical, the market is segmented into transportation and logistics, government and public, Healthcare and life sciences, aerospace and defense, manufacturing, consumer goods and retail, energy utilities and others.
The geographical analysis of the global trade management software market is studied for North America, Europe, Asia-Pacific, and the rest of the world.
North-America is dominating the global trade management software market during the forecast period ( 2018—2023) due to the presence of major key players of this market such as Oracle Corporation, Aptean, Integration Point, Inc., Precision Software, Thomson Reuters among others in this region. The other factors that are responsible for the growth in the demand of trade management software market is the presence of early technology adopters and is a host to innovative technologies.
Asia-Pacific is expecting to reach highest CAGR during the forecast period (2018—2023) due to the extensive implementation of cloud-based technologies across various verticals, and increased adoption of digital technologies in countries such as China and India.
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Global trade management vendors
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