Global Digital Freight Forwarding Market
Global Digital Freight Forwarding Market Set to Record Accelerated Growth at High CAGR of 26.5% during 2022–2028
Published | 04 November 2022
Global Digital Freight Forwarding Market is flourishing owing to increasing domestic and global trade; growing need for time-controlled deliveries and freight security; and the adoption of smart technologies, such as the internet of things (IoT), artificial intelligence (AI), and big data analytical solutions.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects the size of global digital freight forwarding market to grow at an impressive CAGR of 26.5% during the forecast period between 2022 and 2028. The growth of global digital freight forwarding market is being fueled by the expansion of both domestic and international trade, an increasing demand for time-controlled deliveries and safe freight, and the adoption of smart technologies, such as internet of things (IoT), artificial intelligence (AI), and big data analytical solutions. Digitization, which is a major force driving the expansion of the current economy, is still going strong. To fill the gaps in the logistics industry, major companies, such as Convoy, Uber Freight, and uShip, are creating new platforms. Digital freight forwarding will help reduce the amount of manual labor. All freight forwarding quotes will be available on a single platform, eliminating the hassle of protracted conversations and paper trails. Numerous benefits come with digital freight forwarding, including instant quotes, transparent pricing, carrier and rate comparisons, tracking, and easy documentation. To support the market expansion, the logistics industry is transitioning to a paperless, digital environment.
Global Digital Freight Forwarding Market – Overview
The expansion of international trade volumes is a significant contributor to the expansion of the freight forwarding market. International trade is the exchange of goods and services between countries. Global trade allows consumers and countries to be exposed to goods and services that are not available or are more expensive in their home countries. Freight forwarders coordinate intermodal transportation of goods on behalf of shippers, and increased trade volume will increase freight forwarding activity. For example, the World Trade Organization estimated the global merchandise trade volume growth of 10.8% in 2021. As a result, increase in international trade volumes is expected to fuel future growth in the freight forwarding market.
Global digital freight forwarding market has segments, such as Rail Freight, Road Freight, Ocean Freight, and Air Freight based on by mode; Warehouse Management and Transportation Management based on function; and Third-Party Logistics, Forwarders, Brokers, Shippers, and Carriers based on end user. The Third-party logistics segment is projected to dominate global digital freight forwarding market by end user, accounting for most of the market share.
Request for Sample Report @ https://www.blueweaveconsulting.com/report/digital-freight-forwarding-market/report-sample
Global Digital Freight Forwarding Market – Technology Advancements
Artificial intelligence (AI) integration has emerged as a key trend gaining traction in the digital freight forwarding market. Through automation and real-time data, AI plays a key role in lowering costs, saving time, increasing productivity, and increasing accuracy. For example, in July 2019, Kuehne+Nagel, a Swiss logistics company, launched an AI-enabled freight forwarding platform eTrucknow.com for overland shipments in the Asia-Pacific region. Shippers can use eTrucknow to simplify the quote and comparison process. After the customer submits the shipment information, an AI-enabled engine optimizes and automates the quotation comparison process by validating various data points and presenting the customer with the most affordable quotation. Additionally, by connecting certified carriers with a network of shippers in need of road freight services via the marketplace platform, eTrucknow enables them to convert their unused space or unscheduled trips into potential revenue.
In May 2021, Kuehne+Nagel, a Switzerland-based transport, and logistics company acquired Apex International Corporation, a China-based logistics firm that specializes in freight forwarding, for an undisclosed amount. Through this acquisition Apex and Kuehne+Nagel are aiming to provide their customers with a compelling offering in the competitive Asian logistics industry, primarily in e-commerce fulfillment, hi-tech, and e-mobility.
Impact of COVID-19 on Global Digital Freight Forwarding Market
The COVID-19 adversely affected the global digital freight forwarding market. Following COVID-19, governments imposed strict lockdown measures, resulting in flight cancellations and e-commerce bans, resulting in a massive drop in logistics activities globally. The COVID-19 pandemic caused massive supply-demand issues, resulting in lengthy delays in global digital freight forwarding activities.
Competitive Landscape
Prominent players in global digital freight forwarding market include Descartes Kontainers, FreightHub, Deutsche Post DHL Group, Fleet, Flexport Inc., Forto GmbH, InstaFreight, icontainers, Kuehne+Nagel International AG, Kontainers, Transporteca, KN Freight Net, Turvo Inc., Twill, and Uber Freight LLC. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in global digital freight forwarding market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Digital Freight Forwarding Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Digital Freight Forwarding Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
About Us
BlueWeave Consulting (BWC) provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
Contact Us:
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662
Get Help
Related Report
Publish Date: November 2022
Expanding e-commerce sector; digital freight forwarding’s benefits, such as improved customer experience, easy tracking, data analytics and ERP advancements; and trend toward autonomous digital freight forwarding could drive the expansion of Global Digital Freight Forwarding Market at an impressive high growth rate during the forecast period between 2022 and 2028.
Relevant Press Releases
- Asia Pacific Reverse Logistics Market Size Set to Expand at Significant CAGR of 6.21% to Surpass USD 176.3 Billion by 2030
- Japan Freight and Logistics Market Size Expands at Significant CAGR of 5.74% to Surpass USD 386.5 Billion by 2030
- Vietnam Third Party Logistics (3PL) Market Size to Reach USD 7.2 Billion by 2030
- India Cold Chain Logistics Market Size Set to Grow at Steady CAGR of 16.30% to Reach USD 20.58 by 2029
- Saudi Arabia Online Grocery Market to Grow at a CAGR of 17.5% until 2028