NEW YORK, July 18, 2024 /PRNewswire/ --The
global trade management software market size is
estimated to grow by USD
1.12 billion from 2024-2028, according to Technavio.
The market is estimated to grow at a CAGR of over 10.5%
during the forecast period. Growing need for improved
supply chain efficiency is driving market growth, with a
trend towards incremental functionality improvements in gtm
software. However, changing regulations and business
conditions poses a challenge. Key market players include Acme
Trade Group Pty Ltd., AEB SE, Aptean Group of Companies, Bamboo
Rose LLC, Cognizant Technology Solutions Corp., Descartes Systems
Group Inc., E2open Parent Holdings Inc., Expeditors International
of Washington Inc., Koch Industries Inc., Livingston International
Inc., MIC Datenverarbeitung GmbH, Noatum Holdings SLU, OCR Services
Inc., Oracle Corp., QAD Inc., S and P Global Inc., SAP SE, Thomson
Reuters Corp., Trademo Technologies Inc., and United Parcel Service
Inc..
![Technavio has announced its latest market research report titled Global trade management software market 2024-2028 Technavio has announced its latest market research report titled Global trade management software market 2024-2028](https://mma.prnewswire.com/media/2463335/TECHNAVIO_Trade_Management_Software_Market.jpg)
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Deployment (Cloud-based
and On premise), End-
user (Retail and consumer goods, IT and telecom,
Automotive, Transportation and logistics, and
Others), and Geography (North America, Europe,
APAC, South America, and Middle East and
Africa)
|
Region
Covered
|
North America, Europe,
APAC, South America,
and Middle East and Africa
|
Key companies
profiled
|
Acme Trade Group Pty
Ltd., AEB SE, Aptean
Group of Companies, Bamboo Rose LLC,
Cognizant Technology Solutions Corp., Descartes
Systems Group Inc., E2open Parent Holdings
Inc., Expeditors International of Washington Inc.,
Koch Industries Inc., Livingston International Inc.,
MIC Datenverarbeitung GmbH, Noatum Holdings
SLU, OCR Services Inc., Oracle Corp., QAD Inc.,
S and P Global Inc., SAP SE, Thomson Reuters
Corp., Trademo Technologies Inc., and United
Parcel Service Inc.
|
Key Market Trends Fueling Growth
With the rise in global trade and e-commerce, trade management
software has gained significant importance for businesses. The
increasing complexity of international regulations necessitates
continuous updates in these software solutions. A US company
exporting goods from China to the
UK, for instance, must first bring the products back to the US
before shipping them to the UK. Trade management software vendors
are addressing this need by integrating features that facilitate
global shipping at minimal costs. The ongoing globalization trend
and e-commerce boom will fuel the growth of the trade management
software market during the forecast period.
The Trade Management Software market is experiencing significant
growth, particularly in sectors like Aerospace and Defense and
Aerospace Development, where complex processes and compliance risks
are high. AI and automation are driving innovation, enabling
real-time cargo tracking and efficient supply chain management.
Cloud adoption and deployment of cloud-based technologies,
including SaaS and cloud-based software, are transforming
international commerce, making it more accessible to firms of all
sizes. Emerging technologies like AI and digitalization are
disrupting traditional trade methods, addressing inefficiencies in
import-export activities and streamlining cross-border
transactions. Industries like Consumer Goods, Energy, and Defense
are embracing GTM software to optimize finances, manage customs
filings, and meet delivery deadlines. However, impediments like
import-export legislation and infrastructure challenges persist,
requiring consulting expertise to navigate complexities and ensure
compliance. Global trade volumes continue to grow, driven by
e-commerce and free trade zones, leading to increased competition
and the need for efficient and cost-effective solutions. Developing
countries are adopting these technologies to participate in
international commerce, leveling the playing field and driving
digitalization and disruption across industries.
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Market Challenges
- Trade management software is essential for businesses dealing
with international shipments, as these transactions involve
multiple languages, time zones, currencies, and modes of transport.
Each shipment may involve numerous parties located in different
countries, each subject to unique trade laws. Providers of trade
management software must ensure their platforms remain updated with
the latest regulatory content to enable businesses to review and
act accordingly. Additionally, each trading partner may have
distinct functional requirements, necessitating a flexible solution
that can accommodate various combinations. To facilitate seamless
integration, software providers must offer easy-to-use application
programming interfaces, minimizing the need for extensive IT
consulting and professional services. However, the challenge of
adapting to changing regulations and business conditions may impact
the growth of the global trade management software market.
- Trade Management Software: Overcoming Challenges in
Organizations' Trade Businesses Trade management software has
become essential for businesses in trade-related sectors to enhance
supply chain efficiency, visibility, and compliance. Primary
drivers include predictive analysis, real-time insight, and
technology adoption. However, organizations face challenges in
implementing these systems. Small & Medium Enterprises (SMEs)
and retailers grapple with resource utilization and affordability.
Trade compliance, restricted party screening, and trade-related
regulations add complexity. Traditional techniques like manual
processes and spreadsheets hinder progress. The transportation
& logistics industry, with its focus on shipping and
transportation management systems, faces challenges in supply chain
visibility and real-time tracking. Social distancing measures and
worldwide shipping costs further complicate matters. Traders and
trading activities require systems that offer accurate, timely
information for effective decision-making. Research and development
in software solutions continue to address these challenges,
providing vertical solutions for various industries. Training and
technology adoption are key to successful implementation. In
conclusion, trade management software offers significant benefits,
but organizations must navigate challenges to fully realize its
potential. By addressing these issues, businesses can streamline
their operations, increase supply chain efficiency, and stay
competitive in the global market.
For more insights on driver and challenges
- Download a Sample Report
Segment Overview
This trade management software market report extensively covers
market segmentation by
- Deployment
- 1.1 Cloud-based
- 1.2 On premise
- End-user
- 2.1 Retail and consumer goods
- 2.2 IT and telecom
- 2.3 Automotive
- 2.4 Transportation and logistics
- 2.5 Others
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Cloud-based- Trade management software is a
modern solution for businesses seeking to replace manual processes
and traditional enterprise resource planning systems. This software
comes with built-in trade management features or internally
developed solutions. The cloud-based deployment model is popular
among enterprises aiming to reduce IT infrastructure costs, enhance
supply chain flexibility, and improve efficiency. For instance,
Oracle Corp.'s expansion of their transportation and trade
management suite in Oracle Fusion Cloud SCM in February 2024 aimed to help businesses manage
logistics networks and handle supply chain disruptions. Cloud-based
trade management software is scalable, manages all assets
centrally, and streamlines workflow. It can be deployed quickly and
requires minimal investment, making it ideal for businesses
requiring real-time access to updated information. Advanced
enterprises, especially those with complex trade operations,
benefit from cloud-based solutions to maintain updated product
codes and classifications, share information with partners, and
communicate effectively with customs authorities and trading
partners. The global trade management software market is expected
to grow due to these advantages.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
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enhances market efficiency by reducing human error and reaction
times, thereby increasing liquidity and trade volumes across
financial markets worldwide.
Research Analysis
Trade management software is a vital tool for businesses engaged
in international trade, facilitating the execution and optimization
of import-export activities. This software assists organizations in
managing trade compliance, ensuring adherence to import-export
legislation, and mitigating compliance risks. Key features include
custom filings, restricted party screening, free trade zone
management, and shipment tracking. Additionally, trade management
software offers components like vendor management, import/export
management, invoice management, services, consulting,
implementation, deployment, and on-cloud solutions to streamline
the entire supply chain process. By automating and integrating
various aspects of international trade, businesses can improve
efficiency, reduce errors, and enhance overall competitiveness.
Market Research Overview
The Trade Management Software market is experiencing significant
growth due to the digitalization of international commerce and the
increasing complexity of import-export activities. The market is
driven by various factors including the adoption of cloud-based
technologies, automation, AI, and ML in supply chain management.
Compliance risk, cross-border transactions, and customs filings are
major impediments in global trade, leading firms to invest in
efficient supply chain solutions. The impact of emerging
technologies such as AI and automation on trade management is
substantial, with predictive analysis and real-time insight
enabling firms to optimize resource utilization and reduce lead
times. The aerospace and defense industry, energy sector, IT &
telecom industry, and consumer goods are major end-users of trade
management software. However, impediments such as limited
bandwidth, lack of access in developing countries, and legal
policies pose challenges to the market. The implementation of GTM
software requires careful consideration of on-cloud or on-premise
deployment, infrastructure, and system compatibility. The market is
expected to continue growing, driven by the need for supply chain
efficiency, supply chain visibility, and compliance with
international trade legislation. The market is also impacted by
disruptions such as social distancing measures and e-commerce
growth, which require organizations to adapt quickly to changing
market conditions. The market for trade management software is
expected to continue to evolve, with a focus on automating complex
processes, improving compliance risk management, and increasing
supply chain visibility.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Deployment
-
- End-user
-
- Retail And Consumer Goods
- IT And Telecom
- Automotive
- Transportation And Logistics
- Others
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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