Freight Broker Software Market: Introduction
- Freight broker software, also known as transportation management software (TMS), is designed for organizations to deal with freight management, logistics, and freight brokering for both national and international shipments.
- Additionally, freight brokerage software is used to increase real-time visibility, efficiency, and asset utilization in industry. It is also used to control and manage all aspects of business by standardizing and organizing the processes.
- Furthermore, freight broker software monitors and manages the loads and sends professional invoices once loads reach the destination. Freight broker software has been developed for carriers, fleet, storage & warehouse, and transportation businesses.
- Freight broker software makes firms profitable, efficient, and more customer friendly, and it also reduces extra cost.
- The logistic and transport industry has faced major challenges during the COVID-19 crisis, as most countries are apprehensive of moving goods from one place to another. Hence, freight broker software providers are coming up with new strategies to ensure the continued supply chain of the logistics and transport industry during the pandemic outbreak, which in turn is expected to enhance the demand for freight broker software.
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Global Freight Broker Software Market: Dynamics
Global Freight Broker Software Market: Key Drivers and Restraints
- Rising adoption of freight broker software across the logistics sector is expected to boost the growth of the freight broker software market, to provide both businesses and consumers profitability reports, sales reports, and collection & commission reports, which is a major growth driver of the market.
- Besides, increasing internet penetration, and growth in adoption of cloud-based services, are some of the factors that have triggered the growth of the freight broker software market.
- Growing transportation industry and increasing acceptance of automated freight broker software is expected to boost the market.
- However, high license cost of software and lack of skilled operators are the negative factors that can hamper the growth of the freight broker software market.
North America to Account for Major Share of the Global Freight Broker Software Market
- In terms of region, the global freight broker software market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- The freight broker software market in North America is anticipated to expand at a rapid pace over the forecast period, due to well-established players. This in turn is expected to boost the growth of the market in the region.
- Europe is expected to hold significant share of the global freight broker software market, due to increased industrial penetration and manufacturing processes in the region.
- The freight broker software market in Asia Pacific is expected to hold significant share due to a rising logistics and transport sector across the region, which is expected to augment the market. India and China are the major countries enhancing the growth of the freight broker software market, owing to a rising manufacturing sector.
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Global Freight Broker Software Market: Competitive Landscape
Key Players Operating in the Global Freight Broker Software Market
Local, regional, and international players are active in the freight broker software market. The market is highly consolidated, with top manufacturers accounting for approximately 25%–30% share of the market. Key players operating in the global freight broker software market are:
- 3Gtms
- AikSphere Technologies.
- Axon
- CARGOCENTRIC INC.
- Cargomatic Inc.
- Convoy
- COYOTE
- DAT Solutions, LLC.
- Echo Global Logistics, Inc.
- J.B. Hunt Transport, Inc.
- McLeod Software
- Tailwind TMS
- The Descartes Systems Group Inc.
- Uber Freight
- Veson Nautical.
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