Trade Management Software market is expected to grow at a CAGR of 10.6% during the forecast period 2017–2023 to aggregate $1151.6 million
Increasing complexities in international trade management, stringent government regulations and compliances, and increasing investments in logistics infrastructure across the globe are driving the trade management software market growth.
Infoholic Research LLP, a global market research and consulting company, has published a study titled “Trade Management Software Market – Global Drivers, Restraints, Opportunities, Trends, and Forecasts to 2023” (July 2017).
According to Infoholic Research, the trade management software market will experience significant growth during the forecast years due to the need for improved supply chain agility, reduce operation time and distribution costs and demand for automating workflows to speed up the tasks in ERP. The technology advancements and demand from SMEs for adopting cloud based solutions will also contribute to the market growth. The market is expected to grow at a CAGR of 10.6% touch an aggregate of $1151.6 million by 2023.
The report is segmented by solutions, services, deployment models, end users, and regions. Trade management software plans, optimizes, and performs every feature in global trade. It offers organizations trade compliance information and facilitation tools which help trade professionals to enhance confidence and efficiency in compliance. Organizations are adopting trade management software to manage their trade operations by streamlining their business processes. This will help to reduce the overall trade management costs in a streamlined manner and simplify the provisioning experience. More than 80% of the enterprises are planning to adopt the solutions into their business infrastructure within the next couple of years. The solutions segment is further classified into trade function, trade compliance, trade finance, and supply chain visibility. Trade Function solution is expected to grow at a CAGR of 8.2% during the forecast period.
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As per the services, support & maintenance services are expected to outperform and grow at a CAGR of 13.7% during the forecast period. Increasing investments on logistic infrastructure and growing need to ensure smooth functionality of the solutions over the long business journey will create significant opportunities for the market. The implementation services will play a major role, driven by the increased complexities in global trade, demand for streamlining business operations and rapid globalization. A lot of small and medium providers are expected to enter the market within the next one decade.
On-premise deployment model plays a major role in trade management software market mainly due to government initiatives to build secured infrastructure. The cloud deployment model is more advantageous and less costly compared to on-premises deployment model. It is expected that cloud deployment model is adopted more by the SMEs in the next 5 years.
North America is set to be the leading region for the market growth followed by Europe. In Europe, the market will improve due to the growing need for visibility of the supply chain and strong support from regional governments for retail and manufacturing sectors. Asia Pacific is set to be the emerging region due to the increase in cloud adoption and government initiatives. RoW will be having moderate growth in the market.
“The market is an attractive space for technology providers, investors, service providers, trade organizations, trade management vendors and freight forwarders to expand their business in core operations. The market is expected to hold enormous opportunities during the next 5–6 years due to cloud adoption, escalating prominence of digital technology, IoT technology, and growing complexities in international trade management.” – Praveen Kumar S, Research Analyst at Infoholic Research
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The report aims to highlight key insights from providers and end-users. The report provides an in-depth analysis and forecast about the industry covering the following key features:
- The report not only highlights users’ conundrum (challenges and barriers to adopting trade management software) but also brings in their perspective on the Trade Management Software market
- The market has been analyzed by taking into account the key regions – North America, Europe, Asia Pacific, and RoW
- The market is analyzed based on solutions, services, deployment models, end users, and regions
- The report analyzes the top 8 players in terms of market reach, business strategy, and business focus
- Provides an in-depth analysis of the key business opportunities in each technology types
- Competitive benchmarking analysis to optimize short term and long term strategies of the organizations
- Stakeholders’ insights and key trends (current and future) of the market