According to a new market research report published by Credence Research, “Trade Management Software Market(by Offerings (Services and Solutions), by Application (On-premise and Cloud Based), by Organization Size (Small & Medium Enterprises and Large Enterprise), by End-use Vertical (Retail, Transport & Logistics, Healthcare, Government, Manufacturing and Others (Energy & Utilities)), and by Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the global trade management software market was valued at US$ 632.3 Mn in 2018 and is expected to reach US$ 1,253.9 Mn expanding at a CAGR of 8.1% during the forecast period from 2019 to 2027.
The combination of factors, including increasing cross-border trade, real-time visibility provided by W.R.T. Supply Chain Management and Trade Management, collectively drives demand for business management software. The use of business management software by third-party logistics service providers and transport companies has improved their ability to improve the productivity of trade routes and to provide assistance to customers by providing greater visibility across the supply chain. This phenomenon has had a positive impact on market demand, as it is being embraced by an increasing number of traders worldwide. Nevertheless, the reluctance of end-users to switch from traditional trading practices to technology-based practices due to lack of technical know-how poses a challenge to market growth.
Global business management software helps participants in the global business management community handle trading activities effectively. Importers, exporters and other industry experts are key end-users of trade management software. The main function of this program is to strengthen relationships between trading partners and manage global trade transactions. Although procurement professionals profit greatly from the use of business management software, trading partners can also take advantage of it through online portals.
Vertical global commercial management software, such as transport & logistics, finance, healthcare, retail, manufacturing, and others (energy and utilities), is primarily used on the basis of end-use vertical management software. Export management software is commonly used to simplify and streamline global trade operations. As a result, it is driving the growth of the global market for commercial software management across the globe. Transport & Logistics Vertical is expected to hold the largest market share during the forecast period. Government and healthcare markets, on the other hand, are also expected to reflect potential opportunities for global commercial software vendors throughout the forecast period.
Geographically focused, North America was the largest market for commercial software management in the 2018 base year. This is due to the presence of large numbers of retail chains, suppliers and software vendors / companies such as QuestaWeb, Inc., Thomson Reuters and Oracle Corporation. In addition, the rate of adoption of global trade management software is very high in the region compared to other parts of the world. This, in turn, has had a positive impact on the overall demand for commercial software management in the region. North America is followed by Asia-Pacific, with developing economies such as China, Japan, and India expanding their international trade. It, combined with the growing popularity of cloud-based business models, gives a tremendous boost to the demand in this sector.
Some of the major players that offer global trade management services are Amber Road, Inc., Aptean, Descartes, SAP SE, Integration Point, Inc., Oracle, Precision Software, QuestaWeb, Inc., Livingston International, MIQ Logistics, Thomson Reuters, and MIC Customs Solutions, Bamboo Rose LLC, Expeditors International of Washington, Inc.. Companies are adopting various growth strategies, such as new product development, partnerships, and mergers & acquisitions in order to enlarge their product offerings in the global trade management market.