According to the latest research report titled, "Freight Transport Management Market (2024 - 2029) " by Mordor Intelligence, the freight transport management market is estimated at USD 29.11 billion in 2024 and growing at a CAGR of 9.70% during the forecast period.
The increasing need for freight management solutions in the market is propelled by the significant advantages they provide, alongside various factors like heightened globalization that contribute to the uptick in transportation volumes.
Advancements in technology have enabled the conceptualization of processes in innovative manners, leading to the creation of new efficiencies. The anticipated growth of the freight transport market is expected to be fueled by the rise of information networks facilitating faster communication, reduced transaction times, and enhanced security in shipments across emerging sectors.
In emerging countries like India, both end users and manufacturers lack the necessary controls to address logistics issues efficiently. This fuels the demand for various freight management solutions, including fleet tracking, maintenance, safety monitoring, security systems, warehouse management, and third-party logistics services, driving the market growth. Cross-border transportation risks also pose a barrier to freight market development. Despite these challenges, the efforts to develop transport management systems aim to address existing logistics sector needs and overcome obstacles.
Market Size (2024): USD 29.11 billion
Market Size (2029): USD 49.58 billion
CAGR (2024 - 2029): 9.70%
Study Period: (2019-2029)
Forecast Units: Value (USD Billion)
Report Scope: Market Dynamics, Revenue Forecast & Segmentation, Competitive Landscape & Recent Developments, Market Growth, Future Opportunities, and Trends
Market Drivers: Rising Freight Transportation due to Increasing International Trade and the Inclination of Growth toward Information Technology
Which are the Top Companies in the Freight Transport Management Market?
The freight transport management industry is significantly fragmented, with numerous competitors and local players.
Prominent players in the freight transport management market:
Descartes Systems Group Inc.
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Key Highlights from the Freight Transport Management Market Report
1. Rail Freight's Growing Demand Fuels Need for Freight Management Solutions
Freight railway transport utilizes railways for land cargo shipping, accommodating various types of cargo such as chemicals, agricultural products, automobiles, and more.
Rail transport is among the most prevalent modes globally, with extensive infrastructure supporting its use.
Rail freight transport outperforms other modes in terms of environmental impact, land use, energy consumption, and safety.
Complex railway logistics necessitate reliance on rail cargo experience and IT systems for management.
Management solutions for rail freight traffic are tailored to address complexities faced by small cargo trains, intermodal railroads, and private railway lines.
Companies like DXC Technology and Goal Systems focus on developing solutions for these specific railway management needs.
Higher demand for rail freight services, particularly in OECD countries, will drive significant growth in rail freight management solutions.
2. North America is Expected to Hold a Major Share in the Market
The freight transport management solutions market in North America, especially in the US, has gained momentum due to globalization and increased digitalization, including the widespread adoption of IoT technologies. North America's road freight market is highly developed. The surge in online sales has prompted companies to enhance supply chain efficiency, reduce transit times, and expedite product delivery, leading to increased domestic road traffic with many trucks mobilized. Advancements in road technology globally are driving growth in the freight transport management market across all regions.
Truck traffic in the US, comprising nearly 70% of freight movements according to the US Department of Transportation, is projected to increase by 45% in the coming decades. This growth will necessitate expanded infrastructure including highways, railroads, ports, and pipelines, and enhanced intermodal connections for efficient cargo movement. The surge in e-commerce is expected to drive higher demand for trucking, consequently fueling increased demand for freight transport management solutions in the region.
What are the Latest Developments in the Freight Transport Management Market?
In June 2023: Redwood Logistics and FreightWaves partnered to seamlessly integrate SONAR into Oracle Transportation Management (OTM). This collaboration empowers OTM users to incorporate SONAR data directly into their workflow, significantly enhancing decision-making during carrier offers and tendering processes.
In March 2023: CEVA Logistics, ENGIE, and SANEF joined forces to launch an ambitious alliance to decarbonize road freight transport. As part of this innovative collaboration, known as "Coolbration," a network of low-carbon energy truck terminals will be strategically built and operated along Europe's motorways to facilitate the transportation of goods.
Mordor Intelligence Report on the Freight Transport Management Market segments the market based on product type, application, and geography:
By Solution (Qualitative Analysis only Major services offered by the solution, key trends in the market, major players and products, etc.)
Freight Transportation Cost Management
Freight Security and Monitoring System
Freight Mobility Solution
Warehouse Management System
Freight 3PL Solutions
By Deployment (Market forecasts from 2020-2027, Key Trends, Recent Developments, Section Outlook etc.)
By Mode of Transport by Mode of Transport (Market forecasts from 2020-2027, Key Trends, Recent Developments, Section Outlook etc.)
By End-User (Market forecasts from 2020-2027, Key Trends, Recent Developments, Section Outlook etc.)
Aerospace and Defense
Oil and Gas
Consumer and Retail
Energy and Power
By Geography (Market forecasts from 2020-2027, Key Trends, Recent Developments, Section Outlook etc.)
Middle East and Africa
In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on the freight transport management industry. Get a glance at the Freight Transport Management Market Report (2024 - 2029)
About Mordor Intelligence
Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals.
With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.
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