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Freight Brokerage Market Trends

Report ID: GMI8036
Published Date: Feb 2024
Report Format: PDF

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Freight Brokerage Market Trends

The freight brokerage industry is likely to see a growing integration of AI and ML technologies. These advancements can enhance operational efficiency by optimizing route planning, predicting demand patterns, and automating various processes in the logistics chain. AI and ML applications can also improve decision-making by providing real-time insights, enabling more responsive and data-driven freight brokerage services.

Against this backdrop, in October 2023, Uber Freight expanded its scope beyond digital freight brokerage and transport management, unveiling a range of new products and services that position it as a Software as a Service (SaaS) provider. The company has invested $120 million in various developments, with a significant emphasis on technology. Management highlights a strong focus on scaling enterprise applications, encompassing logistics software solutions, generative AI, data-enabled insights tools, and pioneering capacity and mode expansions.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of freight brokerage reached USD 51.7 billion in 2023 and is set to witness 6% CAGR from 2024 to 2032, owing to the rise of e-commerce that has led to an increased demand for efficient and flexible freight solutions.

The B2B segment accounted for a market share of around 58% in 2023, due to the preference among businesses for the flexibility and cost-effectiveness offered by freight brokers in navigating complex supply chains.

North America market share was over 32% in 2023, attributed to the e-commerce boom, coupled with the need for streamlined and cost-effective freight management.

ArcBest Corporation, BNSF Logistics LLC, C.H. Robinson Worldwide, Inc., Coyote Logistics, Echo Global Logistics, Inc., England Logistics, GlobalTranz, Hub Group, Inc., J.B. Hunt Transport, Inc., Kenan Advantage Group, Landstar System, Inc., Mode Transportation, Schneider National, Inc., Total Quality Logistics, LLC, Uber Technologies, Inc. (Transplace), Worldwide Express, XPO, Inc., and Yusen Logistics (Americas) Inc.