Home > Automotive > Automotive Logistics > Logistics Technology > Freight Forwarding Software Market

Freight Forwarding Software Market Trends

Report ID: GMI11122
Published Date: Aug 2024
Report Format: PDF

Download Free Sample

Freight Forwarding Software Market Trends

The growing integration of AI and ML into freight forwarding software to enhance predictive analytics, optimize routes, automate processes, and improve decision-making is a major trend witnessed in the market. Furthermore, IoT allows for real-time tracking of shipments, which improves visibility and reduces the risk of lost or delayed goods. This is becoming a key requirement in modern logistics. The market is also witnessing the growth of various start-ups in the market which are using AI to streamline operations. For instance, in July 2024, Freightmate Ai, a new logistics startup raised USD 650,000 in pre-seed funding from Wischoff Ventures. The company will use the funds to transform the freight forwarding industry with AI to automate operations and allow large freight forwards to build and maintain their own freight management systems,

Companies are also using machine learning techniques to transform the way goods are moved across the globe. For instance, in May 2024, Grydd, a provider of AI-powered supply chain and logistics software upgraded its innovative ecosystem by launch of an advanced suite of AI applications including demand planning AI, route prediction AI, cargo optimization AI, sustainability AI and collaboration Hub AI.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

Freight forwarding software market size was USD 1.5 billion in 2023 and is expected to register over 10% CAGR from 2024-2032 due to the growth of E-commerce industry worldwide.

Freight forwarding software industry from the large enterprises segment held 65% share in 2023 and due to having operations spread across different regions which creates a need for software that can manage different regulatory requirements.

North America freight forwarding software industry held 38% share in 2023 and is expected to register a commendable CAGR from 2024-2032 due to the rise in e-commerce in the region.

Descartes Systems Group, e2open, Magaya Corporation, Mercurygate International, Oracle Corporation, Reige Software, SAP SE, Softlink, Werner Enterprises, and WiseTech Global, are some of the major freight forwarding software companies worldwide.