Trade Management Market Size By Component (Solution [Trade Compliance Management, Trade Finance, Supply Chain Visibility and Execution, Trade Operations], Service), Deployment Mode, Organization Size, End-Use & Forecast 2023 - 2032

Trade Management Market Size

Trade Management Market size valued at USD 900 million in 2022 and is slated to progress at over 5% CAGR between 2023 and 2032. Driven by increasing demand for supply chain visibility and transparency.
 

The growing complexity of global trade regulations and compliance requirements is fueling the market growth. The burgeoning trade laws and transportation rules such as regulations, sanctions, and prohibited parties, as well as the escalating complexity has made global trade compliance difficult, which is speculated to accelerate the market value. For instance, in January 2022, DASH Financial Technologies, a capital markets technology provider, unveiled DASH OMS (Order Management Systems) to aid traders working with options-centric workflows with the performance, functionality, and ease of use for the options industry.
 

Security and privacy concerns may restrain industry progression

Increased risk of data thefts is a major factor restraining the trade management market demand. Trade management solutions often expose new vulnerabilities to hackers and other competitors due to rising automation and digitization. Additionally, utilizing cutting-edge technologies, including blockchain, the Internet of Things (IoT), and artificial intelligence (AI), present new security difficulties. For instance, hackers could attack IoT devices to obtain private information or interfere with operations, and supply chain security could be misrouted into producing false or misleading results. Nonetheless, the mounting adoption of consulting services support and maintenance services is set to help the industry overcome these hurdles.
 

Trade Management Market Analysis

The trade management market from the consulting services segment is primed to expand at more than 5% CAGR through 2032. These consultants assist businesses in redefining their trade relations by providing expertise in niche areas, creating massive growth potential for companies. Moreover, the emergence of virtual platforms to enable remote working and alternate avenues of resourcing are likely to foster the industry growth.
 

In terms of component, the trade management market from the service segment will surpass USD 600 million by 2032. Many companies lack the internal awareness needed to effectively manage their trade operations and thus trade management service providers offer them specialized knowledge and expertise to aid in navigating the challenges of international trade. In July 2022, Livingston International launched Livingston Direct, a user-directed platform that provides enhanced digital services to businesses that require simplified customs processes and enhanced supply chain visibility by giving importers real-time insight into their customs clearance.
 

The trade management market from the transportation segment is anticipated to reach USD 400 million by 2032. The soaring popularity of e-commerce has facilitated the expansion of global marketplaces and boosted the need for robust transportation networks. Thus, rising dependence on freight transportation is poised to positively influence the segment scenario. According to the Bureau of Transportation Statistics, transborder freight rose by over 10% in January 2023 as compared to January 2022 in North America.
 

The trade management market from the large enterprises segment is predicted to be worth more than USD 1 billion by 2032, led by mounting free trades agreement as a result of the introduction of effective measures or inequitable interventions by several nations. In October 2022, European Commission announced exports to preferential partners of more than €1 trillion in 2021 under the Enforcement of EU Trade Agreements. Consequently, surging investments by businesses in new skills and techniques to successfully negotiate the increasingly complex global trade environment are primed to supplement the market expansion.
 

The North America trade management market size accounted for USD 300 million in 2022, attributed to the growing number of trading partners, compliance requirements, and regulations. Moreover, businesses are strongly dependent on trade management solutions to manage their trade operations and mitigate the risks associated with global trade. The North American Free Trade Agreement (NAFTA) lowers trade barriers while also assisting in the growth and escalation of foreign trade in the region. NAFTA is purposed to create a large and more stable market for goods and services generated in North America.
 

Trade Management Market Share

Prominent participants operating across the trade management market include :

• Oracle, SAP
• AEB
• MIC Custom Solution
• E2open
• QAD
• Thomson Reuters
• Expeditors, and Descartes

These firms are primarily engaged in strategic investment in R&D for new technology & product, along with alliances and collaborations with consultancy firms. For instance, in January 2022, 4PL Consultancy, a UK-based logistics giant, introduced the updated harmonized system that aids in the uniform classification of goods and enables customs tariffs and duties across the world. This system was expected to facilitate international cross-border trade and reduce intercontinental trade expenses.
 

Impact of COVID-19 pandemic

The trade management industry witnessed a significant negative impact during the COVID-19 pandemic as a result of supply chain disruptions and trade regulations such as temporary suspensions of tariffs and other trade barriers on unnecessary goods and services. Stringent lockdowns, border closure, and reduced air & sea freight capacity hampered the uptake of trade management systems after the coronavirus outbreak. However, the positive shift toward digitalization has encouraged companies to offer remote trade management solutions, thus propelling innovations and demand for advanced services. For instance, in June 2022, Corrao Group, a salesforce technology provider, was selected as the official U.S. launch partner for Customer Goods and Trade Promotion Management.
 

This trade management market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:

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Market, By Component

• Solution
  • Trade Compliance Management
  • Trade Finance
  • Supply Chain Visibility and Execution
  • Trade Operations
  • Others
• Service
  • Consulting Services
  • Support and Maintenance Services
  • Implementation Services

Market, By Deployment Mode

• Cloud
• On-premises

Market, By Organization Size

• Small/Medium Enterprises
• Large Enterprises

Market, By End-Use

• Retail
• Healthcare and life sciences
• Government
• Energy & Power
• Manufacturing
• Transportation
• Telecom & IT
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Spain
  • Sweden
  • Switzerland
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Singapore
• Latin America
  • Brazil
  • Mexico
• MEA
  • UAE
  • Israel
  • South Africa