The global trade management software market is anticipated to surpass a valuation of USD 1352.9 million, attaining a CAGR of 11.5% during the forecast period (2018-2023), Market Research Future (MRFR) unveils in the latest report. Trade management software is a typical software, which automates and streamlines the process of trade across regulatory compliance, customs, trade financing, and logistics.
Market Potential and Pitfalls
The global trade management software market has witnessed a tectonic surge over the past few years, mainly due to the increasing investments in logistics infrastructure and evolving security norms for international trade. With cloud-based services deployed at a rapid pace, the market is likely to witness tremendous growth in the coming years. Trade management software enables companies to establish a centralized source to manage global trade operations. The real-time data which are extracted from such sources are used as information by several companies.
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As the need for optimization and supply chain visibility is growing due to factors like differences in lead time, extended delivery timelines, and soaring shipment costs, the trade management software market is experiencing huge demand. Trade management software also enables cost minimization and optimum utilization of resources by offering improved visibility across transportation chains. This further allows effective load optimization and better route planning. Replacement of manual functions with digital ones with the help of this software helps to save labor cost, time, and money. These factors will propel the growth of the trade management software market across the globe.
On the contrary, high implementation and integration costs of GTM is considered to restrict the growth of the market in the coming years.
Global Trade Management Software Market: Segmental Analysis
The global trade management software market is segmented on the basis of deployment, component, vertical, and organization size.
By component, the trade management software market is segmented into solution and services. Of these, the solutions segment enjoys the dominant position globally as the segment forms the basis of offerings for its vendors.
By deployment, the trade management software market is segmented into cloud and on-premise. Of these, the on-premise segment will gain prominence as maximum organizations use legacy systems to handle their business procedures. Concerns associated with integrity and data security also play an integral role in the adoption of on-premise solutions.
By organization size, the trade management software market is segmented into large enterprise and small and medium enterprise. Among these, the SMEs segment is likely to garner the highest CAGR in the foreseeable future. SMEs have been dependent on spreadsheets and manual records to maintain their trade processes. This was mainly due to budget constraints and lack of awareness. Considering the cost benefits offered by the cloud, trade management solutions and services will find growth opportunities in the SMEs segment.
By vertical, the market comprises government and public, transportation and logistics, aerospace and defense, healthcare and life sciences, consumer goods and retail, manufacturing, energy utilities, and others. Of these, the transportation & logistics segment is predicted to gain prominence due to the soaring need for end-to-end visibility into in-transit shipments besides maintaining a single source of record.
Geographically, the trade management software market spans across Europe, Asia Pacific, North America, and Rest of the World (RoW).
Considering the global scenario, North America will dominate the global trade management software market owing to the existence of industry bigshots such as Aptean, Oracle Corporation, Precision Software, Integration Point, Inc., and Thomson Reuters. The region is an early adopter of advanced technologies and is host to innovative technologies. This further boosts the growth of the market in the region.
The Asia Pacific will garner the highest CAGR in the foreseeable future as cloud-based technologies are extensively implemented across verticals in the regions. The surging adoption of digital technologies in economies like India and China is considered to propel the market growth in the coming years. The burgeoning trade in Japan, India, and China will further provide a tremendous boost to the regional market. Moreover, increasing concerns associated with automated inventory tracking, reporting, and filing with security programs and risk assessment are encouraging the adoption of trade management software in the APAC.
July 2019: Trading Technologies International, Inc., a leading provider of professional trading software, data solutions, and infrastructure, declared that DV Trading has contracted to use TT Score, TT’s cutting-edge trade surveillance software to detect advanced manipulative trading activity.
The key players operating in the global trade management software market includes Aptean Inc, Amber Road Inc, Livingston International Inc, Integration Point Inc, MIQ Logistics, MIC Customs Solutions, Precision Software, Oracle Corporation, SAP SE, and QuestaWeb Inc.