Global trade management software is a type of software that streamlines and automates the entire process of global trade across customs and regulatory compliance, logistics, and trade financing. The rapid increase in the globalization and outsourcing process in the recent years, which leads to the complexity in the supply chain process of international trade is expected to increase the demand of trade management software market during the forecast period (2018—2023.)
Globally, the trade management software market is categorized into component, deployment, organization size, and vertical.
The component segment of global Trade Management Software Market is categorized into solution and services.
The solution is segmented into trade function, import/export management, vendor management, trade compliance, duty management, supply chain visibility, invoice management, and others.
The services are segmented into consulting, implementation, and support & maintenance.
Depending on the deployment, the global trade management software market is categorized into on-premise and cloud.
By organization size, the market is segmented into large enterprise and small and medium enterprise.
Furthermore, the vertical segment of global trade management software market is segmented into transportation and logistics, government and public, Healthcare and life sciences, aerospace and defense, manufacturing, consumer goods and retail, energy utilities and others.
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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.
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.
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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.
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