Global Digital Freight Forwarding Market Set to Record Accelerated Growth at High CAGR of 26.5% during 2022–2028
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects the size of global digital freight forwarding market to grow at an impressive CAGR of 26.5% during the forecast period between 2022 and 2028.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects the size of global digital freight forwarding market to grow at an impressive CAGR of 26.5% during the forecast period between 2022 and 2028. The growth of global digital freight forwarding market is being fueled by the expansion of both domestic and international trade, an increasing demand for time-controlled deliveries and safe freight, and the adoption of smart technologies, such as internet of things (IoT), artificial intelligence (AI), and big data analytical solutions. Digitization, which is a major force driving the expansion of the current economy, is still going strong. To fill the gaps in the logistics industry, major companies, such as Convoy, Uber Freight, and uShip, are creating new platforms. Digital freight forwarding will help reduce the amount of manual labor. All freight forwarding quotes will be available on a single platform, eliminating the hassle of protracted conversations and paper trails. Numerous benefits come with digital freight forwarding, including instant quotes, transparent pricing, carrier and rate comparisons, tracking, and easy documentation. To support the market expansion, the logistics industry is transitioning to a paperless, digital environment.
Global Digital Freight Forwarding Market – Overview
The expansion of international trade volumes is a significant contributor to the expansion of the freight forwarding market. International trade is the exchange of goods and services between countries. Global trade allows consumers and countries to be exposed to goods and services that are not available or are more expensive in their home countries. Freight forwarders coordinate intermodal transportation of goods on behalf of shippers, and increased trade volume will increase freight forwarding activity. For example, the World Trade Organization estimated the global merchandise trade volume growth of 10.8% in 2021. As a result, increase in international trade volumes is expected to fuel future growth in the freight forwarding market.
Global digital freight forwarding market has segments, such as Rail Freight, Road Freight, Ocean Freight, and Air Freight based on by mode; Warehouse Management and Transportation Management based on function; and Third-Party Logistics, Forwarders, Brokers, Shippers, and Carriers based on end user. The Third-party logistics segment is projected to dominate global digital freight forwarding market by end user, accounting for most of the market share.
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Global Digital Freight Forwarding Market – Technology Advancements
Artificial intelligence (AI) integration has emerged as a key trend gaining traction in the digital freight forwarding market. Through automation and real-time data, AI plays a key role in lowering costs, saving time, increasing productivity, and increasing accuracy. For example, in July 2019, Kuehne+Nagel, a Swiss logistics company, launched an AI-enabled freight forwarding platform eTrucknow.com for overland shipments in the Asia-Pacific region. Shippers can use eTrucknow to simplify the quote and comparison process. After the customer submits the shipment information, an AI-enabled engine optimizes and automates the quotation comparison process by validating various data points and presenting the customer with the most affordable quotation. Additionally, by connecting certified carriers with a network of shippers in need of road freight services via the marketplace platform, eTrucknow enables them to convert their unused space or unscheduled trips into potential revenue.
In May 2021, Kuehne+Nagel, a Switzerland-based transport, and logistics company acquired Apex International Corporation, a China-based logistics firm that specializes in freight forwarding, for an undisclosed amount. Through this acquisition Apex and Kuehne+Nagel are aiming to provide their customers with a compelling offering in the competitive Asian logistics industry, primarily in e-commerce fulfillment, hi-tech, and e-mobility.
Impact of COVID-19 on Global Digital Freight Forwarding Market
The COVID-19 adversely affected the global digital freight forwarding market. Following COVID-19, governments imposed strict lockdown measures, resulting in flight cancellations and e-commerce bans, resulting in a massive drop in logistics activities globally. The COVID-19 pandemic caused massive supply-demand issues, resulting in lengthy delays in global digital freight forwarding activities.
Prominent players in global digital freight forwarding market include Descartes Kontainers, FreightHub, Deutsche Post DHL Group, Fleet, Flexport Inc., Forto GmbH, InstaFreight, icontainers, Kuehne+Nagel International AG, Kontainers, Transporteca, KN Freight Net, Turvo Inc., Twill, and Uber Freight LLC. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in global digital freight forwarding market.
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