Global Digital Freight Forwarding Market is expected to foresee significant growth. APAC to Lead Growth!
The digital freight forwarding market is expected to register a CAGR of around 25% over the period of 2022-2028. Digital freight forwarding is a practice of coordinating and controlling the transportation of products using digital technologies. Enterprises are adopting digital logistics solutions for their day-to-day logistics and supply chain operations to better serve their customers. Thus, the increasing customer expectation, along with the measures to control the logistics cost, plays a vital role in shaping the future of the market. Moreover, the digital freight forwarding market is growing rapidly as a result of the increasing requirement for cost-effective logistics and supply chain solutions across various industry verticals.
In addition, the market is driven owing to increasing adoption of advanced technologies in the logistics sector. Moreover, these digital solutions are helping the logistic companies in reducing incurred costs. Convergence of logistics and technology, along with cloud-based collaborative solutions that extend through the entire supply chain, tight integration of warehouse, transport, and end consumer information, and transparency through the supply chain are driving the growth of the market studied.
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Based on component, the market is segmented into solutions and services. During the forecast period, solution category to witness significant growth during the forecast period on account of technology transition and changing operational needs in the organizations. The growth can be attributed to the increase in both domestic and global trade; need for time-controlled deliveries and freight safety; and adoption of smart technologies like internet of things (IoT), artificial intelligence, (AI) and big data analytical solutions. Furthermore, global industry has been witnessing the maximum digital transformation, which is heavily contributing to the growth of the market. Moreover, with dozens of startups entering the region’s IoT landscape, due to the growing internet penetration, including of the 5G network, and rising scope for e-commerce, the adoption rate of IoT solutions in the logistics industry is increasing.
Based on the mode of transport, the market is divided into rail freight, road freight, ocean freight, and air freight. Road freight to witness significant value growth during the forecast period in the digital freight forwarding market. This is mainly due to the higher adoption of integrated technologies in the road transportation sector and its higher share in the over logistics and transportation mix. For instance, in Europe, around 88% of the logistics activities are carried out via roadways, which further contributes toward the dominance of the category.
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For a better understanding of the market adoption of the automotive brake pads industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. In 2020, North America held a prominent share in the market. North America region is driven by the presence of large IT companies and rapid technological advancements, such as digitalization in the US. Well-established economies of these countries enable the region to invest heavily in leading digital logistics solutions and services. Digitization is continuing to be one of the key drivers supporting the growth of the American economy. Companies like Convoy, Uber Freight, and uShip are coming up with new platforms to fill in the gaps in the logistics industry. In addition, major players in the market are focusing strategic measures such as partnerships and collaborations, new solution integration, among others to gain competitive advantage. Thus, driving the region’s market. For instance, in June 2021, Convoy and Flexport announced a long-term strategic relationship to deliver end-to-end shipment automation over land, sea, and air.
Some of the major players operating in the market include Deutsche Post DHL Group, Kuehne + Nagel International AG, Agility Logistics Pvt. Ltd., Uber Technologies Inc., Twill (Maersk), Turvo Inc., Forto Logistics GmbH & Co KG, Flexport Inc., Descartes Kontainers (Cracking Logistics Limited), and Transporteca.
Global Digital freight forwarding Market Segmentation
Market Insight, by Component
Market Insight, by Mode of Transport
- Rail freight
- Road freight
- Ocean freight
- Air freight
Market Insight, by Region
- North America
- The United States
- Rest of North America
- The United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
- Deutsche Post DHL Group
- Kuehne + Nagel International AG
- Agility Logistics Pvt. Ltd
- Uber Technologies Inc.
- Twill (Maersk)
- Turvo Inc.
- Forto Logistics GmbH & Co KG.
- Flexport Inc.
- Descartes Kontainers (Cracking Logistics Limited)