According to the new research report published by The Insight Partners, titled “Trade Management Software - Global Analysis and Forecast to 2027”, The Global Trade Management Software Market is expected to reach US$ 1,607.2 million in 2027, registering a CAGR of 9.6% during the forecast period 2019-2027.
In 2018, North America accounted for the largest share in the trade management software market. APAC region is expected to be the fastest growing region in the trade management software market. The demand for trade management software is anticipated to be robust, and are expected to be influenced by the trade activities between countries. This trend is particularly to be witnessed in China and U.S., which comprises of largest e-commerce market across the globe, accounting for over 40% of the value of global e-commerce transactions. Moreover, Exports from the Asia Pacific accounted for an estimated US$ 6.9 trillion in 2018. This reflects a 1.2% rise since 2014 and an 8.5% Y-o-Y uptake from 2017 to 2018. International product sales initiating from the region signify over 35% of overall global exports. As per the IMF’s World Economic Outlook Database, the GDP for selected Asian countries on a PPP basis amounted to around US$ 59.9 trillion in 2018. Thus, Asian exported goods account for an estimated 11.6% of the region’s total economic output in terms of GDP converted using PPP.
Every business across the globe has diverse concerns related to trade management. These concerns are based on several factors, including the product’s geographical location of sourcing, manufacturing, and shipping. Further, import and export volume of the products; compliance and security regulations of the delivery location; the multitude of FTAs and FTZs; the number of partners involved in the supply chain; and the level of internal trade know-how are other key factors. Additionally, the need for any business may change on a timely basis or depending on the location. Thus, business across the world are seeking for appropriate GTM solutions to simplify their global trade processes.
The trade management software market is segmented based on component, i.e., solution and services. The global trade management software market is dominated by solutions segment in 2018. The solutions segment includes trade compliance as well as international trade visibility and execution. The trade compliance comprises of a range of capabilities that support the necessary item classification, trade documentation, as well as communications with international government authorities concerning non-financial trade regulations issues, tariffs, duties, and trade taxes levied by governments on international trade and commerce.
The trade management software market is segmented on cloud-based and on-premise. The global trade management software market is dominated by cloud-based segment in 2018. Cloud-based trade management software is gaining high popularity among the small and medium enterprises driven by its allure to deliver newfound flexibility for the businesses, saving costs and time to enhance the scalability and agility.
North America is one of the fastest growing regions in terms of technological development. In the past five years, the region witnessed the significant adoption of technologies, which has resulted in the growth of trade management software market. In 2018, the US imported over US$ 2.5 trillion worth of goods from across the globe. From a regional perspective, approximately 45% of the region’s total imports in 2018 were bought from providers based in the Asia Pacific region, in terms of value. Fellow region’s trade partners delivered around 26% of import sales to the US while around 22% worth initiated from Europe. However, only around 5% of American import purchase accounted from South America and around 1.5% from Africa. With the total population of around 329 Mn, in 2018, the country’s total imports interpret to more than US$ 7500 product demand from each resident annually. Top import destinations of the US included China, Mexico, Canada, Japan, Germany, and South Korea.
Some of the key players included in the global trade management software market are Amber Road, Inc., Bamboo Rose LLC, Expeditors International of Washington, Inc., Integration Point, LLC, Livingston International, MIC, Oracle Corp, QAD, Inc, QuestaWeb, SAP SE, and others.
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