The Freight Audit and Payment market is expected to register a CAGR of 14.3% in 2023–2031. Automation digitization and real-time visibility are likely to remain key freight audit and payment market trends.

Freight Audit and Payment Market Analysis

Freight audits and payments are key components of logistics and supply chain management. This process entails verifying and reconciling freight bills to ensure that you are not overpaying for shipping services. It also performs compliance checks on contracts and service agreements. Companies that efficiently manage freight audits and payments can save money, increase operational efficiency, and obtain important insights into their shipping activities.

Freight Audit and Payment Market Overview

Automation and artificial intelligence (AI) are becoming more common in the freight auditing and billing process. Automation helps to decrease errors, accelerate payments, and increase data quality. AI also examines bills and discovers abnormalities. Being more accurate through automation and AI will result in better customer and carrier service. Data analytics and visibility are critical for any freight broker or 3PL looking to optimize their operations and performance. Freight brokers can acquire useful insights by collecting and evaluating data from a variety of sources, including invoices, shipments, carriers, clients, and market circumstances. 

REGIONAL FRAMEWORK

Freight Audit and Payment Market Drivers and Opportunities

Managing Regulatory Compliances to Favor Market

Freight auditing services have become an essential component of logistics management. They are in charge of reviewing and reconciling transportation invoices to contractual terms, guaranteeing regulatory compliance, and identifying cost-saving options. Freight audits are critical for assuring compliance with regulatory obligations in the transportation business. Transportation rules are complicated and continuously changing, making it difficult for shippers to stay current with the latest standards. Freight auditing firms have the experience and knowledge to discover and resolve compliance concerns, lowering the risk of noncompliance penalties and fines.

Data Analytics – An Opportunity in Freight Audit and Payment

Data analytics in freight auditing have evolved from manual, paper-based techniques to complex, algorithm-driven analysis. Modern data analytics technologies can handle large amounts of data from a variety of sources, such as shipment tracking systems, carrier bills, and transportation management systems. This progress has permitted more nuanced and comprehensive audits, resulting in higher accuracy and efficiency in the freight auditing process. One of the most important advantages of applying data analytics to freight audits is a large rise in accuracy. Data analytics systems can automatically detect errors in freight invoices, such as duplicate charges, wrong rates, or misclassified shipments. This level of precision decreases the possibility of overpayments and ensures that billing issues are resolved quickly.

Freight Audit and Payment Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Freight Audit and Payment market analysis are organization size, application, and industry vertical.

• Based on organization size, the Freight Audit and Payment market is divided into SMEs and large enterprises. The large enterprises segment held a larger market share in 2023.
• By application, the market is segmented into road freight, ocean freight, rail freight, and air freight. The road freight segment held the largest share of the market in 2023.
• In terms of industry verticals, the market is bifurcated into retail, manufacturing, food and beverage, and healthcare. The manufacturing segment dominated the market in 2023.

Freight Audit and Payment Market Share Analysis by Geography

The geographic scope of the Freight Audit and Payment Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.

North America has dominated the freight audit and payment market. Rapid developments in the logistics infrastructure in North America countries are driving the demand for Freight Audit and Payment in the region. The Freight Audit and Payment market is undergoing substantial development in North America, with an increasing number of transport and logistics firms using this software. This trend is primarily motivated by the demand for more effective management of complicated business processes, increased productivity, and better decision-making abilities.

Freight Audit and Payment Market Report Analysis

Freight Audit and Payment Market

• 
  CAGR (2023 - 2031)

  XX%
• Market Size 2023
  US$ XX Million
• Market Size 2031
  US$ XX Million

Report Coverage

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope

• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis

• Industry landscape and competition analysis & recent developments
• Detailed company profiles

• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments

Key Players

• Cass Information Systems, Inc.
• ControlPay
• CT Logistics
• CTSI-Global
• enVista LLC
• Intelligent Audit
• INTERLOG Services
• nVision Global Technology Solutions
• RateLinx

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

By Offering

• Solution
• Service

By Deployment

• Cloud
• On-Premise

By Application

• Seaways
• Roadways
• Railways
• Airways

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• Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

MARKET PLAYERS

FREIGHT AUDIT AND PAYMENT Market Report Scope

Freight Audit and Payment Market News and Recent Developments

The freight audit and payment market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:

• Denim, a freight payment platform, announced the debut of Denim Audit, an AI-driven freight audit solution designed specifically for freight brokers. Denim Audit uses cutting-edge AI technology such as ChatGPT and significant industry knowledge to ensure correct billing and document management. Our 20-second analysis looks for anomalies in evidence of delivery, carrier invoices, and rate confirmations. The end result is a streamlined and efficient auditing process. (Source: Denim, Press Release, 2023)

Freight Audit And Payment Market Report Coverage and Deliverables

The “Freight Audit And Payment Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles

Freight Audit and Payment Market Report Scope