[Research Report] In terms of revenue, the global trade management software market was valued at US$ 825.0 million in 2020 and is projected to reach US$ 1,748.4 million by 2028; it is expected to grow at a CAGR of 10.1% during the forecast period from 2020 to 2027.
The trade management software market is broadly segmented into five major regions—North America, Europe, APAC, MEA, and SAM. The APAC region dominated the trade management software market in 2020. APAC consists of many developing countries witnessing high growth in their respective manufacturing sector; the region has become a global manufacturing hub. China, as well as other developing countries such as India, South Korea, Taiwan, and Vietnam, are attracting several businesses to relocate their low- to medium-skilled manufacturing facilities to neighboring countries, which have labors at a lower cost. Further, governments of these countries are making developments to improve foreign investments in the region. Over the years, the manufacturing spent of the region has grown significantly and is further anticipated to grow at a decent growth rate. This dramatic growth in the manufacturing spends and adoption of novel technologies are the key factors fueling the demand for trade management software in the region.
Impact of COVID-19 Pandemic on Trade Management Software Market
The COVID-19 pandemic has been affecting every business globally since December 2019. The continuous growth in the number of virus-infected patients compelled governments to put a bar on transportation of humans and goods. The manufacturing sector witnessed severe losses due to temporary factory shutdowns and low production volumes, which hindered the growth of retail, e-commerce, and logistics sectors. Additionally, the social or physical distancing measures imposed by governments have put limitations on the operations of logistics and other service providers. This disruption has resulted in the decline in trade business. These adversities led to the reduction in the global trade volumes by 17.7% in May 2020, compared to the trade volumes in May 2019. The decline in first 5 months of 2020 was pervasive, however, it majorly impacted exports from Japan, the US, and European countries. Despite the disruption caused by the COVID-19 pandemic, the trade is likely to surge in the future as businesses are resuming after a long lockdown. With the social distancing measures in effect, the e-commerce, logistics, retail, and other such sectors involved in trade activities are focusing on the adoption of trade management software, to meet compliance by ensuring speed in supply chain. Thus, the uncertainties introduced by COVID-19 have expanded the scope of using cloud-based software/SaaS in logistics.
Lucrative Regional Trade Management Software Market
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Insights – Trade Management Software Market
Cost Reduction and Real-Time Visibility
Trade is a complex process that involves the flow of multiple goods and information across a network of suppliers, carriers, and warehouse. Software solutions help users handle these complexities more precisely and easily through the analysis of real-time and real-world data, thereby reducing inefficiencies. The implementation of these software systems also improves supply chain functioning and offers real-time visibility into operations. Increased competitiveness in different industries is a major force compelling them to invest in automation and digitalization. Moreover, the adoption of cloud-based solutions provides enhanced real-time visibility into the exported goods and lowers the operating costs. The implementation of emerging technologies such as blockchain, artificial intelligence (AI), and predictive analysis in logistics operations would further boost the global trade management software market growth in the coming years.
Component Segment Insights
Based on component, the trade management software market is segmented into solution and services. The solution segment is expected to be the leading segment in the global trade management software market during the forecast period. The solutions segment includes trade compliance and international trade visibility and execution. Furthermore, international trade visibility and execution operations include cross-border shipping and transportation. They offer visibility into international trade partner events and processes. These processes must be international and include transactions and agreements among commercial trade partners.
Deployment Segment Insights
Based on deployment, the trade management software market is segmented into on-premise and cloud. The cloud segment is likely to be the leading segment in the global trade management software market during the forecast period. Cloud deployment is largely adopted by small and medium enterprises. Low cost of ownership, reduced costs of maintenance and upgrades, and access to the latest features are among the key advantages of cloud deployment over the on-premise deployment.
Organization Size Segment Insights
Based on organization size, the trade management software market is segmented into small enterprises, medium enterprises, and large enterprises. The large enterprises segment is expected to be the leading segment in the global trade management software market during the forecast period. Globally, there is an increase in demand for trade management software among several organizations to increase efficiency and minimize overall operations cost. The adoption of this software is a common practice among large enterprises to construct a suitable supply chain and gain flexibility in overall operations.
Trade Management Software Market, by Organization Size (% share)
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Industry Segment Insights
Based on industry, the logistics & transport segment is anticipated to be the leading segment in the global trade management software market during the forecast period. The demand for logistics providers offering services that are beyond traditional is rising. In some instances, third-party logistics providers operate or manage foreign trade zones of their partners. Also, in other cases, they provide warehousing as well as value-added services associated with the production or procurement of goods. Moreover, they organize all the logistics and transportation processes essential to transfer goods from source to end users efficiently and economically.
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Trade Management Software Market: Strategic Insights
Market Size Value in US$ 825.0 Million in 2020 Market Size Value by US$ 1,748.4 Million by 2028 Growth rate CAGR of 10.1% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Trade Management Software Market: Strategic Insights
| Market Size Value in | US$ 825.0 Million in 2020 |
| Market Size Value by | US$ 1,748.4 Million by 2028 |
| Growth rate | CAGR of 10.1% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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The market players are focusing on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
- In January 2021, SAP Hong Kong and consulting powerhouse Deloitte partnered to offer substantial benefits to businesses engaged in cross-border trade.
- In January 2019, Bamboo Rose launched services as a subscription model, which helps customers to plan better, innovate, and collaborate with their multi-enterprise retail communities, saving 10 to 30 percent on technology investments.
- In March 2019, Thomson Reuters purchased global trade management (GTM) software provider Integration Point for an undisclosed amount in a deal that significantly expands its pool of North America-based importer and exporter customers.
The global trade management software market has been segmented as follows:
Trade Management Software Market – by Component
- Solution
- Services
Trade Management Software Market – by Deployment
- On-Premise
- Cloud
Trade Management Software Market – by Organization Size
- Large Enterprises
- Medium Enterprises
- Small Enterprises
Trade Management Software Market – by End User
- Retail & CG
- Automotive
- Logistics and Transportation
- Healthcare and Pharma
- Government
- Aerospace and Defense
- Chemicals and Minerals
- Manufacturing
- Others
Trade Management Software Market – by Region
North America
- US
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Trade Management Software Market – Company Profiles
- Amber Road, Inc.
- Bamboo Rose LLC
- Expeditors International of Washington, Inc.
- Integration Point, LLC
- Livingston International
- MIC
- Oracle Corp
- QAD, Inc
- QuestaWeb
- SAP SE
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component , Deployment , Organization Size , and End User , Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, Chile, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, Taiwan, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Presently, North America held the largest share of the global trade management software market. The region experiences huge export and import of goods between the US and Mexico will propel the demand for trade management software. Companies such as SAP SE, Oracle Corporation, Descartes, and QAD Inc. are a few of the key players prevailing in North America to address the trade management needs. The presence of companies offering trade management software in the region would attract more companies toward these software solutions owing to the rise in trade.
The management of global trade is more complex than the management of domestic distribution. Diversification in country laws and regulations, currencies, languages, time zones, and transport modes are among the major factors influencing the trade management market growth. Complexities involved in the global trade are compounded by the unique position of each global trade participant in the field. Vendors offer customized GTM solutions that are flexible and adapt to changing regulations and business requirements.
The logistics & transport segment is leading the global trade management software market. The demand for logistics providers offering services that are beyond traditional is rising. In some instances, third-party logistics providers operate or manage foreign trade zones of their partners. Also, in other cases, they provide warehousing as well as value-added services associated with the production or procurement of goods. Moreover, they also organize all the logistics and transportation processes essential to transfer goods from source to end users efficiently and economically.
The List of Companies - Trade Management Software Market
- Amber Road, Inc.
- Bamboo Rose LLC
- Expeditors International of Washington, Inc.
- Integration Point, LLC
- Livingston International
- MIC
- Oracle Corp
- QAD, Inc
- QuestaWeb
- SAP SE
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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