Trade Management Market Overview
Trade Management Market Size is forecast to reach $1.5 billion by 2026, at a CAGR of 8.8% during 2021-2026. Trade management includes discovering a set-up, determining allocation size, planning and monitoring the entry and exits of the trade as it is computer applications and related services that aid an organization in centralizing and automating cross-border trade activities and operations. Increasing public and private investments in various logistics infrastructural projects, especially in emerging economies for import and export management, is providing a boost to the market growth where the trade management digitally implements a trade sequence that includes discovering a set-up, determining allocation size, planning and monitoring the entry and exits of the trade. The development of technologically advanced solutions which enhances improving supply chain agility, along with minimizing operational time and reducing distribution costs, is acting as another growth-inducing factor including the implementation of favorable government policies promoting international trade activities, along with extensive research and development (R&D).
Trade Management Market Report Coverage
The report: “Trade Management Market Report– Forecast (2021-2026)”,
by Industry ARC covers an in-depth analysis of the following segments of
the Trade Management Market
By Component: Solution (Trade Function,
Import/Export Management, Vendor Management, Trade Compliance, Duty Management,
Risk and Quality Management, Supply Chain Visibility, Trade Finance, Insurance
Management, Invoice Management), Services (Consulting, Implementation, Support
and Maintenance, Others)
By Deployment Type: Cloud, On-Premises.
By Organization Size: Small Enterprises, Large Enterprises.
By Industry Vertical: Transportation and Logistics, Energy and Utilities, Consumer Goods and Retail, Manufacturing, Aerospace and Defense, Healthcare and Life Sciences, Semiconductor and electronics, Government and public Sector, Others.
By Geography: North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe(Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle East and Africa).
- North America is one of the most significant regions for the Trade Management market, with technological advancements and growing change towards procuring or selling goods, there is creation of complexity as well as opportunity for the transportation and logistics companies.
- Cloud based deployment is expected to witness a highest CAGR of 12.1% the forecast period, owing to increased adoption as it provides agile deployment, secure & storage management, low total cost ownership; utility based sharing models and high level computing.
- Trade management market is
strengthening their position through mergers & acquisitions and
continuously investing in trade activities owing to the advanced
technology of cloud computing services to flourish their businesses and leave
their footprints in various countries.
Global Trade Management Market, By Region, 2020
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Trade Management Market Segment Analysis - By Deployment Type
Cloud deployment segment held significant market share of 32% in 2020, owing
to the surge in adoption of cloud based
deployment as it can provide
comprehensive visibility and control over orders and shipments to extend
cutting-edge trade practices. It seamlessly connects the entire supply chain both upstream and downstream by
integrating the physical and financial supply chains due to which end users can
significantly improve working capital and ensure a resilient supply chain. Many
of the countries such as India, China, Brazil, Africa and others are saving their IT expenditures by adopting cloud computing
services as they are on the verge of development and lack in financial
resources, therefore, need cost efficient solutions due to which diversified
applications of the cloud computing services, small as well as the large
enterprises are shifting to high technologies including cloud computing
services to flourish in the forecast period 2020-2026.
Trade Management Market Segment Analysis - By Industry Vertical
Aerospace is expected to witness a
highest CAGR of 11.2% the forecast period as the aerospace sector is using
trade management solutions widely to automate global trade processes and ensure seamless product
delivery. In 2019, the increasing number of Boeing Projects for the increasing
demand for aviation services in Asia Pacific region. The rise in airplane
reliability requirements in recent years has been compelled by the Federal
Aviation Administration (FAA), which boosts worldwide confidence in the safety of
aircraft and aircraft parts produced in the U.S. This has led to increased adoption
of trade management solution and services. Hence these factors are analyzed to drive the Trade Management Market
Size in the forecast period 2021-2026.
Management Market Segment Analysis - By Geography
North America region is dominating Trade Management Market growth. This region held significant market share of 35.5% in 2020. Increased adoption of cloud-based services in small and medium-sized organizations is attributed to propel the market along with the rising penetration of internet, e-commerce business, and digital working culture. According to the U.S. Small Business Administration, there are 31.7 billion small and medium-sized businesses in the country, many of whom use cloud based solutions to reduce costs and complexity involved in internal technological systems and thus enhances trade management. Cloud infrastructure spending in US has significantly risen in the past year to accelerate digital transformation and enhance the cross border trade activities. Growing technology-focused projects and rising IT budgets in enterprises are expected to boost the trade management market in the coming years in this region. The technological shift toward enhancing information portability, corporate standards, and norms are likely to focus more on data-centric solutions, driving the trade management market over the forecast period.
Trade Management Market Drivers
Surge in adoption of trade management solutions by the SMEs and LE:
Small and medium-sized
enterprises (SMEs) have integrated enterprise software and solutions to
regulate and monitor business processes, which are expected to generate
revenue. Due to limited funding, start-ups and SMEs are unable to invest in
significant infrastructure requirements and cutting-edge technologies. As a
result, cloud-based services are preferred by the vast majority of SMEs. As digitalization
affects the contours of organisations across industries, the concept of small
and medium-sized business models is destined to take on many new connotations.
Automation's penetration in enterprises of all sizes, large and small, is now
the sole avenue that creates a level playing field for both large and small
organisations. It is safe to conclude that in the coming years, the seamless
deployment of SME trade management will be the core competency that
Surge in adoption of trade management software and services in global logistics infrastructures:
and Logistics sector is considered one of the prominent end-use industries
conducting operations including supply chain management, warehouse management,
inventory management, fleet management, contract management and so on. As these
operations need to be performed with utmost accuracy, deploying a trade
management solution can help in effectively communicate with customs authorities and trading
partners, Centralize worldwide trade compliance, Streamline cross-border
business processes, stay compliant by improving accuracy and mitigate financial
risk related to customs fines, penalties, and storage fees. Adoption of trade management
software in logistics industry have been gaining wide popularity overtime due
to offering a user-friendly business application, which provides real time
information required to make business transformation decisions as well as
achieve greater customer satisfaction by addressing all the major glitches or
challenges faced by logistic service providers.
Trade Management Market Challenges
Lack of capabilities to manage global trade management systems (GTM):
Due to increased
globalization and advanced technologies aiding the cross-border sales global trade management market has witnessed a steady growth
in the overall trade between different countries worldwide as result
complexities has increased regarding the managing of overall process of global
trade, such as tracking shipments, communicating between large network of
customers and suppliers, and operating on tight margins due to the fluctuating
global economic conditions. Few other challenges faced by organizations in the global
trade are complexities such as different time zones, modes of transport,
multiple languages, and currencies. Thus, organizations have been inclined to
adopt efficient solutions and services, such as GTM systems.
Trade Management Market Landscape
launches, acquisitions, Partnerships and R&D activities are key strategies
adopted by players in the Trade management Market. Top
players operative in Trade Management are Precision
Software, SAP SE, Oracle, Livingston International, QustaWeb, Inc., Thomson
Reuters, MIQ Logistics, Descartes, IntegrationPoint, Inc., Aptean among others.
- In January 2021, SAP and Delloite partnered to offers one-stop end-to-end global trade services businesses engaged in cross border trade.
- In October 2019, Thomson Reuters signed an agreement to acquire IntegartionPoint expands its commitment to software and cloud-based offerings and provide GTM platform.
Relevant Report Titles:
LIST OF TABLES
LIST OF FIGURES1.US Global Trade Management Market Revenue, 2019-2024 ($M)
2.Canada Global Trade Management Market Revenue, 2019-2024 ($M)
3.Mexico Global Trade Management Market Revenue, 2019-2024 ($M)
4.Brazil Global Trade Management Market Revenue, 2019-2024 ($M)
5.Argentina Global Trade Management Market Revenue, 2019-2024 ($M)
6.Peru Global Trade Management Market Revenue, 2019-2024 ($M)
7.Colombia Global Trade Management Market Revenue, 2019-2024 ($M)
8.Chile Global Trade Management Market Revenue, 2019-2024 ($M)
9.Rest of South America Global Trade Management Market Revenue, 2019-2024 ($M)
10.UK Global Trade Management Market Revenue, 2019-2024 ($M)
11.Germany Global Trade Management Market Revenue, 2019-2024 ($M)
12.France Global Trade Management Market Revenue, 2019-2024 ($M)
13.Italy Global Trade Management Market Revenue, 2019-2024 ($M)
14.Spain Global Trade Management Market Revenue, 2019-2024 ($M)
15.Rest of Europe Global Trade Management Market Revenue, 2019-2024 ($M)
16.China Global Trade Management Market Revenue, 2019-2024 ($M)
17.India Global Trade Management Market Revenue, 2019-2024 ($M)
18.Japan Global Trade Management Market Revenue, 2019-2024 ($M)
19.South Korea Global Trade Management Market Revenue, 2019-2024 ($M)
20.South Africa Global Trade Management Market Revenue, 2019-2024 ($M)
21.North America Global Trade Management By Application
22.South America Global Trade Management By Application
23.Europe Global Trade Management By Application
24.APAC Global Trade Management By Application
25.MENA Global Trade Management By Application
26.MIC Customs Solutions, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.MIQ Logistics, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Oracle Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Precision Software, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.SAP SE, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Thomson Reuters Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)