MarketsandMarkets forecasts the global trade management market size is expected to grow USD 0.9 billion in 2022 to USD 1.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 6.4% during the forecast period.
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Large Enterprises segment to have the highest market share during the forecast period
Complex trade operations are handled by large businesses in industries like consumer goods and retail, healthcare, aerospace and defence, and transportation and logistics. These businesses have a very robust and extensive network of regionally dispersed suppliers and partners. Large businesses handle the import and export of high-value items to and from many nations. Large firms are important players in the trade management market because they manage the extensive network and adhere to the rules to avoid harsh penalties.
Transportation and Logistics is expected have the highest market share during the forecast period
The transportation and logistics industry has benefited greatly from rising globalisation. As new technologies streamline its basic processes, the transportation and logistics sector is undergoing a digital transition. The transportation and logistics sectors are under pressure to reduce operational costs and streamline trade procedures as a result of the expansion of global trade. Trade management tools give transportation and logistics organisations the visibility they need to oversee shipments and inventories and deliver dependable services.
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Unique Features in the Trade Management Market
Trading partners, suppliers, carriers, and customs officials may all work together more effectively and responsively with the help of these technologies, which offer real-time visibility into trade transactions, shipments, and inventories along the supply chain.
Trade management solutions enhance supply chain orchestration by allowing end-to-end visibility and control over the whole supply chain through integration with enterprise resource planning (ERP), transportation management systems (TMS), warehouse management systems (WMS), and supply chain management systems.
By automating trade documentation procedures like bills of lading, export documentation, certificates of origin, and customs declarations, these systems streamline paperwork, cut down on manual errors, and expedite customs clearance for quicker trade processing.
Through tariff categorization, valuation tactics, preferential trade agreements, and duty drawback programmes, trade management solutions assist businesses minimise import tariffs, taxes, and fees while optimising landed costs and enhancing competitiveness.
Risk management tools, such as those included in trade management solutions, assist companies in recognising, evaluating, and reducing trade-related risks like supply chain interruptions, currency fluctuations, geopolitical risks, and cybersecurity threats, safeguarding their brand and operating continuity.
Major Highlights of the Trade Management Market
The integration of digital technologies, including blockchain, big data analytics, artificial intelligence (AI), and cloud computing, is revolutionising trade management procedures by facilitating cooperation, automation, and real-time visibility throughout the trade lifecycle.
Trade management systems that can guarantee adherence to import/export laws, customs compliance, sanctions screening, and trade agreements are in high demand as organisations look to minimise risks and fines associated with noncompliance.
By offering visibility, transparency, and control over trade transactions, shipments, and inventories, trade management solutions play a crucial part in streamlining supply chain operations and helping organisations increase productivity, cut expenses, and boost customer satisfaction.
Trade management solutions assist firms identify, evaluate, and reduce risks to safeguard reputation and business continuity. These solutions handle trade-related risks such as supply chain interruptions, currency fluctuations, geopolitical risks, and compliance violations.
The industry places a strong emphasis on trade analytics and reporting tools that let companies examine trade data, trends, and performance indicators to get useful information for strategic planning, trade operations optimisation, and compliance management.
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Top Key Companies in the Trade Management Market
The major vendors covered in the trade management market are Oracle (US), Infor (US), Thomson Reuters (US), Livingston International (Canada), Aptean (US), SAP (Germany), Noatum Logistics (Spain), E2open (US), Descartes (Canada), CargoWise (Australia), Expeditors (US), BDP International (US), Accuity (US), QAD Precision (US), 3rdwave (Canada), AEB (Germany), Shipsy (India), Bamboo Rose (US), Bolero International (UK), MIC Customs Solutions (UK), OCR Services (US), Webb Fontaine (UAE), Neurored (Spain), 4PL Consultancy (UK), Global Custom Compliance (China), Vigilant Global Trade Services (US), and Centrade (US). These players have implemented various growth strategies, such as partnerships, business expansions, mergers and acquisitions, agreements, and collaborations, new product launches to develop their presence in the trade management market. The most widely used strategies by businesses have been partnerships and new product launches which helped them transform their offerings and widen their customer base.
Oracle offers goods and services that cover all facets of business IT, including platforms, applications, and infrastructures. Product lifecycle management, supply chain planning, procurement, logistics, management, manufacturing, and maintenance management are just a few of the solutions the organisation offers to manage supply networks. It provides options for effective logistics management, including GTM, warehouse management, and transportation management. Additionally, it provides a variety of products and services for a number of industries, including utilities, technology, manufacturing, communications, retail, and financial services. The Americas, Europe, Middle East and Africa, and Asia Pacific are just a few of the regions where the organisation offers its solutions and services.
Infor offers GT Nexus platform to assist businesses in managing production and monitoring goods while in transit and at rest; Birst Analytics, a doud-based platform for networked business intelligence; maintenance and technical support programmes, such as product upgrades, updates, and corrections for the software under maintenance; as well as other technical support and consulting services; and its in-house supply chain management products. It offers its industry-specific and other enterprise software products and related services primarily to large enterprises and small-to-medium-sized companies in various industries, such as manufacturing, distribution, healthcare, public sector, retail, and hospitality industries.
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