Digital Freight Forwarding Market report contains detailed information on factors influencing demand, growth, opportunities, challenges, and restraints. It provides detailed information about the structure and prospects for global and regional industries. In addition, the report includes data on research & development, new product launches, product responses from the global and local markets by leading players. The structured analysis offers a graphical representation and a diagrammatic breakdown of the Digital Freight Forwarding Market by region.
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The global digital freight forwarding market revenue was US$ 2.90 billion in 2020. The global digital freight forwarding market revenue is forecast to reach US$ 22.90 billion in 2030, growing at a compound annual growth rate (CAGR) of 23% during the forecast period from 2021-2030.
A digital freight forwarder uses digital tools to facilitate smooth communication flow and get shipment status updates as soon as possible. A digital freight forwarder provides a completely transparent system that allows customers to compare multiple shippers in order to get the best deal. The web platform enables easy access to stakeholders, enabling them to generate, upload, and share all documents, thus reducing the amount of paperwork.
Factors Influencing Market Growth
- Factors such as the expansion of the e-commerce industry and the rise of free trade agreements are major contributors to the growth of the global digital freight forwarding market.
- Lack of infrastructure & high logistics costs, and stringent regulations for air freight may slow down the global digital freight forwarding market growth.
- The rise in direct-to-consumer (DTC) e-commerce logistics and reduction in lead time and cost due to multi-modal system adoption is forecast to open new growth opportunities for the global digital freight forwarding market over the forecast period.
Impact Analysis of COVID-19
- The COVID-19 had negatively impacted the global digital freight forwarding market, and it will remain in effect until the second quarter of 2021.
- In the wake of COVID-19, governments implemented strict lockdown measures, resulting in flight cancellations and bans on e-commerce services, causing a massive decline in logistics activities across the globe.
- As a result of the COVID-19 pandemic, huge supply-demand issues occurred, resulting in long delays in the activities of digital freight forwarding throughout the world.
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Regional Insights
In 2020, North America held the largest share of the digital freight forwarding market. It is due primarily to the fact that the U.S. has traditionally led the world in international trade. Additionally, most of the industry participants hail from North America.
Asia Pacific (APAC) is forecast to grow at the fastest rate during the forecast period. The region has an increasing number of manufacturing bases and special economic zones (SEZ). China, India, and Australia are the major markets that will drive the Asia Pacific market growth.
Leading Competitors
The leading prominent companies profiled in the global digital freight forwarding market are:
- APL Logistics
- BAX Global
- Caterpillar Logistics
- CH Robinson Worldwide, Incorporated
- DHL Danzas Air and Ocean
- Eagle Global Logistics
- FedEx Corporation
- JB Hunt Transport Services Incorporated
- Kuehne + Nagel International AG
- Maersk Logistics
- Menlo Worldwide
- Nippon Express
- NYK Logistics
- Panalpina
- Penske Truck Leasing Co. LP
- Schneider National
- SembCorp Logistics (USA)
- TNT Logistics
- United Parcel Service Incorporated
- UTi Worldwide Incorporated
- Wilson Logistics Group
- XPO Logistics Incorporated
- Other Prominent Players
Scope of the Report
The global digital freight forwarding market segmentation focuses on Modes of Transport, Function, Vertical, Deployment Mode, and Region.
Segmentation based on Modes of Transport
- Air
- Land
- Sea
Segmentation based on Function
- Warehouse Management
- Transportation Management
Segmentation based on Vertical
- Automotive
- Healthcare
- Manufacturing
- Retail and E-Commerce
- Others
Segmentation based on Deployment Mode
- Cloud
- On Premises
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Segmentation based on Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
What is the goal of the report?
- The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
- During the forecast period, the report analyzes the growth rate, market size, and market valuation.
- The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
- The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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