Global Digital Freight Brokerage Market was valued US$ 260.5 Mn in 2019 and is expected to reach US$ XX Mn by 2027, at a CAGR of XX% during the forecast period.
Global Digital Freight Brokerage Market
Global Digital Freight Brokerage Market Overview:
The freight brokerage industry plays the role of middle man in the shipping industry. In this industry, freight brokers play important role as they link customers with shippers and trucking companies. The traditional fright brokerage market is facing slight slowdown owing to several challenges, like driver shortage. Besides, in the traditional freight brokerage market, carriers and the loads are unwantedly needed to remain idle till the deal is confirmed by brokers over phone or mail. This kind of scenario forces the freight brokers to estimate more prices to the shippers, which gradually lead the latter to choose another broker for a reliable pricing and trend keep continue, by damaging the market.
However, since recent past years industry has seen the transformation with the introduction & growth of digital freight broker companies, which have revolutionized the industry. The reason for growth attributed in the global digital freight brokerage market is the technological progress. The boost in the global digital freight brokerage market is due to the rise in usage of smartphones, improved wireless connectivity, and advantages given by digital platforms such as accuracy, better efficiency, less time consuming, reduced costs and permits transparent business. The report presents the analysis of Global Digital Freight Brokerage Market with regards to different segments, geography and role of several small & large companies in the market. At the same time the report study has also analyzed revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
Global Digital Freight Brokerage Market Dynamics:
The rising penetration of smartphones and tablets is fuelling the global market for digital freight brokerage. Digital advancements empower this process by making it much efficient & more productive by letting shippers find carriers on demand and also eliminate abrupt brokerage fees. Moreover, growing wireless connectivity and network technologies, such as 3G and 4G, particularly in developing countries is expected to bring positive impact on market growth. Already advanced technologies in developed regions and culture of rapid adopting latest technology are supplementing the market growth in regions like, North America and Europe.
However, the restraining factor is the huge capital investments required for developing such software. Additionally, once the company starts running with its regular activities, there are some logistic challenges to overcome as well. To overcome the challenge, companies working in the market are trying to provide quality carriers by collecting & acting upon feedbacks from shippers and pre-verifying the carriers. In addition, Blockchain technology offers vast opportunity to the market as they strive to make digital freight platforms transparent and secure. Currently, the competition in the relatively new digital freight brokerage market is moderate. However, in the forecasted period, the competition is estimated to intensify on account of the venture of several solution providers. Being in an emerging state, the growth prospects in the global digital freight brokerage market is high in forecasted duration.
Global Digital Freight Brokerage Market Regional Analysis:
As per geography, in 2019, North America held maximum revenue share in the global digital freight brokerage market of US$ XX Mn. The growth in the region is being primarily contributed by the U.S. with the presence of number of players. The high demand in the region is also estimated to boost demand and bring region to reach US$ XX Mn by 2027, growing with CAGR XX% in forecasted time span. Europe is another key market which is expected to grow at CAGR XX% and reach worth US$ XX Mn by 2027. However, Asia Pacific is expected to surpass all other regions by registering the highest CAGR of XX% from 2020 to 2027, mainly depending on the acceptance of digital freight brokerage in emerging economies like, India, China, and Japan. Similarly, the report covers the detail analysis of all the regions such as, Latin America, and Middle East & Africa. Their growth rate and the reason for growth along with the expected value to be reached by end of the 2027 are mentioned in the final report.
Global Digital Freight Brokerage Market Segmentation Analysis:
On the basis of mode of transportation, the global market for digital freight brokerage can be classified into roadway, seaway, airway, and railway. Among them, the segment of road transportation is expected to grow significantly with CAGR XX% in the forecast period and generate maximum revenue as well. The growth is attributed to the rising use of digital applications to avoid heavy & uncertain brokerage charges.
Based on industry verticals, the sub segments of the global market for digital freight brokerage are automotive, food and beverages, manufacturing, retail and e-commerce, healthcare, and others such as aerospace and defense. Among these the retail and ecommerce sector are likely to grow at highest CAGR XX% and contribute the most to the market. Increase of organized retail in the forecasted years, particularly in the rapidly emerging large economies of India and China, will fuel the market in Asia Pacific. Similarly, all the segments and their sub segments with their current market share, expected growth percentage, factors boosting & hampering the growth and region wise anticipated market share during the each year in forecast period along with their graphical representation are illustrated in the report.
Objective of the Report:
The objective of the report is to present a comprehensive analysis of the Global Digital Freight Brokerage Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Digital Freight Brokerage Market dynamics, structure by analyzing the market segments and projects the Global Digital Freight Brokerage Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Digital Freight Brokerage Market make the report investor’s guide.
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Scope of the Global Digital Freight Brokerage Market Report:
Global Digital Freight Brokerage Market, by Transportation mode
Global Digital Freight Brokerage Market, by Industry Vertical
• Food & beverages
• Retail & E-commerce
• Other (aerospace & defense)
Global Digital Freight Brokerage Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in the Global Digital Freight Brokerage Market
• Echo Global Logistics Inc.
• Coyote Logistics
• Transfix, LLC
• Cargomatic Inc.
• Trucker Path Inc.
• J.B. Hunt Transport, Inc.
• Cargocentric Inc.
• Uber Freight
• TGMatrix Limited
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