Trade Management Market Size, Share, Growth, Analysis, Trend, and Forecast Research Report by 2030
According to Emergen Research, the global trade management market is expected to reach USD 1,022.6 million in 2021, with a revenue CAGR of 10.4% during the forecast period. Robust market revenue growth can be attributed to rising demand for automation in trade process management in order to reduce an organization’s operational costs, which has led to the development of various trade management software. Trade management software can address complexities, resulting in robust and scalable platforms such as pay-as-you-go models, and as a result, adoption of such management solutions has been increasing across various end-use industries.
As the volume of international trade grows, so does the need for better global logistics and shipment tracking. According to the World Trade Organization, trade in goods increased by 1% in the fourth quarter of 2019 as businesses adjusted to the new normal. However, when compared to 2019, the WTO reported a 12% decline in growth. The global trade in goods and services is expected to reach 22 trillion dollars in 2020. International trade opens up new markets and exposes countries to goods and services that would otherwise be unavailable in their home economies. Analysts from various organisations agree that following the pandemic, demand for a variety of goods and services will increase, resulting in an increase in international trade and a significant impact on usage rates.
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Some Key Highlights in the Report
Maersk will launch a digital supply chain platform for small and medium-sized business management on August 3, 2020. The ‘Maersk Flow’ technology is designed to assist businesses by reducing the manual effort of trade management through process automation.
Due to increased deployment of trade management software in enterprises across emerging and advanced economies, the on-cloud deployment segment accounted for a significantly large revenue share in 2021. Furthermore, cloud-based trade solutions aid in the provision of real-time updates during trade compliance, reducing compliance blunders and cost penalties. For example, the Bureau of Industry and Security (BIS) has convicted 31 people on criminal charges, resulting in a total of USD 287.1 million in fines and 576 months in prison.
Throughout the forecast period, the aerospace segment is expected to have the highest revenue CAGR. This can be attributed to an increase in global trade via cargo aircraft in order to ensure on-time delivery. Furthermore, there is an increase in demand for aviation services, for which market players such as Boeing are expanding their projects to work on trade management automatically. The presence of organisations such as the Federal Aviation Administration (FAA) ensures the safety of aircraft-based trade such as aircraft and aircraft parts, which has led to an increase in the use of various trade management software.
Oracle, Thomson Reuters, Aptean, SAP, e2open, LLC, Precision, Bamboo Rose LLC, OCR Services, Inc, Vigilant GTS LLC, 4PL Consultancy Ltd, MIC, and AEB are some of the major players in the global market.
Emergen Research has segmented the global trade management market based on component type, deployment type, functionality, enterprise size, end-use, and region:
Component Type Outlook (Revenue, USD Billion; 2019-2030)
Deployment Type Outlook (Revenue, USD Billion; 2019-2030)
Functionality Outlook (Revenue, USD Billion; 2019-2030)
- Financial Control Management
- Contract Management
- Operational Risk Management
- Audit Management
- Compliance Management
Enterprise Size Outlook (Revenue, USD Billion; 2019-2030)
- Small and Medium-Sized Enterprises (SMEs)
- Large Enterprises
End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Retail & Consumer Goods
- Transportation & Logistics
- Aerospace & Defense
Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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