According to a research report "Trade management Market by Component (Solutions, and Services), Deployment Mode (On-Premises, and Cloud), Organization Size (Large enterprises, Small and medium-sized enterprises), Vertical and Region – Global Forecast to 2027" published by MarketsandMarkets, the global trade management market size is expected to grow from 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.
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.
North America region to record the highest market share in the trade management market
During the projected period, North America is anticipated to hold the biggest market share for trade management. North America, which is regarded as one of the most developed regions in terms of technology adoption and infrastructure, makes up the majority of GTM solutions and services. Another critical element supporting the expansion of the trade management sector is a robust infrastructure supporting international trade in this area. The expansion of the trade management market in North America is projected to be supported by significant investments in the aerospace and defence, healthcare, and life sciences sectors.
Key and innovative vendors 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).
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