Trade Management Software Global Market Report 2024

The global trade management software market has grown strongly in recent years. It will grow from $1.16 billion in 2023 to $1.26 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. Historically, the expansion of supply chain networks globally, the intricacies involved in customs documentation, the surge in e-commerce activities and cross-border transactions, the quest for enhanced trade operational efficiency, effective management of trade tariffs and duties, as well as the automation of trade finance and documentation, and the focus on risk management in international trade were key drivers of growth.

The global trade management software market is expected to see strong growth in the next few years. It will grow to $1.81 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The anticipated growth in the coming period is driven by a heightened emphasis on sustainability within supply chains, the changing landscape of trade regulations, the increased adoption of digital advancements in trade operations, improved capabilities in data analytics, the impact of geopolitical factors on trade dynamics, rising customer expectations for transparency, customization, and scalability. Noteworthy trends expected in this period encompass the deployment of cloud-based trade management solutions, real-time visibility and tracking systems, utilization of blockchain for supply chain transparency, enhanced mobile accessibility, automated customs documentation processes, integration of trade finance, and heightened emphasis on cybersecurity measures.

The trade management software market is experiencing growth propelled by the increasing activities in international trade. International trade, encompassing the buying and selling of goods and services between companies in different countries, involves various commodities such as consumer goods, raw materials, food, and machinery. The surge in international trade is attributed to shifting consumer preferences and higher disposable incomes. Trade management software plays a crucial role for importers and exporters, enhancing collaboration with trade partners and efficiently managing global trade operations. Notably, this software supports multi-company, multi-location, and multi-currency functionalities. As per international trade statistics from the Organization for Economic Co-operation and Development (OECD), the G20 countries reported a 2.1% increase in merchandise exports and a 2.6% increase in imports in the second quarter of 2022, underscoring the impact of rising international trade activities on the trade management software market.

The expanding e-commerce industry is anticipated to drive the growth of trade management software. E-commerce businesses encounter challenges related to regulatory compliance, customs documentation, supply chain visibility, and order fulfillment. Trade management software addresses these challenges by automating processes, ensuring compliance with international regulations, optimizing supply chains, and integrating seamlessly with e-commerce platforms. The software also facilitates efficient returns management and scalability to accommodate the rapid growth observed in the e-commerce sector. For instance, data from the United States Department of Commerce in May 2021 revealed a substantial 39.0% increase in US e-commerce sales in the first quarter of 2021 compared to the same period in 2020. Consequently, the expansion of the e-commerce industry is identified as a significant driver for the trade management software market.

The adoption of cloud-based technologies emerges as a prominent trend in the trade management software market. Major companies in this market are increasingly leveraging cloud technology, enabling users to access storage, files, software, and servers through internet-connected devices. Notably, in September 2022, Newgen Software, an India-based digital transformation product provider, launched the world's first low-code Trade Finance platform. This cloud-native platform streamlines the complex trade finance process, allowing banks to go paperless, enhance compliance with domestic and international regulations, and achieve unified processing of trade transactions. The utilization of cloud-based technologies represents a key trend shaping the evolution of the trade management software market.

Major players in the trade management software market are leveraging artificial intelligence (AI) to gain a competitive advantage. An illustration of this trend is the September 2023 launch by Flexport Inc., a US-based supply chain management company, of an all-in-one global trade solution. This AI-powered platform provides instant access to financing, freight, fulfillment, and replenishment, streamlining the process from factory to customer. Designed to empower entrepreneurs, Flexport's end-to-end solution utilizes AI to facilitate seamless selling across major marketplaces and retail stores. The platform introduces innovative features such as replenishment injection into key channels, priority shipping, and an exclusive membership program called Flexport+, offering industry-leading financing and support services. Entrepreneurs can now concentrate on driving sales while the AI-driven solution manages the intricacies of global logistics, promising a transformative impact on the landscape of supply chain management.

In March 2022, e2open Parent Holdings Inc., a US-based software company specializing in cloud-based, mission-critical supply chain management solutions, made a strategic move by acquiring Logistyx Technologies for $185 million. This acquisition aimed to expand e2open's global presence in multi-carrier e-commerce shipment management, providing companies with a comprehensive range of shipping capabilities. Logistyx Technologies, a US-based parcel and e-commerce shipping company and a provider of parcel shipping software, became part of e2open's efforts to enhance its offerings and strengthen its position in the evolving landscape of supply chain management.

Major companies operating in the trade management software market report are Oracle Corporation, SAP SE, Thomson Reuters Corporation, QAD Inc., MIC Customs Solutions AG, E2open Parent Holdings Inc., Bamboo Rose LLC, QuestaWeb Inc., Amber Road Inc., Integration Point Inc., MIQ Logistics LLC, Precision Software Corporation, BPE Global Inc., The Descartes Systems Group Inc., BluJay Solutions LLC, WiseTech Global Limited, MercuryGate International Inc., GT Nexus Inc., TradeBeam Inc., TradeStone Software Inc., TradeCard Inc., TradeLanes Inc., TradeLens Inc., TradeRocket Inc., TradeSocio Inc., TradeX LLC, TradeCloud Inc., TradeWaltz Inc., TradeWindow Inc., TradeTrust Inc., TradeFlow Inc.

North America was the largest region in the trade management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the trade management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the trade management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Trade compliance, a critical aspect, ensures that all import and export activities align with the specific laws and regulations of involved countries. The software is adept at maintaining compliance with these global trade guidelines. It's structured with solutions and services available through cloud-based and on-premises deployment options. Various sectors like defense, pharmaceuticals, energy, transportation, logistics, and consumer goods make use of trade management software to streamline their trade-related processes.

This report provides trade management software market statistics, including trade management software industry global market size, regional shares, competitors with a trade management software market share, detailed trade management software market segments, market trends and opportunities, and any further data you may need to thrive in the trade management software industry. This trade management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The trade management software market includes revenues earned by entities through invoice management, insurance management, vendor management, and import/export management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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