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.
By Solutions, the trade function segment have the second highest market share during the forecast period
Trade management market solutions are gaining popularity with the increasing cross-border sales across all the major verticals, such as aerospace and defense, healthcare, manufacturing, consumer goods and retail, and government and public.One of the main reasons for the growth of trade management solutions is the rising challenge faced by enterprises in managing their complex trade processes.
Different countries have laid down different rules and regulations on international trade, increasing the pressure on businesses. Trade management solutions are convenient to manage and ensure enterprises optimize their trade process and comply with the changing rules and regulations about trade.
By Services, the professional services segment to hold the second largest market size during the forecast period
Professional services are those provided by experts or professionals for the assistance of businesses.Consultancy, implementation, support, and maintenance are some of these services.
In order to meet the organization’s security demands, the professional services team provides comprehensive services using the most recent techniques, technologies, skills, knowledge, and strategies. Additionally, they provide tailored deployment, risk analysis, and deployment assistance using industry-specific best practises.
• By Region, the Europe is expected to grow at the second highest market share during the forecast period
The EU is one of the most outward-oriented economies in the world in terms of trade.It is also the world’s largest single market area.
Free trade among its members is one of the founding principles of Europe, and it is committed to opening up world trade.Europe actively engages with countries or regional groupings to negotiate trade agreements.
These agreements grant mutually beneficial access to the markets of both Europe and the countries concerned.European companies grow their businesses and can more easily import the raw materials they use to make their products.
Each agreement is unique and can include tariff reductions, rules on intellectual property or sustainable development, or clauses on human rights. Europe also gets input from the public, business, and non-government bodies when negotiating trade agreements or rules. Europe represents potential opportunities for international trade, considering the large number of diversified industries in this region. For instance, the automotive industry plays a substantial role in Europe, as 16 million automotive units are manufactured, about 16% of the global annual production. The aerospace and defense industry contributes largely to the Gross Domestic Product (GDP) of Europe due to the presence of major players, such as Rolls-Royce, Thales, and BAE Systems. Europe invests heavily in the healthcare and life sciences vertical. According to the data published by Eurostat Statistics in March 2017, Europe is a major market for trade, as the EU-28 accounts for 15% of the global trade in goods.
The breakup of the profiles of the primary participants is given below:
• By Company: Tier 1 – 62%, Tier 2 – 23%, and Tier 3 – 15%
• By Designation: C-Level Executives – 38%, Directors– 30%, Others*–32%
• By Region: North America – 40%, Europe – 15%, Asia Pacific – 35%, Middle East and Africa – 5%, Latin America – 5%
This research study outlines the market potential, market dynamics, and major vendors operating in the trade management market. Key and innovative vendors in the trade management Market include 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).
Trade management market is segmented on component, fleet type, deployment type, vertical, and region. A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; services; key strategies; new service and product launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated with the trade management market.
Key benefits of buying the report
The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall trade management market and its segments.This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and to plan suitable go-to-market strategies.
The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.