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A recent report published by Infinium Global Research on the shipping software market provides an in-depth analysis of segments and sub-segments in the global as well as regional shipping software market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional shipping software market over the short term as well as the long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global shipping software market. According to the report, the global shipping software market is projected to grow at a CAGR of 8.36% over the forecast period of 2021-2027.
The shipping software market was valued at USD 785 million in 2021 and is expected to reach USD 1271.6 million in 2027, with a CAGR of 8.36% during the forecast period. The shipping software is known as a single integrated platform that helps organizations in shipment tracking, planning, coordinating, and routing on a real-time basis in complex supply chain management. Traditionally, supply chains were being managed through manual data entry and phone calls, creating huge amounts of paper data resulting in inefficiency. Hence, moving from normal systems to more efficient automated shipping software systems was a lucrative solution. Thus, major companies within the shipping industry adopted shipping software driving the expansion of the world shipping software market. The shipping software is useful for both the customer and also the business. The software allows faster shipping time and thus ends up in customer satisfaction. The shipping software has the flexibility to manage all shipping centers via one portal, check imported orders, sort and edit orders with one click service, and is usually user-friendly.
Consistent increase in export and import activities across the globe helps to develop national economies and expand global markets. Each country is endowed with certain advantages in skills and resources; at the identical time, the economy may lack other resources to develop and improve its overall economy. This can encourage it to interact in import and export activities so as to extend its gross domestic product and wealth. Shipping software is employed to store customer and merchandise information within the software’s database, which may be utilized before starting export & import activities from one country to a different. Therefore, the increase in the usage of shipping software to expand business across the world through export & import activities is projected to propel the shipping software market during the forecast period. Export and import agents rapidly and efficiently create, collect, and deliver accurate trade documents across the planet for each international trade transaction through shipping software. Shipping software also helps agents to boost efficiency in accomplishing import and export activities by reducing errors. This is expected to propel the growth of the shipping software market in the forecast period. Rising trade tension between nations is one of the key factors restraining the expansion of the shipping software market, as several countries have extended protection and transformed policies regarding shipping. It has affected the advanced transformation of the shipping industry. Moreover, an escalation of trade tension is derailing global trade and activity, which, in turn, is hampering the expansion of the worldwide shipping software market.
The impact of the covid-19 virus is having positive as well as negative effects on overall global markets. The sales revenue of the market is impacting the shipping software market. Industries in the world are facing lockdowns and restrictions. It is affecting the demand for the shipping software market. The COVID-19 outbreak has compelled several business owners to adopt online sales, which is fueling the demand for shipping software. Scheduling deliveries, geo-locating orders, and providing visual access to delivery teams are bolstering the shipping software market growth. The trend of real-time tracking is gaining strong business ground in order to resolve critical courier delays and avoid quality issues faced by delivery companies.
Based on the region, the global shipping software market is diversified into Europe, North America, Asia Pacific, Africa & Middle East, and South America. North America had the largest market share of the shipping software market in 2020 and is expected to continue during the forecast period. Within North America, Canada and U.S. are projected to propel the market growth. This is often because of increased adoption levels of advanced relevant technologies in various regions, and therefore the high concentration on innovations through R&D. These regions have the foremost competitive and rapidly changing markets within the world for improving the strategy of shipping software and its adoption across logistics, e-commerce, and transportation industry. The Asia Pacific is anticipated to hold a major share of the shipping software market because of increasing demand for e-commerce platforms and increasing leaning on technologies, which might trace, secure, track, and control in-transit shipments. The Asia Pacific has been identified collectively as the region that has witnessed high growth in the usage of online shopping.
The report on the global shipping software market covers segments such as deployment type, and end user. On the basis of deployment type, the sub-markets include on-premise, and cloud based. On the basis of end user, the sub-markets include retailer, manufacturing, pharmaceuticals, and others.
The report provides profiles of the companies in the market
such as Agile Networks, ProShip, Inc., Malvern Systems, Inc., WiseTech Global,
Metapack, Endicia, Francisco Partners acquires (Consignor Group), a Clearwave
Company was acquired by (Clearwave Corporation), Consignor Group, iInterchange
Systems Private Limited, PROCESSWEAVER INC..
The report provides deep insights
into demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of the shipping software market. Moreover, the study highlights current
market trends and provides forecasts from 2021-2027. We also have highlighted
future trends in the market that will affect the demand during the forecast
period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players.
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