Trade Management Market to Reach USD 2,453.4 Million by 2030 at a CAGR of 10.4 % |Emergen Research
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Market Size – USD 1,022.6 Million in 2021, Market Growth – at a CAGR of 10.4%, Market Trends – Rise in global trade volumes
VANCOUVER, BC, CANADA, January 31, 2023 /EINPresswire.com/ -- The global trade management market size reached USD 1,022.6 million in 2021 and is expected to register a revenue CAGR of 10.4% during the forecast period, according to latest analysis by Emergen Research. Robust market revenue growth can be attributed to rising demand for automation in management of trade processes in order to reduce operational costs of an organization, which has led to development of various trade management software. Trade management software is capable of addressing complexities, thereby providing robust and scalable platforms such as pay-as-you-go models, owing to which, adoption of such management solutions has been increasing across various end-use industries. On 18 May 2022 for instance, DiMuto launched new trade management software ‘DiMuto Farm Management’, which aids small farm holders to digitize their operations, and achieve desired changes in their supply chain. This management software also connects operations such as growing, harvesting, selling, payment, and other services for better visibility of supply chain of farms.
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Some Key Highlights in the Report
On 03 August 2020, Maersk launched a digital supply chain platform for management of small and medium-sized businesses. The ‘Maersk Flow’ technology is to help companies by reducing the manual effort of trade management through automation of the process.
On-cloud deployment segment accounted for a significantly large revenue share in 2021 owing to increasing deployment of trade management software in enterprises across emerging and advanced economies. Furthermore, cloud-based trade solutions help in providing real-time updates during trade compliance, which in turn aids in compliance missteps and cost penalties. For example, the Bureau of Industry and Security (BIS) has convicted 31 individuals on criminal charges that resulted in USD 287.1 million in criminal fines and 576 months of imprisonment.
Aerospace segment is expected to register fastest revenue CAGR throughout the forecast period. This can be attributed to rise in global trade through cargo aircraft in order to ensure seamless delivery. Also, there is a surge in demand for aviation services pertaining to which market players such as Boeing are increasing their projects to work on trade management automatically. Presence of associations such as the Federal Aviation Administration (FAA) ensures the safety of aircraft-based trade such as aircraft and aircraft parts, which has also led to increasing adoption of various trade management software.
Market in Asia Pacific is expected to register fastest revenue CAGR during the forecast period. This can be attributed to surge in adoption of trade management-based software solutions in countries such as India and China. According to a recent UN trade and development conference, Asia is the world's leading beneficiary of Foreign Direct Investment (FDI). Furthermore, changes and adjustments made by the Government of India in FDI policy to promote FDI inflows are expected to improve the country's foreign trade ties. These measures are expected to increase regional demand for trade management software and drive revenue growth of the segment.
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Major Players/Manufacturers profiled in the report are:
Oracle, Thomson Reuters, Aptean, SAP, e2open, LLC, Precision, Bamboo Rose LLC, OCR Services, Inc, Vigilant GTS LLC, 4PL Consultancy Ltd, MIC, and AEB
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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)
Solution
Service
Deployment Type Outlook (Revenue, USD Billion; 2019-2030)
On-premises
On-cloud
Functionality Outlook (Revenue, USD Billion; 2019-2030)
Financial Control Management
Contract Management
Operational Risk Management
Audit Management
Compliance Management
Others
Key Geographies Profiled in the Report:
North America(the U.S., Mexico, and Canada)
Asia Pacific(China, Japan, India, and Rest of Asia Pacific)
Europe(the U.K., France, Germany, and Rest of Europe)
Latin America(Brazil and Rest of Latin America)
Middle East & Africa(GCC Countries and Rest of Middle East & Africa)
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Trade Management Market Size Worth USD 2,453.4 Million in 2030
