Published Date : Dec 27, 2017
ALBANY, New York, Dec 27, 2017: MarketResearchReports.biz has recently added a new market study to its repository, titled “Digital Freight Brokerage Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.” According to the report the global digital Freight brokerage Market will witness a stupendous CAGR of 61.7% from 2017 to 2025, rising from US$144.5 mn in 2016 to US$10964.3 mn by 2025. The extreme growth in the number of sophisticated smartphones used, improvement in wireless connectivity and extensive use of digital platforms on account of their various benefits will drive the digital freight brokerage market.
The conventional way of freight brokerage was to wait until the deal was finalized by brokers over a phone call or a mail and until then the load and carriers had to sit idle. However the proliferation of tablets and smartphone devices have made this process extremely efficient as shippers are able to find carriers on demand eliminating high brokerage fees. 3G and 4G connectivity is improving in developing nations and many efforts are being taken by developed nations to usher in 5G soon. All these factors are expected to impact the digital freight brokerage market positively.
However the market is challenged by the quality of carriers. In order to reduce the impact of this restraint players within the market are striving to supply quality carriers. For this they have started taking feedbacks from shippers. Efforts are also taken by players to pre verify the carriers. Another factor which will challenge the growth of the market is the high capital requirement for software building. In addition to this players will also have to overcome logistic hurdles. One of the key trends within the market is the use of blockchain technology. This technology is expected to make digital freight platforms secure and transparent. This will further drive the growth of this market in the near future.
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On the basis of geography, it is expected that North America will continue to enjoy a leading and dominant position within the digital freight brokerage market. North America is expected to generate US$4.03 bn revenue by 2025. Europe will also be a lucrative market for digital freight brokerage and expand at a 62.6% CAGR to be worth US$3.478 by 2025. However, it is expected that Asia Pacific will outshine all other regions in terms of growth rate and exhibit a 64.4% CAGR between 2017 and 2025, driven by high uptake of digital freight brokerage in India, China, and Japan.
On the basis of Industry, the global digital Freight brokerage Market is segmented into healthcare, food and beverage, e-commerce and retail, manufacturing, and automotive. Of these rapid growth will be observed in the retail and e-commerce segment. On the basis of Transportation mode, the global digital Freight brokerage Market is segmented into Seaway, Railway, roadway, and Airway. Of these, the road transportation segment is expected to witness highest growth and will also contribute the highest to the revenue of the overall market.
The global digital Freight brokerage Market will witness intense competition in the next few years with the entry of high number of solution providers. This in turn is expected to create much progress within the market in the near future. The report profiles leading players within the global digital Freight brokerage market for the purpose of study. They are: Cargomatic Inc., Echo Global Logistics Inc., Transfix, LLC, Coyote Logistics, Convoy, J.B. Hunt Transport, Inc., Trucker Path Inc., Cargocentric Inc., TGMatrix Limited, and Uber Freight.
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