The global freight transport market is projected to impel over the forecast period on account of large freight transport requirements across the emerging regions. Communication innovations and growing urbanization are some of the key factors projected to accentuate the freight transport market growth. Freight transport allows the companies to deliver the products within a short period and at minimal costs.
Development of new competencies along with technological advancements has led to pioneering ways of conceptualizing the process of freight transport. More reliable shipments in the emerging sectors combined with emergence of information networks with quick transaction times and contacts are anticipated to fuel freight transport market growth.
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Transportation occupies one-third of the logistics cost with freight transportation management widely influencing the logistics system performance. On-time delivery has become a critical factor for the logistics industry leading to several innovations in the efficient management of transportation process. Timely delivery has emerged as a notable responsibility for the freight transport market.
The efficient movement of freight is imperative to any economy and quality of life. The security, environmental concerns, and safety of freight operations along with the need for effective operation are projected to trigger the freight transport market expansion over the forecast period.
Risks associated with cross border transportation along with complexity of shipping and delivering goods are expected to hinder the freight transport market augmentation.
The freight transport market can be classified on the basis of modes into railways, roadways, seaways, and airways. Owing to globalization, companies are trading on international scale requiring more flexible, high-capacity transportation, and safer options.
The market can be classified on the basis of solutions into freight mobility solutions, freight transportation cost management, freight 3PL solutions, freight operational management solutions, warehouse management system, and freight security and monitoring systems. On the basis of services, the market can be categorized into managed services, system integrators, and business services. On the basis of deployment model, the freight transport market can be segmented into on-premise and hosted/cloud model. The freight transport market can be categorized on the basis of verticals into consumer and retail, automotive, energy, defense and aerospace, pharmaceutical, and healthcare.
North America is expected to be the dominant region for the freight transport market. Growing population in the Asia Pacific region especially in the India, China, and Japan has amplified the demand for freight transport in this region.
Prominent players in the freight transport market are Manhattan Associates, DB Schenker, Kintetsu World Express, CTSI-global, Accenture, Descartes System Group, FedEx Corporation, Sinotrans, Expeditors, JDA Software, DSV, Logwin, DHL, SNCF Geodis, and Yusen Logistics.
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