“Increasing complexities in managing global trade process is driving the global trade management market.”
The global trade management market size is expected to grow from USD 645.2 million in 2017 to USD 1,034.2 million by 2022, at a CAGR of 9.9%. Complexities such as different time zones, modes of transport, multiple languages, and currencies are a few of the challenges faced by organizations in global trade. Thus, organizations have been inclined to adopt efficient solutions and services such as global trade management systems that enable effective management of complex trade processes. Organizations resistant to change traditional solutions are one of the restraints for the global trade management market.
“Trade compliance solution is expected to grow at the highest CAGR during the forecast period.”
Government and concerned authorities of different countries have been imposing regulations on global trade to curb the illegal activities through cross-border sales. Furthermore, government authorities have been keen on protecting vital information and unauthorized goods from being shared with other countries. Thus, the concerned authorities and governments have been closely monitoring and modifying their rules and regulations on global trade. Businesses need to understand these changing regulations to avoid heavy penalties and degradation of their brand. Thus, trade compliance solution is expected to gain traction, as businesses are concerned about complying with the changing rules and regulations of different countries to ensure uninterrupted global trade.
“The SMEs segment for global trade management is expected to grow at the highest CAGR during the forecast period.”
The Small and Medium Enterprises (SMEs) segment is expected to grow at the highest CAGR in the global trade management market during the forecast period. SMEs have been majorly dependent on manual records, spreadsheets, and tradition solutions to maintain their trade records and processes. This is due to lack of awareness and budget constraints. However, with the proliferation of cloud-based deployment models, the SMEs segment is likely to attract traction in the market.
“Asia Pacific (APAC) is expected to have the highest growth rate during the forecast period.”
The APAC region is emerging to be the world’s most powerful economy due to increased spendings for enhancing performance, tapping opportunities, and ensuring economic stability. The APAC region comprises emerging economies, such as China, India, Japan, Singapore, Malaysia, and Australia. Large companies from mature markets such as the US and the UK have been keen to target the opportunistic market in APAC, thus, creating large opportunities for imports/exports in the region. Global trade management vendors have good prospects to explore the untapped opportunities in the APAC region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The breakup of the profile of the primary participants is as follows:
- By Company: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
- By Designation: C-level – 72%, Director level – 17%, and Manager level – 11%
- By Region: North America – 45%, Europe – 20%, APAC – 30%, and RoW – 05%
The global trade management ecosystem comprises major vendors such as Amber Road, Inc. (US), Aptean (US), Descartes (Canada), SAP SE (Germany), Integration Point, Inc. (US), Oracle (US), Precision Software (US), QuestaWeb, Inc. (US), Livingston International (Canada), MIQ Logistics (US), Thomson Reuters (US), and MIC Customs Solutions (Austria).
The report includes in-depth competitive analysis of the key players in the global trade management market, with their company profiles, recent developments, and key market strategies. The research report segments the global trade management market by component, deployment type, organization size, vertical, and region.
Reasons To Buy the Report
The global trade management market has been segmented by component, deployment type, organization size, industry vertical, and region. The report will help market leaders/new entrants in this market in the following ways:
- The report segments the global trade management market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments. The market numbers are further split across different verticals and regions.
- The report helps the stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
- This report helps stakeholders to understand the competitors better and gain more insights to improve the position their businesses. There is a separate section on competitive landscape, including competitor ecosystem, and mergers and acquisitions. Besides, there are company profiles of 23 players who offer services in this market. In this section, market internals are also provided that can put the stakeholders ahead of their competitors.