Global Trade Management Software market outlook 2024, Forecast To 2033
4 Mar, 2024
The trade management software market size has witnessed substantial growth, rising from$1.16 billion in 2023 to$1.26 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The expansion in the historic period is attributed to the globalization of supply chains, complexity of customs documentation, rise of e-commerce and cross-border transactions, efficiency in trade operations, trade tariffs and duty management, and trade finance and documentation automation, risk management in international trade. Forecasts indicate continued robust growth, with the market poised to reach$1.81 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The anticipated growth drivers include a focus on sustainability in supply chains, dynamic trade regulations, digital transformation in trade, enhanced data analytics capabilities, geopolitical influences on trade, and customer demand for transparency, customization, and scalability. Major trends in the forecast period include cloud-based trade management solutions, real-time visibility and tracking, blockchain for supply chain transparency, mobile accessibility, automated customs documentation, and trade finance integration, along with cybersecurity measures.
Global Trade Management Software Market Key Driver
The rising international trade activities are driving the trade management software market. International trade refers to the purchase and sale of goods and services by companies in different countries. In the international marketplace, goods such as consumer goods, raw materials, food, and machinery are bought and sold. International trade is increasing due to changing preferences of consumers and high disposable income. Trade management software is used by importers and exporters to improve collaboration with their trade partners and manage their global trade operations. This software feature supports multi-company, multi-location, and multi-currency. For instance, according to international trade statistics of OECD (The Organization for Economic Co-operation and Development), an intergovernmental organization, the G20 countries (comprising of Argentina, Australia, Brazil, Canada, China, EU, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, UK, and the USA) reported a 2.1% and 2.6% increase in merchandise exports and imports respectively in the second quarter of the year 2022, compared to a 4.8% and 6.2% increase in the previous quarter. Thus, rising international trade activities are driving the trade management software market. In 2023, the market size for trade management software is valued at X, and it is projected to reach Y by 2028.
Get A Free Sample Of The Global Trade Management Software Market ReportGlobal Trade Management Software Market Segments
The global trade management software market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Function: Trade Compliance, Custom Management, Finance Management, Trade Analytics, Other Functions
3) By Deployment: Cloud, On-Premise
4) By End-User: Defense, Pharmaceuticals, Energy, Transportation And Logistics, Consumer Goods
By Geography: The regions covered in the trade management software market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North America was the largest region in the trade management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the trade management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Trade Management Software Industry Players
Oracle Corporation, SAP SE, Thomson Reuters Corporation, QAD Inc., MIC Customs Solutions AG, E2open Parent Holdings Inc., Bamboo Rose LLC, QuestaWeb Inc., Amber Road Inc., Integration Point Inc., MIQ Logistics LLC, Precision Software Corporation, BPE Global Inc., The Descartes Systems Group Inc., BluJay Solutions LLC, WiseTech Global Limited, MercuryGate International Inc., GT Nexus Inc., TradeBeam Inc., TradeStone Software Inc., TradeCard Inc., TradeLanes Inc., TradeLens Inc., TradeRocket Inc., TradeSocio Inc., TradeX LLC, TradeCloud Inc., TradeWaltz Inc., TradeWindow Inc., TradeTrust Inc., TradeFlow Inc.
Get The Full Global Trade Management Software Market Report
Trade Management Software Market Overview
Trade management software is software that helps in managing trade operations across the globe. Trade management software allows users to validate, approve, and process online transactions, manage trade e-documents, and ensure compliance with international trade laws and regulations. It also supports multi-company, multi-location, and multi-currency features.
Trade Management Software Global Market Report 2023 provides data on the global trade management software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The trade management software market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.