Global Trade Management Market Report 2022: Increased Consumer Expectations for Free and Fast Delivery Presents Opportunities

Rhea-AI Summary

The Global Trade Management Market, as outlined in a report by Research and Markets, is projected to grow from USD 0.9 billion in 2022 to USD 1.3 billion by 2027, reflecting a CAGR of 6.4%. This growth is driven by increasing international trade complexities and digitalization trends. The trade function segment is expected to capture a significant market share, while professional services will also contribute notably. Europe, being the world's largest single market, is anticipated to hold the second-largest market share. Major drivers include government regulations and consumer expectations for speedy delivery.

Positive

• Market expected to grow from USD 0.9 billion in 2022 to USD 1.3 billion by 2027, at a CAGR of 6.4%.
• Rising demand for trade management solutions due to complexities in international trade.
• Trade function segment predicted to have the second highest market share.

Negative

• Resistance to changing legacy systems may hinder market growth.

DUBLIN, Jan. 19, 2023 /PRNewswire/ -- The "Global Trade management Market by Component (Solutions, and Services), Deployment Mode (On-Premises, and Cloud), Organization Size (Large enterprises, Small and medium-sized enterprises), Vertical and Region - Forecast to 2027" report has been added to  ResearchAndMarkets.com's offering.

The publisher forecasts the global trade management Market size is expected to grow from USD 0.9 billion in 2022 to USD 1.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 6.4% during the forecast period.

By Solutions, the trade function segment have the second highest market share during the forecast period

Trade management market solutions are gaining popularity with the increasing cross-border sales across all the major verticals, such as aerospace and defense, healthcare, manufacturing, consumer goods and retail, and government and public. One of the main reasons for the growth of trade management solutions is the rising challenge faced by enterprises in managing their complex trade processes. Different countries have laid down different rules and regulations on international trade, increasing the pressure on businesses. Trade management solutions are convenient to manage and ensure enterprises optimize their trade process and comply with the changing rules and regulations about trade.

By Services, the professional services segment to hold the second largest market size during the forecast period

Professional services are those provided by experts or professionals for the assistance of businesses. Consultancy, implementation, support, and maintenance are some of these services. In order to meet the organization's security demands, the professional services team provides comprehensive services using the most recent techniques, technologies, skills, knowledge, and strategies. Additionally, they provide tailored deployment, risk analysis, and deployment assistance using industry-specific best practises.

By Region, Europe is expected to grow at the second highest market share during the forecast period

The EU is one of the most outward-oriented economies in the world in terms of trade. It is also the world's largest single market area. Free trade among its members is one of the founding principles of Europe, and it is committed to opening up world trade. Europe actively engages with countries or regional groupings to negotiate trade agreements. These agreements grant mutually beneficial access to the markets of both Europe and the countries concerned. European companies grow their businesses and can more easily import the raw materials they use to make their products. Each agreement is unique and can include tariff reductions, rules on intellectual property or sustainable development, or clauses on human rights.

Europe also gets input from the public, business, and non-government bodies when negotiating trade agreements or rules. Europe represents potential opportunities for international trade, considering the large number of diversified industries in this region. For instance, the automotive industry plays a substantial role in Europe, as 16 million automotive units are manufactured, about 16% of the global annual production.

The aerospace and defense industry contributes largely to the Gross Domestic Product (GDP) of Europe due to the presence of major players, such as Rolls-Royce, Thales, and BAE Systems. Europe invests heavily in the healthcare and life sciences vertical. According to the data published by Eurostat Statistics in March 2017, Europe is a major market for trade, as the EU-28 accounts for 15% of the global trade in goods.

Market Dynamics

Drivers

• Increasing Volume of International Trade
• Emerging Trend of Digitalization
• Government Regulations and Compliances

Restraints

• Resistance to Change Legacy Systems or Adopt New Technologies

Opportunities

• Advanced Features to Link with Existing Corporate Systems
• Innovations in SCaaS
• Increased Consumer Expectations for Free and Fast Delivery

Challenges

• Lack of Capabilities to Manage GTM Systems
• Increasing Complexities in Trade Management

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview and Industry Trends

6 Trade Management Market, by Component
6.1 Introduction
6.2 Solutions
6.2.1 Solutions: Market Drivers
6.2.2 Trade Function
6.2.2.1 Import/Export Management
6.2.2.2 Vendor Management
6.2.2.3 Other Trade Functions
6.2.3 Trade Compliance
6.2.3.1 Duty Management
6.2.3.2 Risk and Quality Management
6.2.4 Supply Chain Visibility
6.2.5 Trade Finance
6.2.5.1 Insurance Management
6.2.5.2 Invoice Management
6.2.5.3 Other Trade Finances
6.3 Services
6.3.1 Services: Market Drivers
6.3.2 Professional Services
6.3.2.1 Consulting
6.3.2.2 Implementation
6.3.2.3 Support and Maintenance
6.3.3 Managed Services

7 Trade Management Market, by Deployment Type
7.1 Introduction
7.2 Cloud
7.3 On-Premises

8 Trade Management Market, by Organization Size
8.1 Introduction
8.2 Small and Medium-Sized Enterprises
8.3 Large Enterprises

9 Trade Management Market, by Vertical
9.1 Introduction
9.2 Transportation and Logistics
9.3 Government and Public Sector
9.4 Healthcare and Life Sciences
9.5 Manufacturing
9.6 Retail and Consumer Goods
9.7 Energy and Utilities
9.8 Other Verticals

10 Trade Management Market, by Region

11 Competitive Landscape

12 Company Profiles

13 Adjacent Markets

14 Appendix

Companies Mentioned

• 3Rdwave
• 4Pl Consultancy
• Accuity
• Aeb
• Aptean
• Bamboo Rose
• Bdp International
• Bolero International
• Cargowise
• Centrade
• Descartes
• E2Open
• Expeditors
• Global Customs Compliance
• Infor
• Livingston International
• Mic Customs Solutions
• Neurored
• Noatum Logistics
• Ocr Services
• Oracle
• Qad Precision
• Sap
• Shipsy
• Thomson Reuters
• Vigilant Global Trade Services
• Webb Fontaine

For more information about this report visit https://www.researchandmarkets.com/r/x498ek

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SOURCE Research and Markets

FAQ

What is the projected growth of the global trade management market?

The global trade management market is projected to grow from USD 0.9 billion in 2022 to USD 1.3 billion by 2027, at a CAGR of 6.4%.

Which region is expected to hold significant market share in trade management?

Europe is expected to grow and hold the second highest market share during the forecast period.

What are the key drivers of growth in the trade management market?

Key drivers include increasing international trade volume, digitalization trends, and government regulations.

Which market segment is expected to grow due to trade management solutions?

The trade function segment is expected to capture a significant market share during the forecast period.

What challenges does the trade management market face?

A notable challenge is the resistance to change legacy systems or adopt new technologies.

How does consumer behavior impact trade management solutions?

Increased consumer expectations for free and fast delivery are driving demand for trade management solutions.