The growth of the global digital freight forwarding market is largely driven by factors such as expansion of the e-commerce industry and increase in free trade agreements. The market however got impacted due to the pandemic as countries had to impose travel restrictions. Based on region, the Asia-Pacific region, followed by North America, contributed to the highest share in 2020 and the segment is expected to lead during the forecast period.
According to the report published by Allied Market Research, the global digital freight forwarding market generated $2.92 billion in 2020, and is anticipated to reach $22.92 billion in 2030, manifesting a CAGR of 23.1%. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.
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Asia-Pacific dominates the market, in terms of revenue, followed by North America, Europe, and LAMEA. U.S. dominated the global digital freight forwarding market in North America in 2020, owing to increase in import–export activities, technological developments by key players, and rapid adoption of innovative technologies in making faster & cost-effective shipment deliveries. Asia-Pacific is expected to grow at a significant rate during the forecast period, owing to rise in industrial production and trade across different nations in the region along with implementation of favorable trade-centric regulations across the prominent countries such as China, India, and Japan.
COVID-19 scenario:
- The COVID-19 outbreak pushed the countries to impose strict lockdown measures that caused flight cancellations and a ban on e-commerce services.
- The pandemic also caused a massive decline in and logistics activities across the world.
- The market suffered from a huge supply-demand issue and caused long delays in the activities of digital freight forwarding operations across the globe.
Based on mode of transport, the sea segment contributed to the highest market share in 2020, attributing to nearly half of the total market share, and is anticipated to dominate the market during the forecast period. The segment is expected to manifest the fastest CAGR of 23.7% from 2021-2030. The report also covers segments such as land and air.
Based on function, the transportation management segment contributed to the highest market share in 2020, attributing to more than three-fifths of the total market share, and is anticipated to lead during the forecast period. The segment is expected to manifest the fastest CAGR of 23.9% from 2021-2030. The report also analyzes the warehouse management segment.
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Based on region, the Asia-Pacific, followed by North America, contributed to the highest share in 2020, holding nearly two-fifths of the total share, and is expected to lead during the forecast period. The global digital freight forwarding market across this segment is anticipated to exhibit the fastest CAGR of 24.7% during the forecast period.
Key players of the global digital freight forwarding market analyzed in the research include Deutsche Post DHL Group, Descartes Kontainers, Flexport, Inc., iContainers, Forto GmbH, Kuehne+Nagel International AG, Turvo Inc., Twill, Transporteca, and Uber Freight LLC.
Key Findings Of The Study
- By mode of transport, the sea segment is expected to register a significant growth during the forecast period.
- On the basis of function, the transportation management segment is anticipated to exhibit significant growth in future.
- By vertical, the retail and e-commerce segment is expected to register a significant growth during the forecast period.
- Depending on deployment mode, the cloud segment is anticipated to exhibit significant growth in future.
- Region wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
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