According to the new market research report ” Global Trade Management Market by Component (Solutions and Services), Deployment Type (On-Premises and Cloud), Organization Size (SMEs and Large Enterprises), Vertical, and Region – Global forecast to 2022 “, published by MarketsandMarkets™, 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 Compound Annual Growth Rate (CAGR) of 9.9%.
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Increasing complexities in managing global trade, complying with government rules and regulations, increasing cross-border sales, and rising investments in global logistics infrastructure have led to the adoption of global trade management. With the expected increase in the global trade management adoption rate among Small and Medium Enterprises (SMEs), the global trade management market is likely to gain traction during the forecast period.
“Transportation and logistics industry segment is expected to contribute the largest market share during the forecast period.”
Increasing globalization has significantly benefitted the transportation and logistics industry. The transportation and logistics industry is witnessing digital transformation as new technologies are being adopted across the industry to optimize the core operations. With an increase in the volume of global trade, the transportation and logistics industry is facing pressure to optimize its operating cost and streamline trade processes. This has largely favored the adoption of global trade management solutions and services in the transportation and logistics industry.
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“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. Traditionally, SMEs have been majorly dependent on manual records and spreadsheets to maintain their trade processes, which was majorly due to the lack of awareness and budget constraints. However, considering the cost benefits offered by cloud deployment models, global trade management solutions and services are likely to find opportunities to tap the SMEs segment.
“Rapid adoption of global trade management due to a strong and well established economy makes North America the largest market in terms of global share.”
The North America region has established strong infrastructure to encourage global trade. Furthermore, the US government has been emphasizing on free trade partnerships and agreements to promote trade across the world. This has been a major factor aiding the growth of global trade management solutions and services in the region. Moreover, presence of major global trade management players such as Amber Road, Descartes, QuestaWeb, Integration Point, and Oracle in the region aid the widespread adoption of global trade management solutions and services in the US and Canada.
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