In terms of revenue, the global trade management software market was valued at US$ 825.0 million in 2020 and is projected to reach US$ 1,748.4 million by 2028; it is expected to grow at a CAGR of 10.1% during the forecast period from 2020 to 2027.
The trade management software market is broadly segmented into five major regions—North America, Europe, APAC, MEA, and SAM. The APAC region dominated the trade management software market in 2020. APAC consists of many developing countries witnessing high growth in their respective manufacturing sector; the region has become a global manufacturing hub. China, as well as other developing countries such as India, South Korea, Taiwan, and Vietnam, are attracting several businesses to relocate their low- to medium-skilled manufacturing facilities to neighboring countries, which have labors at a lower cost. Further, governments of these countries are making developments to improve foreign investments in the region. Over the years, the manufacturing spent of the region has grown significantly and is further anticipated to grow at a decent growth rate. This dramatic growth in the manufacturing spends and adoption of novel technologies are the key factors fueling the demand for trade management software in the region.
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Trade Management Software Market – Company Profiles
Amber Road, Inc.
Bamboo Rose LLC
Expeditors International of Washington, Inc.
Integration Point, LLC
Impact of COVID-19 Pandemic on Trade Management Software Market
The COVID-19 pandemic has been affecting every business globally since December 2019. The continuous growth in the number of virus-infected patients compelled governments to put a bar on transportation of humans and goods. The manufacturing sector witnessed severe losses due to temporary factory shutdowns and low production volumes, which hindered the growth of retail, e-commerce, and logistics sectors. Additionally, the social or physical distancing measures imposed by governments have put limitations on the operations of logistics and other service providers. This disruption has resulted in the decline in trade business. These adversities led to the reduction in the global trade volumes by 17.7% in May 2020, compared to the trade volumes in May 2019. The decline in first 5 months of 2020 was pervasive, however, it majorly impacted exports from Japan, the US, and European countries. Despite the disruption caused by the COVID-19 pandemic, the trade is likely to surge in the future as businesses are resuming after a long lockdown. With the social distancing measures in effect, the e-commerce, logistics, retail, and other such sectors involved in trade activities are focusing on the adoption of trade management software, to meet compliance by ensuring speed in supply chain. Thus, the uncertainties introduced by COVID-19 have expanded the scope of using cloud-based software/SaaS in logistics.
Lucrative Regional Trade Management Software Market
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The market players are focusing on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
In January 2021, SAP Hong Kong and consulting powerhouse Deloitte partnered to offer substantial benefits to businesses engaged in cross-border trade.
In January 2019, Bamboo Rose launched services as a subscription model, which helps customers to plan better, innovate, and collaborate with their multi-enterprise retail communities, saving 10 to 30 percent on technology investments.
In March 2019, Thomson Reuters purchased global trade management (GTM) software provider Integration Point for an undisclosed amount in a deal that significantly expands its pool of North America-based importer and exporter customers.
The global trade management software market has been segmented as follows:
Trade Management Software Market – by Component
Trade Management Software Market – by Deployment
Trade Management Software Market – by Organization Size
Trade Management Software Market – by End User
Retail & CG
Logistics and Transportation
Healthcare and Pharma
Aerospace and Defense
Chemicals and Minerals
Trade Management Software Market – by Region
Rest of Europe
Asia Pacific (APAC)
Rest of APAC
Middle East & Africa (MEA)
Rest of MEA
South America (SAM)
Rest of SAM
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