The Freight Management System Market size was USD 10.76 billion in 2018 and is projected to register a CAGR of 10.1% between 2018 and 2023.
Why blockchain in freight management is creating an opportunity for the freight management system market growth?
Blockchain is a distributed database that holds records of digital data or events in a way that makes them tamper-resistant. While many users may access, inspect, or add to the data, they cannot change or delete it. The FBI estimates that cargo thefts cause an annual loss of approximately USD 30 billion per year (US), with an average theft value of USD 190,000. In effect, cargo theft can cost consumers up to 20% more for their goods. With blockchain, the original information is immutable, making it a permanent and public trail of transactional information. Blockchain can provide a secure data distribution and validation technology that improves the shipment visibility and brings trust into the sale and movement of international cargo. As the product passes through stages in the logistics chain, the transaction could be documented, creating a permanent history of a product, from product manufacture to sale. This could dramatically reduce time delays, added costs, and human errors that plague transactions today. Recently, UPS announced that it was going to join the Blockchain in Transport Alliance (BiTA), a forum for the development of blockchain technology standards and education for the freight industry.
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By leveraging smart contracts, intermediaries involved can be limited, leading to lower costs by removing markups associated with each intermediary. Smart contracts are essentially self-executing contracts that are fulfilled when predefined stipulations are met. Blockchain can provide customers the opportunity to participate in a freer, more transparent global trade, and potentially limit the need for brokers and lower intermediary costs.
Is operational evolution of small players becoming a challenge for the freight management system market growth?
The use of technology to drive freight management operations may prove efficient for organizations with high maturity levels; however, there are many small and medium-sized companies, whose systems are dependent on the traditional information flow. Upgrading technology solutions in such organizations for monitoring freight transportation operations seems to be a necessity to increase the reliability of services and increase their operational efficiency.
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The major vendors covered in the freight management system market include Descartes (Canada), Oracle (US), Werner Enterprises (US), MercuryGate (US), SAP (Germany), Accenture (Republic of Ireland), JDA Software (US), Ceva Logistics (Spain), UPS (US), DB Schenker (Germany), C.H. Robinson TMC (US), Riege Software (Germany), Retrans (US), BluJay Solutions (UK), McLeod Software (US), FreightView (US), Freight Management (US), Linbis (US), Logisuite (US), DreamOrbit (India), Manhattan Associates (US), Magaya Corporation (US), Kuebix (US), ImageSoft (Australia), and 3GTMS (US).
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