MarketsandMarkets forecasts the Trade Management Market size to grow from USD 0.9 billion in 2021 to USD 1.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.0% from 2021 to 2026. increasing volume of international trade, emerging trend of digitization, government regulations and compliances to boost the growth of trade management market across the globe during the forecast period.
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By deployment mode, on-premises segment to hold the largest market size during the forecast period
The on-premises deployment is the traditional deployment method. In the on-premises deployment, an enterprise has complete control over solutions, as solutions are physically implemented on the premises. One of the major reasons why enterprises are still adopting on-premises deployment is the enhanced control over solutions. Large enterprises that have the resources and capabilities to manage trade management solutions in-house opt for the on-premises deployment.
In vertical, manufacturing to grow at the highest CAGR during the forecast period
Manufacturing industries, such as automobiles, computer and electronic product manufacturers, textile mills, and metal manufacturers, operate globally and rely heavily on global trade for the supply of raw materials and distribution of finished products. Most of the manufacturing plants have been set up in developing countries, such as India, China, and Brazil, due to low labor costs and the easy availability of raw materials while these finished products are traded in the mature regions, such as the US, the UK, and Germany. Hence, it is a challenge for the manufacturing industries to track suppliers and shipments while complying with the rules and regulations of different countries. Trade management solutions offer manufacturing industries an efficient platform to collaborate with many suppliers across regions while also allowing them to track and monitor shipments. Manufacturing companies are highly involved in international trade as companies set up their manufacturing plants in developing countries that offer low labor costs while shipping the end products to different countries across locations. Hence, manufacturing companies are potential contributors to the trade management market.
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The trade management market includes major vendors, such as Oracle(US), Infor(US), Thomson Reuters(Canada), Livingston International(Canada), Aptean(US), SAP(Germany), Noatum Logistics(US), E2Open(US), Descartes(Canada), Cargowise(US), Expeditors(US), BDP International(US), Accuity(US), QAD Precision(US), 3rdwave(Canada), AEB(Germany), Shipsy(India), Bamboo Rose(US), Bolero International(UK), MIC Customs Solution(UK), OCR Services(US), Webb Fontaine(UAE), Neurored(Europe), 4PL Consultancy(UK), Global Custom Compliance(China), Vigilant Global Trade Services(US), Centrade(US).
These players have adopted different growth strategies to expand their global presence and increase their market shares. New product launches, partnerships, and acquisitions are some of the important strategies adopted by the major players to grow further in the trade management market.
Oracle provides products and services that address all aspects of corporate IT, such as applications, platforms, and infrastructures. The company has a comprehensive portfolio of supply chains management solutions, such as product lifecycle management, supply chain planning, procurement, logistics, order management, manufacturing, and maintenance management. It offers solutions, such as transportation management, warehouse management, and GTM, for efficient logistics management. It also offers a wide range of solutions and services for various verticals, including utilities, technology, manufacturing, communications, retail, and financial services. The company provides its solutions and services across regions, including the Americas, EMEA, and APAC.
Infor provides supply chain management products to manage its supply chain activities. It offers GT Nexus platform to help companies manage production and monitor goods in transit and at rest; Birst Analytics, a cloud-based platform for networked business intelligence, maintenance, and technical support programs, such as product upgrades, updates, and corrections for the software under maintenance, as well as other technical support and consulting services. It offers its industry-specific and other enterprise software products and related services primarily to large enterprises and small-to-medium-sized companies in various industries, such as manufacturing, distribution, healthcare, public sector, retail, and hospitality industries.
Thomson Corporation and Reuters Group PLC combined to form Thomson Reuters in 2008. It is headquartered in New York, US. The company offers a comprehensive portfolio of GTM solutions to efficiently manage various foreign trade modules, including export, import, and special customs programs. Thomson Reuters caters to an extensive client base from different verticals, including telecommunications, building, foreign trade, pharmaceutical, oil and gas, automotive, IT, electronics, trading, health, chemicals, aeronautical, agribusiness, and commodities. The company serves its client base that is present across 100 countries, in regions of North America, Latin America, Europe, and Asia.
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