Trade Management Software Market - Growth, Trends, Covid-19 Impact, And Forecasts (2023 - 2028)

Trade Management Software Market - Growth, Trends, Covid-19 Impact, And Forecasts (2023 - 2028)

The trade management software market is expected to register a CAGR of 9.5% in the forecast period (2021 - 2026). Due to globalization, the value of import and export is also increasing. According to WTO, the value of merchandise trade was up by 10% to USD 19.48 trillion in 2018, partly due to higher energy prices. The value of commercial services trade rose by 8% to USD 5.80 trillion in 2018, driven by strong import growth in Asia. The implementation of trade management software helps the organizations to optimize the cost & risk involved in international trade.

• Trade management software helps organizations efficiently optimize their sales and increase the ROI of their marketing investments from manufacturer to wholesaler to retailer, and ultimately to the consumer.
• Trade management software applications are also designed to assist importers and exporters in managing international trade challenges. Further, they help reduce the risks and manage the costs associated with international trade in today's compliance-driven and security-conscious environment.
• Further, the software helps the organizations comply with the growing government regulations on international trade. For instance, the US-China trade war is ongoing for more than a year now and is affecting various other economies too. Multiple trade barriers are leading to many complications in international trade amongst many economies. Hence, these regulations and mandates are further increasing the need for trade management software.
• Furthermore, the platform is secure and more accurate, as it not only improves visibility and control but accomplishes this with active collaboration and integration capabilities to connect with your supply chain partners around the world.
• However, the lack of popularity and slow adoption amongst organizations, especially the small and medium enterprises, due to the lack of adequate resources and knowledge is hindering the market growth.

• With the increasing volume of international trade, the need for optimizing global logistics and shipment monitoring is also increasing. Trade management software has features that help traders and companies reduce supply chain and compliance risk. It connects importers and exporters with their overseas suppliers, logistics providers, brokers, and carriers.
• The software also allows companies to maintain visibility and monitor cross-border transactions. By automated coordinating of cross-border transactions, the software reduces the risk and helps efficient control and management of imports-exports and regulatory and legal policies.
• Further, the massive growth in global traffic owing to the increasing globalization, the development of new trade routes will help meet the increased freight transport demand growth in the decades ahead. The new shipping, barge and rail routes will help achieve such demand growth, transforming trade flows and logistics strategies in the process. The trade management software allows organizations to optimize the use of new trade routes.
• Also, with the integration of technologies like AI, ML, IoT, etc. are giving way to connected logistics and hence these improvements are expected to further increase the need for trade management software.

• The Asia-Pacific region is expected to demonstrate the highest growth rate in the forecast period, because of various developments in the emerging economies like India and China. According to a recent UN conference on trade and development, Asia is the world’s top recipient of FDI.
• Also, the various reforms and amendments made by the Government of India towards FDI policy to increase the FDI inflow are also expected to boost the international trade relations of the country. These reforms are expected to increase the demand for trade management software in the region.
• However, protectionism is on the rise owing to the trade tensions between China and the US, which is expected to slow down trade growth. Hence, these policies are expected to subsequently hinder the market growth in the region.

The global trade management software market consists of several players. None of the players is currently dominating the market. Due to the increased number of new entrants the market is moving towards fragmentation. The companies are viewing expansion as a path towards increasing market share. Also, the companies are investing in R&D for product innovation.

• May 2019 - OCR Services Inc. a leading provider of global trade management solutions, has expanded its international footprint, product, and service portfolio into the UK and European market. The office based in London will serve to build upon the existing customer base and meet the growing demand in Europe and the UK for its Global Trade Compliance software solutions.
• April 2019 - Amber Road, a leading provider of global trade management (GTM) solutions, has expanded its support for customs filing in Europe, in conjunction with the launch of a new multi-country customs warehousing platform. These solutions address the need for companies to rapidly configure their supply chain given changes in trade regulations or business strategy and to fully digitize trade processes with direct self-filing to customs agencies.

• The market estimate (ME) sheet in Excel format
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