Northbrook, IL -- (SBWire) -- 11/26/2021 --According to a new market research report "Trade Management Market by Component (Solutions and Services), Deployment Type (On-Premises and Cloud), Organization Size, Vertical (Transportation and Logistics, Government and Public, Healthcare and Life Sciences), and Region - Global Forecast to 2026" published by MarketsandMarkets™, 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.
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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.
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.
In region, APAC to grow at the highest CAGR during the forecast period
APAC is emerging as the world's growing economy due to the increased spending in different verticals, such as manufacturing, healthcare and life sciences, aerospace and defense, and transportation and logistics. The APAC countries are the major engine to the growth by increasing their exports as well as the foreign trade investments. The countries in APAC are developing countries; this is the reason for increasing exports, which results in a jump in GDP. This would further result in rising living standards and many people rising out of poverty. APAC comprises major economies, such as China, Philippines, India, Japan, Singapore, Malaysia, and Australia. Major companies operating in different domains are keen on investing and exploring prospective markets and new avenues in this region. Hence, it is expected to drive the growth of the international trade in the region and subsequently create prospects for GTM vendors to facilitate GTM in APAC.
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Major vendors in the global Trade management market include 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).
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Trade Management Market Predicted to Grow $1.5 Billion by 2026
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%.