Transparency Market Research delivers key insights on the global digital freight brokerage market. In terms of revenue, the global digital freight brokerage market was valued at over US$ 1.3 Bn in 2019 and is expected to expand at a CAGR of ~33% from 2023 to 2030, to reach US$ 26 Bn by the end of the forecast period, owing to numerous factors regarding which, TMR offers thorough insights and forecasts in its report on the global digital freight brokerage market.
The global digital freight brokerage market is broadly affected by several factors, including increasing adoption of smartphones and mobile applications to fuel the efficiency of operations. Thus, expanding applications of digital freight brokerage in different sectors is propelling the global market for digital freight brokerage.
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Digital Freight Brokerage Market: Dynamics
The increasing adoption of smartphones and mobile applications among shippers and carriers to match their services and needs is a growing trend. The proliferation of smartphones and tablets makes this process much more efficient by letting shippers find carriers on demand and offers price transparency. Most of the players in the market act as mobile-based freight brokers who provide a mobile platform, where shippers and carriers can interact directly. Value-added services provided on mobile platforms by market players are responsible for shippers and carriers opting for digital solutions. Shippers can monitor their shipment in real-time with an online freight application. It also provides the delivery photo, along with a signed invoice for landing. It helps in managing the paperwork of the delivery process with real-time tracking of the shipments. Solution providers are offering advanced freight brokerage solutions to simplify the freight management process with records of shipments. Therefore, increasing adoption of smartphones and mobile applications to enhance the efficiency of operations is expected to drive the demand for digital freight brokerage solutions during the forecast period.
Digital Freight Brokerage Market: Prominent Regions
The digital freight brokerage market in North America is expected to expand during the forecast period, owing to the presence of key market players, technological advancements, and growth of consumer spending in logistics and transportation solutions in the region. The digital freight brokerage market in Europe is projected to witness favorable growth during the forecast period, due to significant rise in commercial investment in digital freight brokerage and increasing number of digital freight brokerage solution providers in major countries such as the U.K. and Germany. The Asia Pacific digital freight brokerage market is anticipated to expand at the fastest rate during the forecast period, owing to the presence of a large number of players in the digital freight brokerage sector and increasing adoption of digital freight brokerage among logistics and transportation businesses.
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Digital Freight Brokerage Market: Key Players
Key players operating in the global digital freight brokerage market include C.H. Robinson, Cargocentric Inc., CEVA Logistics, Convoy, Coyote Logistics, LLC, DAT Solutions, LLC, DB Schenker Logistics, DHL International GmbH, Echo Global Logistics, Cargomatic Inc., J.B. Hunt Transport, Inc., Kintetsu World Express, Kuehne + Nagel International AG, Loadsmart Inc., Panalpina World Transport (Holding) Ltd., TGMatrix Limited., Transfix, Trucker Path Inc., Truckstop.com, Uber Freight, and uShip Inc.