Freight Audit Solutions Market Scope, Trends, Forecast by 2026; Impact of COVID-19 on the Global Market

Freight audits are an essential process for the management of supply chain costs. Freight audit solutions modernize freight payment systems and reduce the administrative and operational burden of manual freight intervention. Freight audit solution companies provide contract optimization services to offer solutions at the lowest price. A freight audit solution is a business process, in which a company’s freight bills are inspected, adjusted, and verified in order to achieve accuracy. Freight audit solutions help in avoiding time consuming tasks such as sorting invoices, auditing and approving invoices, receiving and opening mail, and paying and assigning a general ledger code. Moreover, these solutions increase visibility of top management teams. Freight audit companies utilize state-of-the-art technology to capture and store shipment details, which can then be reported on a regular basis. The detailed reporting helps to understand transportation expenses in detail.

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 Increase in the need for efficient management systems in the transportation and logistics industry is likely to drive the global freight audit solutions market. Freight audit solutions provide rate update processes, cost allocation of freight costs, data and reporting collection, carrier communication, audit analysis, carrier usage analysis, transportation management systems (TMS), and other services (site analysis, lane analysis and distribution modeling etc.).These factors are expected to boost the global freight audit solutions market over the forecast period. Freight costs are anticipated to rise in the near future, due to a rise in oil prices. This factor is expected to create significant opportunities for the global freight audit solutions market.

The global freight audit solutions market can be segmented based on solution, deployment, operating system, organization size, end-user, and region. In terms of solution, the freight audit solutions market can be classified into control-billing, self-billing, account management, detention, freight payment, and others (utility bill management, waste expense management, etc.). Based on deployment, the global freight audit solutions market can be categorized into cloud and on-premise.  In terms of operating system, the freight audit solutions market can be classified into Linux, Windows, UNIX, and Mac. The Windows operating system segment dominates the market, and it is expected to continue its dominance over the forecast period. This is due wide acceptance of the Windows operating system across the globe. Based on organization size, the market can be divided into small & medium and large enterprises. The large organizations segment is estimated to account for a significant market share in 2018. However, the small & medium size organization segment is projected to expand at a rapid CAGR, as these organizations are adopting freight audit solutions to reduce shipping costs and administrative expenses. In terms of end-user, the global freight audit solutions market can be classified into costs air freight/delivery services, freight/courier services, marine transportation, railroads, transportation services, warehouse, and trucking.

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Based on region, the global freight audit solutions market can be segmented into North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America dominates the global freight audit solutions market due the early adoption of freight auditing solutions. The freight audit solution market in Europe is estimated to expand at a rapid pace during the forecast period. Demand for these solution in Asia Pacific is estimated to rise, owing to an expansion in the retail and e-commerce industry in emerging countries such as India and China. The freight audit solutions market in South America is likely to expand at a significant CAGR during the forecast period, due to economic development in this region, especially in countries such as Brazil.

Companies operating in the global freight audit solutions market offer subscription and perpetual pricing models. The pricing of the solutions can differ according to the type and size of the university, school, college, or institution. Key companies operating in the global freight audit solutions market include Cass Information Systems, CT Logistics, CTSI-Global, LTX Insight, Data2Logistics, enVision LLC, Lojistic, The Descartes Systems Group Inc., Xeneta, TranzAct Technologies, Inc., and Ascent Global Logistics.

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