Business Owners Prioritize Shipping Software in Transportation Contracting Process amid Coronavirus Outbreak
Shipment monitoring has become critical amid the ongoing coronavirus outbreak. Companies in the shipping software market such as Roambee Corporation is capitalizing on this opportunity to increase the availability for real-time shipment tracking and asset monitoring software. This market is witnessing a significant change since before the onset of COVID-19, shipping software used to be considered as the last leg in the entire transportation contracting process similar to any travel insurance.
There is high inclination toward shipment monitoring software. However, volatile business activities are restricting customers from investing in software, thus affecting growth of the shipping software market. As such, increasing number of eCommerce startups during the COVID-19 outbreak is keeping economies running in the market landscape.
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shipping software market segmentation
Lack of Tracking Metrics in eCommerce Software Hinder Market Growth
The shipping software market is predicted to expand at a robust CAGR of ~9% during the assessment period. However, several eCommerce software solutions lack tracking metrics, which hinders business growth and achievements. Hence, software developers are creating solutions that show all the business and online metrics to understand buying patterns of customers.
eCommerce shipping software are helping business owners to scale internationally. Such trends are contributing to the growth of the shipping software market. eCommerce software help to diversify business risks and create international sales opportunities. As such, there is a need to develop software, which cater to multiple languages and payment modes to help clients expand their business internationally.
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Robust Transport Management Platforms Help Streamline Business Activities
Simplifying all aspects of shipping through enterprise-level tools has become the top priority of companies in the shipping software market. Startups such as FreightPOP are gaining popularity on similar lines, as their robust transport management system helps to manage same-day shipping, along with other business processes. As such, there is a growing demand for platforms that offer one login for all logistics management, including inbound and outbound freight across parcel, ocean, and international air.
In order to unlock growth opportunities, software developers in the shipping software market are innovating in easy-to-use logistics platforms that seamlessly integrates into a shipper’s current warehouse and inventory workflows. This explains why the market is projected to reach the value of US$ 5 Bn by the end of 2030.
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Inventory Control, Label Printing Boosting Popularity of Order Management Software
Multi-channel inventory & order management software are revolutionizing online businesses. Multiorders is one such platform, which helps to integrate all sales channels and functions as a convenient workflow-optimizing solution. Companies in the shipping software market are developing platforms that help to connect all shipping carriers and print labels with just one click. They are providing solutions that manage pricing and stock levels of all sales channels under one platform.
Accounting, backordering, and pricing management are few of the many advantages of multi-channel inventory & order management software. Stakeholders in the shipping software market are providing platforms that enable bulk ordering, printing of return forms, and invoices seamlessly.
Pre-delivery, Post-delivery Software Enhance Shopping Experience
The increasing number of startups is leveraging value grab opportunities in the shipping software market. Triwer, ManageTeamz, and Janio are some of the startups gaining recognition for shipment of pre-delivery, shipment post-delivery, and international shipping software, respectively. It has been found that synchronizing the courier delivery timing with customers can be frustrating, and in several cases, it leads to re-deliveries. Pre-delivery and pre-arrival notifications on customers’ mobiles helps to obtain accurate details about the timing of the deliveries.
Since many delivery companies do not have access to information about the end-to-end delivery experience, startups in the shipping software market are providing platforms that deploy post-delivery reporting and analytics. Companies are increasing focus on international shipping in last mile delivery in order to simplify the cross-border logistics challenges faced by delivery companies.
shipping software market infographic
Shipping Software Market: Overview
According to Transparency Market Research’s latest research report on the global shipping software market for the historical period 2018–2019 and the forecast period 2024–2030, the market is anticipated to reach value of US$ 5 Bn by 2030, expanding at a CAGR of ~9% during the forecast period. Growth of the eCommerce and retail industry across major economies such as the U.S. Germany, the U.K. India, and China have led to increased volume of shipments. This, in turn, accelerates the expansion of the shipping software market.
During the forecast period, North America is anticipated to emerge as the leading shipping software market, followed by Europe and Asia Pacific
Increase in Export and Import Activities Globally: A Key Driver of Shipping Software Market
Consistent increase in export and import activities across the world is helping to develop national economies and expand global markets. Each country is endowed with certain advantages in skills and resources; at the same time, a country may lack other resources to develop and improve its overall economy, which encourages it to engage in import and export activities in order to increase its gross domestic product (GDP) and wealth. Shipping software are used to store customer and product information in the software’s database, which can be utilized before starting export & import activities from one country to another. Therefore, rise in usage of shipping software to expand business across the globe through export & import activities is projected to propel the shipping software market during the forecast period.
Export and import agents rapidly and efficiently create, collect, and deliver accurate trade documents across the world for every international trade transaction through shipping software. Shipping software also help agents to improve efficiency in accomplishing import and export activities by reducing errors. This, in turn, is estimated to fuel the shipping software market.
Key Challenges Faced by Shipping Software Market Players
Rising trade tension between nations is one of the major factors restraining the growth of the shipping software market, as several countries have extended trade protection and transformed policies regarding shipping. This has impacted the digital transformation of the shipping industry. Moreover, an escalation of trade tension is derailing global trade and activity, which, in turn, is hampering the growth of the global shipping software market.
Furthermore, risks related to escalation of trade tensions and a broader reversal of globalization have clearly increased and affected consumption, growth, and employment across the world. This is also projected to affect investment decisions across the globe and correspondingly obstruct the resilience of global trade momentum. Therefore, a rise in conflict of interest between countries could negatively impact the global shipping software market.
Technological Advancements Propelling Demand for Shipping Software
The shipping industry is witnessing a revolution through the development and implementation of new technologies, such as robotics, artificial intelligence, machine learning, Internet of Things, Blockchain, drones, and augmented reality in all spheres of trade across the globe in order to create an efficient and more productive environment to carry out trade activities. Digitization has greatly improved the efficiencies of shipping companies by enabling the integration of artificial intelligence technologies, Blockchain, Internet of Things, and robotics with shipping models. Moreover, cloud-based and integrated shipping software to control or process shipping activities more efficiently are creating significant opportunities for the shipping software market. The shipping industry is adopting the technology to add efficiency to processes and integrate the supply chain from start to end through shipping software. Shipping software platforms support B2B and B2C solutions to enable tracking of the object throughout the delivery process. Furthermore, through shipping software, the shipping industry is likely to possess a technological edge to manage, store, and transfer data of trade activities and products in a safe and secure manner. This, in turn, is projected to create a significant opportunity for the shipping software market.
According to the United Nations Conference on Trade and Development (UNCTAD), autonomous ships, drones, and various Blockchain applications, with the help of IT, are driving the demand for shipping software.
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