Digital Freight Brokerage Market: Advanced Technologies & Growth Opportunities In Global Industry

The competition in the global market for digital freight brokerage will likely heat up in the next couple of years on the back of entry of a substantial number of solution providers. As a result, the market is slated to make gigantic progress in the foreseeable future.

Some of the prominent players in the global market for digital freight brokerage are Echo Global Logistics Inc., Coyote Logistics, Transfix, LLC, Convoy, Cargomatic Inc., Trucker Path Inc., J.B. Hunt Transport, Inc., Cargocentric Inc., Uber Freight and TGMatrix Limited.

A report by Transparency Market Research finds that the global market for digital freight brokerage was worth US$144.5 mn in 2016 and by clocking a whopping 61.7% CAGR during the period between 2017 and 2025, it would likely become worth US$10,964.3 mn by 2025.

Depending upon the industry vertical, the digital freight brokerage market can be classified into food and beverage, healthcare, automotive, retail and e-commerce, manufacturing, and others such as aerospace and defense. Of them, the segment of retail and ecommerce is projected to grow at a maximum pace primarily on account of the fast growing large economies of Asia Pacific.

 

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Geographically, the key segments of the global market for digital freight brokerage are North America, South America, Europe, Asia Pacific, and the Middle East and Africa. At present, North America rakes in maximum revenue and is expected to retain its dominant share in the market in the upcoming years as well. By 2025, the region is predicted to generate almost US$4.03 bn revenue.

 

Proliferation of Technologically Advanced Phones Boosts Market

 

Majorly fuelling the global market for digital freight brokerage is the growth in the number of sophisticated smartphones, improved wireless connectivity and their swift uptake, and advantages of digital platforms. “In the traditional freight brokerage market, carriers and the load might sit idle till the deal is finalized by brokers over the phone or mail. But, the proliferation of smartphones and tablets makes this process much more efficient by letting shippers find carriers on demand and also eliminate steep brokerage fees,” explains the lead analyst of the TMR report.

Swift uptake of wireless connectivity technologies, namely 3G and 4G, particularly in developing countries and efforts by developed nations to usher in 5G in the near future will have a positive impact on the market.

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Blockchain Technology Presents Enormous Opportunity

Posing a challenge to the market, on the other hand, is the quality of carriers matched with digital freight platforms. To overcome the challenge, companies operating in the market are trying to supply quality carriers by acting upon feedbacks from shippers and pre-verifying the carriers. Blockchain technology presents enormous opportunity to the market as they can serve to make digital freight platforms transparent and secure.

Other factors serving to stoke growth in the global digital freight brokerage market are the rising uptake of applications and tool to bring down costs incurred on brokerage and efforts to utilize unutilized cargo space in trucking industry.

This review is based on the findings of a TMR report, titled, “Digital Freight Brokerage Market (Transportation Mode – Roadway, Seaway, Airway, and Railway; Industry Verticals – Food and Beverages, Automotive, Retail and E-Commerce, Healthcare, and Manufacturing) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.”

 

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Global Digital Freight Brokerage Market, by Transportation mode

 

Roadway

Seaway

Airway

Railway

 

Global Digital Freight Brokerage Market, by Industry Vertical

 

Food & beverages

Automotive

Retail & E-commerce

Healthcare

Manufacturing

Other(aerospace & defense)

 

Global Digital Freight Brokerage Analysis, by Country/Region

 

North America

The U.S.

Canada

Rest of North America

Europe

The U.K.

Germany

France

Rest of Europe

Asia Pacific

China

India

Japan

Rest of Asia Pacific

Middle East & Africa

GCC

South Africa

Rest of Middle East and Africa

South America

Brazil

Rest of South America

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