Enjoy complimentary customisation on priority with our Enterprise License!
The digital freight brokerage market share is expected to increase by USD 5.7 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 31.62%.
This digital freight brokerage market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the digital freight brokerage market segmentation by mode of transportation (roadway, seaway, airway, and railway), application (retail and e-commerce, food and beverages, healthcare, automotive, and others), and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The digital freight brokerage market report also offers information on several market vendors, including ArcBest Corp., Berkshire Hathaway Inc., C.H. Robinson Worldwide Inc., Cargocentric, Cargomatic Inc., CMA CGM S.A., Convoy Inc, Deutsche Post AG, Echo Global Logistics Inc., Hub Group Inc., Kintetsu Group Holdings Co. Ltd., Kuehne Nagel Management AG, Loadsmart Inc., Nippon Express Holdings Inc., Redwood Logistics, Renren Inc., Roper Technologies Inc., Transfix Inc., Truckstop Group LLC, United Parcel Service Inc., and uShip Inc. among others.
Download Report Sample to Unlock the Digital Freight Brokerage Market Size for the Forecast Period and Other Important Statistics
The research studied the historical data considered for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the global digital freight brokerage market.
Key Digital Freight Brokerage Market Driver
The increased use of IT-enabled solutions is one of the key factors driving the global digital freight brokerage market growth. The presence of many domestic and international players in the global digital freight brokerage market poses a challenge for vendors operating in the market. Hence, vendors are adopting advanced IT solutions and technologies to remain competitive in the market. Freight brokerage operation management solutions are tailored specifically for services, such as tariff and rating management, job order management, schedules and slot management, equipment control, and export/import documentation. Vendors such as Accenture and KUEHNE+ NAGEL are developing intelligent mobile applications for the automation of field service workflows to improve the traceability of shipments in supply chain operations. During the forecast period, digital freight brokers will increasingly use such advanced solutions to streamline their business operations. This is expected to increase their operational efficiency, which, in turn, will strengthen the growth of the global digital freight brokerage market during the forecast period.
Key Digital Freight Brokerage Market Trend
The growing global e-commerce market will fuel the global digital freight brokerage market growth. The global e-commerce industry is expected to witness exponential growth during the forecast period. This means that a large volume of goods transacted through e-commerce will be required to be transported using LCL and LTL transportation, and e-commerce companies would require digital freight brokers to manage the large volume of cargo and freight efficiently. Growing Internet penetration and an increase in purchasing power parity (PPP) globally are the key contributing factors to the growth of the global e-commerce market. The e-commerce sector is witnessing significant expansion in India, China, Germany, Brazil, Norway, the US, the UK, and several other countries. Enhanced Internet connectivity, coupled with the increased adoption of smartphones and the ease of accessing e-commerce sites, is driving the expansion of the global e-commerce sector. The e-commerce sector is anticipated to witness substantial growth during the forecast period. This is expected to positively influence the volume of LCL sea freight and LTL truck shipments during the forecast period and is anticipated to drive the growth of the global digital freight brokerage market during the forecast period.
Key Digital Freight Brokerage Market Challenge
The consolidation of the global shipping industry is the major challenge to the global digital freight brokerage market growth. Although the global digital freight brokerage market is fragmented with the presence of numerous players, the overall market is dominated by large players, such as Expeditors, KUEHNE+NAGEL, XPO Logistics, and C.H. Robinson Worldwide. Consolidation among large shipping carriers and sea-freight forwarders is taking place across the entire supply chain. The growing consolidation in the shipping and logistics industry makes it difficult for freight brokers to maintain their business operations in this uncertain maritime and transportation business environment. Consolidation is taking place in the shipping industry on a regular basis. These consolidations and alliances in the global shipping industry will cause few carriers to control the majority of the market share during the forecast period. Such consolidation in the shipping industry will lead to an oligopolistic market, thus resulting in fewer options for freight brokers to select from, which, in turn, will lead to an increase in freight rates. Hence, the above-mentioned factors are anticipated to hinder the growth of the global digital freight brokerage market during the forecast period.
This digital freight brokerage market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the digital freight brokerage market as a part of the global air freight and logistics market parent market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the digital freight brokerage market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the digital freight brokerage market encompasses successful business strategies deployed by the key vendors. The digital freight brokerage market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The digital freight brokerage market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the digital freight brokerage market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global air freight and logistics market parent market includes the following core components:
The report has further elucidated other innovative approaches being followed by service providers to ensure a sustainable market presence.
For more insights on the market share of various regions Request PDF Sample now!
34% of the market’s growth will originate from North America during the forecast period. The US is the key market for digital freight brokerage market in North America. Market growth in this region will be slower than the growth of the market in other regions.
The increased use of IT-enabled solutions will facilitate the digital freight brokerage market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
In the first quarter of 2021, the automotive industry showed resilience in North America and recovered from the economic downturn experienced in 2020 owing to the COVID-19 outbreak. However, the sales of new vehicles in the US are not expected to rebound to pre-COVID-19 levels until 2023. Several vendors are adopting different strategies to overcome the challenges posed by the COVID-19 crisis. For instance, vehicles are being leased through virtual channels, and some players have already adopted such strategies to boost consumer demand. The benefits of adopting a virtual service strategy will positively impact the sales of new vehicles, and the use of digital freight brokerage services is expected to drive the regional market in focus during the forecast period.
To gain further insights on the market contribution of various segments Request a PDF Sample
The digital freight brokerage market share growth in the roadway segment will be significant during the forecast period. Road freight transportation is the movement of goods by surface transportation carriers such as trucks and trailers. It includes full truckload and less-than-truckload (LTL) transportation carriers. Road freight transportation also includes refrigerated trucks, which are used for the transportation of temperature-sensitive products. Apart from providing logistics services, road freight service providers also provide value-added services such as loading and unloading, documentation, door-to-door delivery, and packaging. They also provide strategic and operational value to many shippers worldwide. Currently, road freight service providers are improving logistics services by introducing innovative supply chain management (SCM).
This report provides an accurate prediction of the contribution of all the segments to the growth of the digital freight brokerage market size and actionable market insights on the post-COVID-19 impact on each segment.
Digital Freight Brokerage Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 31.62% |
Market growth 2022-2026 |
$5.7 billion |
Market structure |
Fragmented |
YoY growth (%) |
31.18 |
Regional analysis |
North America, Europe, APAC, South America, and the Middle East and Africa |
Performing market contribution |
North America at 34% |
Key consumer countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
ArcBest Corp., Berkshire Hathaway Inc., C.H. Robinson Worldwide Inc., Cargocentric, Cargomatic Inc., CMA CGM S.A., Convoy Inc, Deutsche Post AG, Echo Global Logistics Inc., Hub Group Inc., Kintetsu Group Holdings Co. Ltd., Kuehne Nagel Management AG, Loadsmart Inc., Nippon Express Holdings Inc., Redwood Logistics, Renren Inc., Roper Technologies Inc., Transfix Inc., Truckstop Group LLC, United Parcel Service Inc., and uShip Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Mode of Transportation
6 Market Segmentation by Application
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.