How much will the Trade Management Software industry be worth in the Future????


The global trade management software market size is expected to reach USD 1.43 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 8.9% during the forecast period. Rapid changes in international trade regulations coupled with growing complexities of international trade and commerce are providing a fillip to the market.
In recent years, global exports have witnessed high growth owing to surge in consumer demand, changing demographics, and technological advancements. As a result, pressure on logistics and supply chain management is increasing, which is impelling businesses to adopt sophisticated technologies such as trade management software. As the software offers numerous advantages, including optimizing business processes, minimizing costs, and automating finance functions, the logistics and transportation industry is anticipated to adopt these solutions at a rapid pace.
An important factor that has been instrumental in promoting the implementation of trade management software and services is the integrated compliance and regulatory functions. With growing international transactions and intermittent international security hurdles, the need for adherence to policies and procedures is increasing among business operators.
While transportation and logistics is one of the largest adopters of trade management software, industries such as aerospace & defense, manufacturing, and retail are also gaining traction. Ability of these systems to provide supply chain visibility, automate processes, and document management has been an important driver in the aforementioned sectors. However, transition from legacy systems to new technologies can deter the growth of the market.
Various industries are making high IT investments in order to keep up with changing technology landscape, due to which the market for trade management software is estimated to expand in the coming years. In addition, increasing adoption by small and medium businesses coupled with high potential offered by emerging economies are projected to shape the future of the market.
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https://www.grandviewresearch.com/industry-analysis/trade-management-software-market/request/rs1
The global trade management software market size was valued at USD 683.1 million in 2016. It is expected to expand at a CAGR of 8.9% over the forecast period. Increasing demand for automation of trade management processes and growing need to reduce organizational costs are among the key trends escalating market growth.
Globalization in trade is encouraging numerous organizations to expand their business operations across multiple countries. As a result, companies involved in trading are trying to curb compliance penalties, improve process efficiency, and reduce complications associated with imports and exports. Trade management software offers a robust and scalable platform to address these complexities, due to which its adoption has been rising rapidly across various end-use industries over the past few years.
Further key findings from the report suggest:
·         North America accounted for the leading share in 2016 owing to presence of prominent players and strong performance of international trade in the region. The regional market is poised to represent more than one third of the overall revenue by 2025
·         Cloud is anticipated to become the preferred deployment option as it offers greater flexibility, convenience, accessibility, and easy maintenance. The segment is likely to exhibit a CAGR of over 10.0% during the forecast period
·         While the demand for software solutions is growing at a steady rate, the demand for supplementary services is expected to rise at a greater pace during the same period
·         Asia Pacific is anticipated to be the most promising region owing to increasing implementation of cloud-based technologies across various verticals. The region will post a CAGR of 11.6% during the forecast period
·         Despite availability of numerous software systems, many processes are still handled manually, hence segmenting the chances of errors. As a result, major vendors are likely to focus on automation and integration of different business processes.
Trade management solutions available in the market provide myriad capabilities including restricted party screening, product classification, trade documentation and licensing, and broker and agreement management. In addition, widespread cloud deployment has enabled solution providers to offer these capabilities on demand and with pay-as-you-go models. These factors are responsible for the growing adoption of trade management software across the globe.
An important aspect of the market is rising concerns of companies regarding changing regulations, trade agreements, and their effect on supply chain of organizations. As a result, supply chain visibility and logistics management are considered some of the most significant characteristics of trade management software. Financial management is gaining prominence as a characteristic of the software and is anticipated to garner more attention in later years of the forecast period.
Large organizations have cited cost saving as the major factor for the adoption of trade management software. In addition, the need to meet compliance requirements, avoid penalties, and stay updated with the changing trade regulations are emerging as significant parameters for buyers to consider. This is especially true in developed economies of Europe and North America, wherein various trade agreements are already in place.
In addition to resistance from organizations to adopt new technologies, lack of technical expertise is estimated to act as a bottleneck for the growth of the market. However, ongoing trends such as digitization, automation, and software-as-a-service are poised to create significant growth opportunities for the market.
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/global-trade-management-software-market
Grand View Research has segmented the global trade management software market on the basis of component, deployment, end use:
Trade Management Software Component Outlook (Revenue, USD Million, 2014 - 2025)
·         Software
o    Trade Visibility & Execution Solutions
o    Compliance Solutions
o    Trade Financial Management Solutions
·         Services
o    Consulting
o    Support and Maintenance
Trade Management Software Deployment Scope (Revenue, USD Million, 2014 - 2025)
·         On-premise
·         Cloud
Trade Management Software End-use Scope (Revenue, USD Million, 2014 - 2025)
·         Energy
·         Government
·         Healthcare
·         Manufacturing
·         Retail
·         Transportation & logistics
·         Others
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.





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