Portland, OR, Dec. 13, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global digital freight forwarding market generated $2.92 billion in 2020, and is anticipated to reach $22.92 billion in 2030, manifesting a CAGR of 23.1%. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.
Growth of the e-commerce industry across the globe and increase in free trade agreements fuel the global digital freight forwarding market growth. On the other hand, inadequate infrastructure, higher logistics costs, and strict regulations imposed on air freight hamper the market growth. On the contrary, increase in acceptance of DTC e-commerce logistics and decline in cost-cutting and lead time due to the use of multimodal systems create several market opportunities.
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COVID-19 scenario:
- The COVID-19 outbreak pushed the countries to impose strict lockdown measures that caused flight cancellations and a ban on e-commerce services.
- The pandemic also caused a massive decline in and logistics activities across the world.
- The market suffered from a huge supply-demand issue and caused long delays in the activities of digital freight forwarding operations across the globe.
The report segments the global digital freight forwarding market on the basis of function, transport, deployment mode, vertical, and region.
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Based on mode of transport, the sea segment contributed to the highest market share in 2020, attributing to nearly half of the total market share, and is anticipated to dominate the market during the forecast period. The segment is expected to manifest the fastest CAGR of 23.7% from 2023-2030. The report also covers segments such as land and air.
Based on function, the transportation management segment contributed to the highest market share in 2020, attributing to more than three-fifths of the total market share, and is anticipated to lead during the forecast period. The segment is expected to manifest the fastest CAGR of 23.9% from 2023-2030. The report also analyzes the warehouse management segment.
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Based on region, the Asia-Pacific, followed by North America, contributed to the highest share in 2020, holding nearly two-fifths of the total share, and is expected to lead during the forecast period. The global digital freight forwarding market across this segment is anticipated to exhibit the fastest CAGR of 24.7% during the forecast period.
Key players of the global digital freight forwarding market analyzed in the research include Deutsche Post DHL Group, Descartes Kontainers, Flexport, Inc., iContainers, Forto GmbH, Kuehne+Nagel International AG, Turvo Inc., Twill, Transporteca, and Uber Freight LLC.
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