Global Digital Freight Brokerage Market Size By Transportation Mode (Roadway, Seaway, Airway), By Industry Vertical (Food & Beverages, Automotive, Retail & E-commerce), By Geographic Scope And Forecast
Published on: 2024-08-07 | No of Pages : 320 | Industry : latest updates trending Report
Global Digital Freight Brokerage Market Size By Transportation Mode (Roadway, Seaway, Airway), By Industry Vertical (Food & Beverages, Automotive, Retail & E-commerce), By Geographic Scope And Forecast
Digital Freight Brokerage Market Size And Forecast
Digital Freight Brokerage Market size was valued at USD 2.71 Billion in 2024 and is projected to reach USD 26.91 Billion by 2031, growing at a CAGR of 30.75% from 2024 to 2031.
Market expansion is being fueled by factors such as the rising need for transportation and logistics, as well as increased demand from retail, , food firms, and government organizations. Increased digitalization in the freight brokerage process to eliminate inefficiencies in the whole system is driving the digital freight brokerage sector. The Global Digital Freight Brokerage Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Digital Freight Brokerage Market Definition
Online marketplaces known as digital freight brokerages enable communication between shipping businesses and truck drivers through some digital apps. Digital freight brokerages can connect shippers and carriers directly, frequently doing away with the need for a middleman and speeding the entire process, as opposed to traditional freight brokerages, which are conducted by phone or fax and frequently take days or weeks to organize. It represents a technological development that is altering how goods are moved globally. This strategy aims to optimize cargo transportation by efficiently connecting shippers and carriers via digital platforms and technological solutions.
Digital freight brokerage connects shippers and carriers as its primary objective by using online marketplaces or platforms. These solutions redefine freight management by leveraging cutting-edge technology like , , , and real-time tracking. To begin a digital freight brokerage, shippers must post an online platform listing their cargo requirements. The Transportation Mode of items, the intended location, the preferred delivery time, and any special handling instructions are all mentioned in these specifications. From smaller independent truck drivers to larger trucking companies, carriers concurrently promote their available capacity and routes on the same platform. The digital freight brokerage platform leverages cutting-edge algorithms to swiftly and accurately match shippers’ needs with carriers’ capabilities. This method optimizes the selection of carriers based on factors such as location, capacity, equipment Transportation Mode, and historical performance information.
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Global Digital Freight Brokerage Market Overview
Because of the reduction in unused cargo space and empty return flights, the supply chain becomes more efficient, cost-effective, and environmentally friendly. Furthermore, vital elements of digital freight brokerage include real-time tracking and visibility. Real-time tracking of a shipper’s cargo enables better inventory and scheduling management. Reduced deadhead miles (empty return journeys) benefit carriers since they generate more money and have a minor environmental impact. Beyond the initial cost savings, digital freight brokerage has many advantages. More carriers are available to shippers, enhancing flexibility and capacity. As a result, carriers may fill their trucks more effectively, cutting down on downtime and fuel use. Furthermore, the transparency provided by these platforms improves the overall reliability of the supply chain, and fosters trust among stakeholders.
The transportation and logistics industry’s digital freight brokerage is gradually undergoing a digital transformation as more businesses use digital technologies to enhance various areas of the value chain. Due to the consistent replenishment of business inventories, there has been a significant increase in the volume of container shipping and air freight. This has contributed to the global growth of logistics, which is anticipated to directly affect the global growth of the digital freight brokerage market. As air freight businesses continue to concentrate on enhancing their service and tackling the complications associated with air freight management, it is anticipated that airfreight volumes will continue to increase steadily in the future years. In the global market for digital freight brokerage, North America held the largest market share due to the presence of strong market rivals, advancements in technology, and increased consumer spending on logistics and transportation services in the area. However, due to the large number of competitors in the digital freight brokerage industry and the expanding adoption of digital freight brokerage among logistics and transportation businesses, Furthermore, the demand for efficiency, cost-cutting, and enhanced supply chain transparency has fuelled this expansion. Several well-known digital goods brokerage firms have arisen in North America. Due to their cutting-edge platforms, businesses like Uber Freight, Convoy, and Transfix have significantly increased their market share. North American shippers and carriers increasingly use digital platforms to organize business processes.
Global Digital Freight Brokerage Market Segmentation Analysis
The Global Digital Freight Brokerage Market is segmented on the basis of Transportation Mode, Industry Vertical, And Geography.
Digital Freight Brokerage Market, By Transportation Mode
Roadway
Seaway
Airway
Railway
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The Global Digital Freight Brokerage Market is experiencing a scaled level of attractiveness in the Roadway segment. The Autograph Cards segment has a prominent presence and holds a major share of the global market. Roadway segment is anticipated to account for a significant market share of 60 % by 2030. The segment is projected to gain an incremental market value of USD 11,139.14 Million and is projected to grow at a CAGR of 33.63% between 2023 and 2030.
Road freight is the movement of commodities by motor vehicles via a network of roads from one site to another (a place of loading and a place of unloading). Transit of goods by logistics firms or forwarders on a commercial basis is known as commercial road freight transit. The logistics and transportation sector is revolutionized by digital freight brokerage on roads, which uses technology to boost efficiency and streamline procedures. The effective load matching, real-time tracking, cost savings, accessibility, greater reach, data analytics, ease of use, and many more uses and advantages of digital freight brokerage on roads are just a few.
Digital Freight Brokerage Market, By Industry Vertical
Food & Beverages
Automotive
Retail & E-commerce
Healthcare
Manufacturing
To Get a Summarized Market Report By Industry Vertical-
The Global Digital Freight Brokerage Market is experiencing a scaled level of attractiveness in the Retail & E-commerce. The Retail & E-commerce segment has a prominent presence and holds the major share of the global market. Retail & E-commerce segment is anticipated to account for a significant market share of 48% by 2030. The segment is projected to gain an incremental market value of USD 8,970.95 Million and is projected to grow at a CAGR of 33.61% between 2023 and 2030.
Digital freight brokerage plays a significant role in the retail and e-commerce industries by streamlining the logistics and transportation procedures. It uses technology better to link shippers (retailers and e-commerce corporations) and carriers (trucking companies). The retail and online commerce sectors can benefit from this cutting-edge method of freight brokerage in several ways. Real-time pricing and route optimization are frequently offered by digital freight brokerage services, which assist traders and e-commerce companies in locating the most affordable shipping options. On these platforms, competitive bidding and open pricing can save transportation costs.
Digital Freight Brokerage Market, By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
The Global Digital Freight Brokerage Market is experiencing a scaled level of attractiveness in the North America region. The North America region has a prominent presence and holds the major share of the global market. North America is anticipated to account for a significant market share of 68.46% by 2030. The region is projected to gain an incremental market value of USD 5,909.35 Million and is projected to grow at a CAGR of 30.66% between 2023 and 2030.
In North America, the market for digital freight brokerage was growing. Growth was fuelled by elements like the expanding use of technology in the logistics industry, the demand for improved supply chain efficiency, and the expansion of e-commerce. Many well-established businesses, as well as new ones, were present. Convoy and Uber Freight were essential participants. These businesses were using technology to more effectively match shippers and carriers. To ensure fair competition and adherence to current transportation standards, regulatory organizations in North America started looking more closely at the digital freight brokerage industry.
Key Players
The major players in the market include Echo Global Logistics Inc. (The Jordan Company), Coyote Logistics, Transfix, Convoy, Cargomatic Inc., Trucker Path Inc., J.B. Hunt Transport Inc., Cargocentric Inc., DB Schenker Logistics (DB Fernverkehr AG), Flexport, Uber Freight and others.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with Transportation Mode benchmarking and SWOT analysis.
Key Developments
• In November 2022, DB Schenker launched a Sustainable Aviation Fuel (SAF) for its customers, wherein the customers can choose the biofuel application aircrafts for any type of aircraft. To provide this services the company has purchased more than 11,000 tons of SAF that will avoid more than 33,000 tons of carbon dioxide each year.
• In December 2022, J.B. Hunt Transport, Inc., and Uber Freight announced the creation of the Scheduling Standards Consortium (SSC) to address transportation scheduling issues by developing the first official set of application programming interface (API) standards for appointment scheduling in the freight sector.
Ace Matrix Analysis
The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service fea
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