Global Freight Audit And Payment Market Size By Organizational Size (Large Organizations, Small and Medium Organizations (SMEs)), By Application (Road Freight, Ocean Freight, Rail Freight, Air Freight), By Industry Vertical (Retail, Manufacturing, Food and Beverage, Healthcare), By Geographic Scope And Forecast
Global Freight Audit And Payment Market Size By Organizational Size (Large Organizations, Small and Medium Organizations (SMEs)), By Application (Road Freight, Ocean Freight, Rail Freight, Air Freight), By Industry Vertical (Retail, Manufacturing, Food and Beverage, Healthcare), By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Global Freight Audit And Payment Market Size By Organizational Size (Large Organizations, Small and Medium Organizations (SMEs)), By Application (Road Freight, Ocean Freight, Rail Freight, Air Freight), By Industry Vertical (Retail, Manufacturing, Food and Beverage, Healthcare), By Geographic Scope And Forecast
Freight Audit And Payment Market Size And Forecast
Freight Audit and Payment Market size was valued at USD 248.04 Million in 2024 and is projected to reach USD 691.33 Million by 2031, growing at a CAGR of 13.67% during the forecast period 2024-2031.
The Global Freight Audit And Payment Market is expected to be driven by an increase in the demand for effective management systems in the transportation and logistics industry. The Global Freight Audit And Payment 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 Freight Audit And Payment Market Definition
Freight audit and payment services consist of the following services including collecting invoices from the carrier, freight invoice auditing, physical payment to the carrier, aggregate billing to the shipper for freight cost incurred, allocation of transportation cost, and detailed reporting for logistics costs and services. The primary appeal of this service is to reduce costs.
In the United States, freight payment and audit services are growing rapidly. As the freight payment industry was formed by a series of banks such as the National Association of Freight Payments Banks, the transportation market is heavily regulated in the United States. For instance, in the transportation industry, invoices need to be paid within five days. A huge organization’s full cost to perform manually is considerable. This is the major reason behind the adoption of outsourced services.
In addition to effective audits and on-time payments, a well-planned implementation of a robust transportation framework for controlling freight bills can yield significant benefits. As the inventory network becomes more complicated than it has ever been, traditional coordination frameworks will no longer be able to provide assurance. Mechanizing procedure task operations, freight audits, and installment arrangements can provide precise and comprehensive data needed for revealing and expanding scientific use.
A freight audit is examining a freight bill and making any required adjustments to verify its accuracy. Some of the major freight cost elements include freight rate, discounts, transportation cost, shipping weight, accessorial charges, freight classification, and others.
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Global Freight Audit And Payment Market Overview
Increased automation of freight auditing and payment in a reasonable timeframe. This industry is majorly used by larger size shippers. With the rapid increase in the number of small-size shippers across the globe is driving huge opportunities for freight audit and payment providers. The increase in concern about improving transportation performance among supply chain leaders also reduces freight costs and enhances the visibility of freight expenditure by outsourcing the freight payment and audit services. The pricing model in this industry can vary significantly between vendors, and the ability of services varies.
The freight audit and payment services are a well-established practice in the North American region majorly in the United States owing to the presence of a large number of service providers. Many shippers and third-party logistics providers are outsourcing these services which help them in major savings and enhanced accuracy. European providers emerge, as well as the United States vendors expanding their geographic scope by creating offices in Europe, as the European market for these services continues to grow. Similarly, European providers enter the American market. Similarly, the Asia Pacific region does not have a lengthy history of outsourcing the freight payment function. As a result, local shippers will require extensive training. These vendors now process local transportation invoices for predominantly North American global businesses with operations in APAC.
Today’s freight payment firms provide competence in all kinds of transportation. Processing and reporting for all types of moves, advanced accounting capabilities, a commitment to continuous process improvement practices, advanced systems for the most complex transportation infrastructures, business rules, and detailed, accurate business intelligence to support supply chain analysis are some of these features. Some major factors that impacted the freight audit and payment services are a decrease in manual processes, further globalization, analytics, and benchmarking, visibility, carrier collaboration, and others.
Global Freight Audit And Payment Market Segmentation Analysis
The Global Freight Audit and Payment Market is segmented based on Organization Size, Application, Industry Verticals, and Geography.
Freight Audit And Payment Market, By Organization Size
Large Organizations
Small and Medium Organizations (SMEs)
To Get a Summarized Market Report By Organization Size-
Based on Organization Size, the market is bifurcated into large organizations, and small and medium organizations (SMEs). Large Organization accounted for the largest market share of 64.48% in 2022, with a market value of USD 448.87 and is projected to grow at a CAGR of 13.67% during the forecast period.
Freight Audit and Payment Market, By Application
Road Freight
Ocean Freight
Rail Freight
Air Freight
Others
Based on Application, the market is bifurcated into road freight, ocean freight, rail freight, air freight, and others. Road Freight accounted for the largest market share of 39.16% in 2022, with a market Value of USD 272.59 Million and is projected to grow at the highest CAGR of 14.33% during the forecast period.
Freight Audit and Payment Market, By Industry Verticals
Retail
Manufacturing
Food and beverage
Healthcare
Others
Based on Industry Verticals, the market is bifurcated into retail, manufacturing, food and beverage, healthcare, and others. Retail accounted for the largest market share of 31.35% in 2022, with a market Value of USD 218.21 Million and is projected to grow at a CAGR of 13.84% during the forecast period.
Freight Audit and Payment Market, By Geography
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
To Get a Summarized Market Report By Geography-
On the basis of regional analysis, the Global Freight audit and payment Market is classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America accounted for the largest market share of 44.90% in 2022, with a market Value of USD 312.57 Million and is projected to grow at a CAGR of 13.77% during the forecast period.
Key Players
The major players in the market are National Traffic Services, PayAnyBiz, Firmenich SA, Trax Technologies, nVision Global, U.S. Bank Freight Payment, Software Solutions Unlimited (SSI), CTSI-Global, Data2Logistics Integrated Device Technology, and many others. Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Report Scope
REPORT ATTRIBUTES
DETAILS
Study Period
2021-2031
Base Year
2024
Forecast Period
2024-2031
Historical Period
2021-2023
Unit
Value (USD Million)
Key Companies Profiled
National Traffic Services, PayAnyBiz, Firmenich SA, Trax Technologies, nVision Global, U.S. Bank Freight Payment, Software Solutions Unlimited (SSI), CTSI-Global, & Others
Segments Covered
Organization Size, Application, Industry Verticals, and Geography.
Customization Scope
Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.
Research Methodology of Market Research
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives thr
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