DUBLIN, April 30, 2021 /PRNewswire/ — The “Trade Management Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Component, Deployment, Organization Size, and End User, Geography” report has been added to ResearchAndMarkets.com’s offering.
In terms of revenue, the global trade management software market was valued at US$ 825.0 million in 2020 and is projected to reach US$ 1,748.4 million by 2028; it is expected to grow at a CAGR of 10.1% from 2021 to 2028.
The sales of trade management software are largely influenced by several economic and non-economic factors prevailing across the globe. Logistics & transportation, retail & consumer goods, and automotive sectors are expected to impact the growth of the trade management software market considerably. Besides, with the increasing import and export of medical devices and drugs, the healthcare & pharmaceutical industry is creating a huge demand for trade management software market globally.
The global trade management software market is majorly driven by the ease of using the software over the complexities faced during the use of traditional trade management approach. Moreover, the increasing adoption of cloud technology across the industries is driving the market.
The integration of advanced technologies, such as blockchain, artificial intelligence, Internet of Things (IoT), advanced analytics, conversational systems, and robotic process automation (RPA), with trade management software is significantly driving the market. However, the rapidly changing nature of businesses and regulations require consistent change in technology and services. Also, the integration of advanced technologies is expected to provide substantial growth opportunity to the key players in this market.
Every business across the globe has diverse concerns related to trade management. These concerns are based on several factors including product’s geographical location of sourcing, manufacturing, and shipping.
Further, import and export volume of the products; compliance and security regulations of the delivery location; the multitude of Free trade agreements and Free-trade zones (FTAs and FTZs); number of partners involved in the supply chain; and the level of internal trade know-how are other key factors.
Additionally, the need of any business may change on timely basis or depending on the location. Thus, businesses across the world are seeking