Digital Shipment help to develop new business models and offerings, digitalize core operations, and build a robust internal digital foundation. Digital technology and business model innovation have provided new ideas for solving the difficulty of matching vehicles and freight in the freight market. Digital shipping help logistics companies build a digital freight platform based on their sources of goods and obtain social capacity at a low price. They are aiming at the whole vehicle market, combining the self-owned volume and the social orders on the freight platform to improve the success rate of cargo consolidation and vehicle loading rate. Further, the source of vehicles and sources of goods can efficiently distribute between their resources and social resources, and the products can be distributed in areas with cost advantages.
The global digital shipment market projected to grow at a CAGR of over 9.87% from 2020–2027. It is primarily attributed to factors such as digital shipment help in provide sharing of all the documents required in every freight within their online platforms. Additionally, growing demand for a better buying experience through which companies offer instant quotes, transparent pricing, and the option to compare rates and carriers to customers are driving the demand for the digital shipment market in the analysis period. Moreover, the upsurge in customer demand for faster and more streamlined services will create opportunities for the global digital shipment market growth.
Furthermore, the surge in global trade, growth in freight visibility solutions and technologies, advancements in freight security, safety, and transportation solutions are expected to fuel the global digital shipment market size. These digital shipment technologies are transforming traditional relationships in the freight and logistics business. With the help of big data, cloud and connected platform technologies, provide customers the seamless experience such as ease of access, price transparency, and swift, near real-time integrated service. Also, the rising application of digital shipping for better tracking and traceability, for improving document management and compliance, and maximize value and reduce costs of existing platforms will spur the growth of global digital shipment industry.
The rising digital freight solution helps logistics companies combine their resources to establish a digital freight matching platform to obtain social capacity at a low price. For the non-vehicle market, it integrates the self-owned cargo volume and social orders on the freight platform to increase the success rate of cargo consolidation and vehicle loading rate. Due to this, vehicle and cargo sources can efficiently be distributed between their own and social resources. Additionally, the cost advantage of distribution in the same city. Digital freight forwarders provide tools to their websites so that customers can get in touch with them faster.
Based on type, the global digital shipment market classified into Digital Shipping Lines and Digital freight forwarders. The Digital freight forwarders segment held maximum market share in the digital shipment market in 2019. It is attributable to it provides better buying experiences for customers, promoting transparent process management, and help inaccurate documents and proper management of records.
Digital Shipping Lines will grow with an excellent CAGR in the forecast period. It is owing to it make use of containers that are equipped with tracking devices based on AI and the IoT that send logistics-related information in real-time.
Based on Solution, the global Digital Shipment market segregated into Freight Tracking & Monitoring, Cargo Routing & Scheduling, Cargo Security, EDI, TMS, Order Management, Claims Management, and Others. The freight tracking & monitoring segment accounted for a higher revenue share in 2019 and projected to dominate the digital shipment market by 2027. It is primarily attributed to the surge in demand for visibility, track and trace, and security and monitoring applications and technologies.
The order management segment will grow with a lucrative growth rate in the forecast period. It is due to the digital shipping segment help customer in instant shipment booking online.
Based on end-user, the global digital shipment market classified into Third-Party Logistics, Forwarders, Brokers, Shippers, and Carriers. The Third-Party Logistics segment will hold higher market potential by 2027. It is owing to globalization and the growth in world trade volumes and provide opportunities for growth of third-party logistics.
Forwarders held a significant market share in 2019. It is dueto they improve efficiency and provide better customer experience and enabling people to better track freight.
Based on geography, the global Digital Shipment market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific is slated to account for a significant share by 2027 in the digital shipment market. The growth in the region can be attributed to the presence of a large consumer base with internet access and the rapid growth of the e-commerce industry.
North America is projected to provide significant growth opportunities due to the high technological adoption and the presence of leading solutions providers in the market. Additionally, the sustainable and well-established economy of North America will foster the growth of the market.
Companies such as A.P. Moller – Maersk AS, COSCO SHIPPING International (Hong Kong) Co. Ltd., CMA CGM Group, Evergreen Group, Hapag Lloyd, HYUNDAI Merchant Marine Co. Ltd., Mediterranean Shipping Co. SA, Ocean Network Express Pte. Ltd., Yang Ming Marine Transport Corp., and Zim Integrated Shipping Services Ltd. are the key players in the global digital shipment market.