North America trade management software market in is expected to grow from US$ 246.4 Mn in 2018 to US$ 442.0 Mn by the year 2027. This represents a CAGR of 6.8% from the year 2018 to 2027. Trade is a complex process which involves the flow of multiple goods and information across the network of suppliers, carriers, and warehouse. This complexity can be handled using software systems, which allows analyzing real-time and real-world data. This implementation of software systems improves the supply chain and also offers real-time visibility. Increased competitiveness in the industry is the major reason for industries investing in automation and digitization. Moreover, the adoption of the cloud-based solution is expected to provide real-time visibility of exported goods. Software related to transportation management system will reduce the inefficiency and costs with saving time for operations. Few of the trends expected to boost the global trade management software market during the forecast period are blockchain, artificial intelligence, and predictive analysis implementation in logistics operations.
The cloud-based deployment is creating a huge opportunity for trade management vendors. The increasing adoption of cloud technology and improving IT infrastructure is driving the global trade management software market. A SaaS model allows the business to replace patchworks of legacy products and manual processes with a comprehensive solutions suite that automates trade from the time a purchase order is placed with an overseas supplier to the time a shipment is delivered. Vendors are shifting from traditional on-premise deployment to cloud-based deployment. The cloud-based deployment is a new revenue growth model and is expected to witness high demand during the forecast period.
The North America trade management software market is fragmented with the presence of several industries, and the competitive dynamics in the market is expected to change during the upcoming years. In addition to this, various initiatives are undertaken by the governmental bodies, which would accelerate the North America trade management software market. The trade management software market is highly competitive with the presence of some of the major players which hold the major share the trade management software market.
The North America trade management software market by deployment is segmented into cloud and on-premise. The cloud-based deployment is different from on-premise deployment software in one critical way. The company hosts the entire process and management of software within the enterprise in an on-premise environment, whereas, in the cloud, a third-party provider arranges and manage entire activities for the enterprise. The benefit of third party providers permit the companies to pay on the basis of requirement and effectively scale up or down subject to the requirement of the user, overall usage, and growth of the company. The cloud-based uses exploit virtual technology in order to host the applications of enterprises offsite. Therefore, it is largely adopted by small and medium enterprises. Deployment of cloud eliminates capital-related overheads, the feature of data back up on a regular basis is available, and also the companies are entitled to pay only for the resources they utilize. It is feasible for the enterprises which plan an expeditious expansion at a global scale, as the cloud has greater appeal to connect with more partners, clients, customers, and other businesses across the locations with minimum effort.
The overall North America trade management software market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the North America trade management software market. It also provides an overview and forecast for the North America trade management software market based on all the segmentation provided with respect to the North America region. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America trade management software industry. Some of the players present in North America trade management software market are Amber Road, Inc., Bamboo Rose LLC, Expeditors International of Washington, Inc., Integration Point LLC, Livingston International MIC, Oracle Corp, QAD, Inc, QuestaWeb, and SAP SE among others.