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.
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Impact of COVID-19 Pandemic on Trade Management Software Market
The COVID-19 pandemic has been affecting every business globally since December 2019. The continuous growth in the number of virus-infected patients compelled governments to put a ban on transportation of humans and goods. The manufacturing sector witnessed severe losses due to temporary factory shutdowns and low production volumes, which hindered the growth of retail, e-commerce, and logistics sectors. Additionally, the social or physical distancing measures imposed by governments have put limitations on the operations of logistics and other service providers. This disruption has resulted in the decline in trade business. These adversities led to the reduction in the global trade volumes by 17.7% in May 2020, compared to the trade volumes in May 2019. The decline in first 5 months of 2020 was pervasive, however, it majorly impacted exports from Japan, the US, and European countries. Despite the disruption caused by the COVID-19 pandemic, the trade is likely to surge in the future as businesses are resuming after a long lockdown. With the social distancing measures in effect, the e-commerce, logistics, retail, and other such sectors involved in trade activities are focusing on the adoption of trade management software, to meet compliance by ensuring speed in supply chain. Thus, the uncertainties introduced by COVID-19 have expanded the scope of using cloud-based software/SaaS in logistics.
Geographically, North America held the largest share of the trade management software market in 2020, followed by Europe and Asia Pacific. Further, Asia Pacific is projected to witness the highest growth rate during the forecast period. The trade management software market is segmented into component, deployment, organization size, end user, and geography. Based on component, the market is further categorized into solutions and services. The solutions segment represented the largest share of the overall market in 2020. In terms of deployment, the market is segmented into cloud and on-premise. In 2020, the cloud segment accounted for a substantial share of the global trade management software market. Based on organization size, the market is further categorized into small enterprises, medium enterprises, and large enterprises. The large enterprises segment represented a larger share of the overall market in 2020. In terms of end user, the market is segmented into retail and CG, automotive, logistics and transportation, healthcare and pharma, government, aerospace and defense, chemicals and minerals, manufacturing, and others. In 2020, the logistics and transportation segment accounted for a substantial share of the global trade management software market.
The market players are focusing on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
- In January 2021, SAP Hong Kong and consulting powerhouse Deloitte partnered to offer substantial benefits to businesses engaged in cross-border trade.
- In January 2019, Bamboo Rose launched services as a subscription model, which helps customers to plan better, innovate, and collaborate with their multi-enterprise retail communities, saving 10 to 30 percent on technology investments.
- In March 2019, Thomson Reuters purchased global trade management (GTM) software provider Integration Point for an undisclosed amount in a deal that significantly expands its pool of North America-based importer and exporter customers.
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