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Shipping Software Market to grow with a CAGR of 8.95 % over the forecast years
The global shipping software market was accounted for USD 1623.8 million in 2020 and is expected to reach at 3007.8 million in 2027, growing with a CAGR of 8.95% during the forecast period. The market growth of the shipping software market is attributed to various applications of shipping software in the shipping industry and its rising adoption globally to streamline various shipping activities. The shipping software aids in tracking shipments and helps to surge manufacturing of shipping software among SEMs companies owing to the adoption of cloud-based solutions.
The rising number of manufacturers involved in shipping software and its wide range of many applications in the shipping industry and new technologies being adopted, which is well versed with this software, is providing a lucrative opportunity for market growth. For instance, the development and implementation of new technologies, such as artificial intelligence (AI), robotics, machine learning, the Internet of Things, Blockchain, drones, and augmented reality. Digitization has also greatly improved the efficiencies of shipping companies by enabling the integration of the Internet of Things, AI technologies, Blockchain, and robotics with shipping models.
Research Layer recent report on the “Shipping Software Market”, Product Type (Multi-Carrier Shipping System Software, Freight Broker Software, Freight Forwarding Software, Freight Management System Software, eCommerce Shipping Software, Shipment Tracking Software, Shipping Label Software), End Use (CEP, Air & Ocean forwarding, Contract Logistics, Land, In-house/Others). Global Industry Analysis, Trends, Size, Share and Forecasts up to 2028” provides a comprehensive outline of the factors responsible for the growth of the market.
Multi-Carrier Shipping System Software is dominating among the sub segments of Product Type segment in the Shipping Software market
Based on the shipping software type, the shipping software market is segmented into several major parts, multi-carrier shipping system software, freight broker software, freight forwarding software, freight management system software, ecommerce shipping software, shipment tracking software and shipping label software. Among these, multi-carrier shipping system software is dominating with market revenue of 1074.6 USD million in 2027 and it growing at a CAGR of 9.47% during the forecast period.
Land, In-house/Others is dominating among the sub segments of end use segment in the shipping software market
Based on the shipping software type, the shipping software market is segmented into several major parts, CEP, Air & Ocean forwarding, Contract Logistics and Land, In-house/Others. Among these Land, In-house/Others is dominating with market revenue of 1248.3 USD Million in 2027 and it growing at a CAGR of 8.91% during the forecast period.
The report on the “Global Shipping Software market” offers an in-depth analysis of the segments such as By Product Type (Multi-Carrier Shipping System Software, Freight Broker Software, Freight Forwarding Software, Freight Management System Software, eCommerce Shipping Software, Shipment Tracking Software, Shipping Label Software), End Use (CEP, Air & Ocean forwarding, Contract Logistics, Land, In-house/Others).
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Based on regions the Shipping Software is divided into as North America, South America, Europe, Asia-Pacific and Middle East & Africa.
In 2021, North America led the industry by gaining the largest share of the revenue of 760.93 USD Million and growing at a CAGR of 9.49%. North America dominated the shipping software market owing to various factors such as growing acceptance of shipping software in shipping industry, explosive growth in E-commerce, presence of major market players in the shipping software, robust transport management system in this system, government regulations in favour of shipping and adavantages offered by the companies of shipping software is propeling the market growth. For instance, the software developers in the shipping software market are adopting easy to use logistics platform which is resulting in seamless and integrated shipping workflow. These elements boost the market growth of shipping software.
Europe shipping software industry held the second position in the global shipping software market. The market growth is attributed to rapidly flourishing shipping industry that require shipping software to efficient function several workflow, advent of online penetration involved in shipping solutions such as shipment tracking, freight tracking, parcel shipping etc . For instance, software such as 2Ship Solution being used in EU countries is an online shipping platform dedicated for businesses who have ecommerce webstores and marketplaces. The software is focused on shipping anywhere from envelopes to parcels from same day to next day couriers using one platform. Introduction of these shipping software is propelling the market growth of shipping software.
Companies operating in Shipping Software market to ramp up production amidst COVID-19 to meet the rising demands
The chief firms in the global shipping software market are 2Ship Solutions, Stamps.com, WiseTech Global, Epicor Software Corporation, Shippo, Endcia, Metapack, Pierbridge, Logistyx Technologies, ShipHawk, Pitney Bowes, Shipwire, V-Technologies, ProShip, ReadyCloud, LLC., Temando, Teapplix, Malvern Systems. The main companies concentrate on product launches, expansion, merger & acquisition and others to retain leadership of the world industry for Shipping Software market.
For instance, In June 2021, Pitney Bowes Inc. has announced the expansion of its lockers portfolio with the launch of ParcelPoint Smart Lockers, a new suite of robust, secure contactless locker solutions unique to Pitney Bowes.
For instance, In July 2018, Metapack, the world leader in e-commerce delivery service management solutions, entered into an acquisition agreement with Stamps.com Inc., a leading provider of software solutions to postage and shipping online, in the amount of £ 175 million.