Air Freight Software Market Overview:
Air Freight Software Market Size was valued at USD 6.34 billion in 2022. The Air Freight Software Market is projected to grow to USD 8.2 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.5% during the forecast period (2022 - 2032).
Factors such as rapidly growing global trade and the increasing need for supply chain visibility are driving the growth of the market. Furthermore, advancements in communication technologies are aiding market growth.
Airfreight transportation is a fast and effective shipping method, especially for businesses with international customers. However, the primary drawback of air shipping is the high cost, which significantly exceeds ocean freight forwarding. However, an increase in global shipping is expected to result in reduced costs, driving the air freight software market trend during the forecast period.
Market USP
Airfreight software offers increased supply chain efficiency and visibility.
Market Segmentation:
Cloud-based segment accounted for the larger market share in 2018: The cloud-based segment is also expected to register the higher CAGR during the forecast period of 2019 to 2025. Low utilization costs of cloud computing and the enhanced flexibility offered by cloud-based air freight software is expected to drive the growth of the segment.
Forwarders segment to register the highest growth rate: The forwarders segment is expected to be the fastest growing during the review period. The increasing use of freight management software by freight forwarders to track deliveries in real-time, improve warehouse efficiency and productivity, and increase supply chain efficiency is driving the growth of the segment.
Key Players:
The air freight software market drivers includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach with diverse product portfolios. Air freight software companies are attempting to introduce new goods, increase business operations, and form strategic alliances with other producers. Key players also expand their product ranges, manufacturing capacities, and presence. Leading providers of air freight software invest time and money in developing cutting-edge technologies.
Prominent Air Freight Software Market players include CHAMP Cargo systems S.A., Freightos Limited, Infor (US), Inc, Freight data 2000 Ltd, Riege Software International GmbH, The Descartes Systems Group Inc, Magaya Corporation, among others.
Regional Analysis:
By region, the air freight software market industry report has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Europe is projected to exhibit the highest CAGR during the review period.
North America dominated the Air Freight Software Market forecast in 2021. Adopting freight management products and services by many regional users has made this possible. The future growth of the North American freight management system market is influenced by a high degree of technological adoption and the existence of key solution providers. Two countries in North America, the US and Canada, also utilize a significant amount of freight management software. The US is anticipated to dominate the market due to its established and stable economy, partly due to its considerable investment in RD activities, which is introducing new goods and services.
Europe was the fastest-growing market in 2021. This can be ascribed to the region's logistics industry's growing volume of cargo freight. Additionally, it is expected that the region's industry will increase due to the leading market participants' increasing investments in creating better air freight software. The growth is also attributed to the presence of various key players in this region, which include CHAMP Cargo systems S.A, Freight data 2000, and Riege Software International GmbH. In Europe, the rising adoption of air freight software in the e-commerce industry is projected to boost the market.
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