The global air freight software market size is slated for considerable expansion owing to the emergence of new companies in the logistics industry, finds Fortune Business Insights™ in its report, titled “Air Freight Software Market, 2022-2029”.
Smart technologies have rapidly penetrated the logistics industry, as logistics companies have intensified their need for higher efficiency and output. As a result, several new entities have emerged in the logistics sector, developing next-generation air freight software and other such cargo management solutions by leveraging the power of technologies such as the cloud and artificial intelligence (AI). For example, Reige Software offers its freight-forwarding application called ‘Scope’ that facilitates digital tracking and management of air and ocean freight as well as customs-related operations. Similarly, Logi-Sys is a cloud-based platform that assists with freight, transport, and warehousing operations, covering air, land, and sea modes of transport. The increasing innovation capacity in the logistics sector will be instrumental in fueling the growth of this market in the foreseeable future.
The COVID-19 pandemic has proven to be calamitous for the aviation industry as travel restrictions, social distancing, and the fear of contracting the infection have led to a steep decline in the demand for air travel. This will inevitably harm the air freight software market growth because the restrictions on trade and transport and prohibition on the movement of non-essential goods have contracted the demand for air cargo services in several countries.
Highlights of the Report
The report provides an exhaustive assessment of each market segment and also offers an in-depth analysis of the market drivers, trends, opportunities, and hindrances. Furthermore, the report contains a granular examination of the regional developments impacting the market, along with a thorough evaluation of the top market players and their key strategies.
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Based on type, the market is segregated into on-premise and cloud-based. On the basis of solution, the market has been segmented into freight tracking & monitoring, cargo routing & scheduling, order management, transportation management system (TMS), and electronic data interchange (EDI). By end-user, the market has been divided into third-party logistics, forwarders, brokers, shippers, and others. Regionally, the market has been categorized into North America, Europe, Asia Pacific, and the Rest of the World.
Russia-Ukraine War Implication
The Russia-Ukraine war could change the market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
There is hardly any sector that the war has left untouched, especially aggravating the business landscape of sectors ranging from aerospace to oil & gas. Amidst prevailing challenges, stakeholders are gearing to turn adversities into opportunities. However, soaring military aid for Ukraine could provide impetus to stakeholders. Meanwhile, it is to be noted that the relevant sanction could augment operating costs and disrupt industries.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
Integration of Intelligent Systems in Supply Chains to Fuel Market Growth
Intelligent systems based on technologies such as the Internet of Things (IoT) have steadily gained ground in supply chain management. With supply chain logistics getting increasingly automated, the adoption of IoT, etc. is expanding rapidly in this domain, prompting technology innovators to develop and release novel products, especially for air cargo. For example, in July 2018, SITAONAIR, a leading aviation integrator, collaborated with AirBridgeCargo and CargoLogicAir to deploy IoT-powered sensors to track and monitor in real-time sensitive and perishable cargo, such as pharmaceuticals. Similarly, in October 2019, IAG Cargo teamed up with Cargo Signal, a logistics platform that uses IoT for air cargo management, to create new air freight software to improve tracking of air cargo. Thus, the increasing proliferation of IoT-based solutions in air cargo systems is expected to foster the long-term growth of this market.
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Strong Freight Management Infrastructure to Power the North America Market
North America is slated to command the air freight software market share during the forecast period owing to the robust freight and supply chain infrastructure in the US and Canada. Moreover, these two countries are home to some of the biggest logistics companies, such as FedEx and UPS, which are known to adopt cutting-edge technologies, thus creating massive opportunities for market players.
The uptake of air freight software and other such solutions in Asia Pacific is being propelled by the soaring demand for advanced warehouse management technologies in India and China. The critical need for vaccines amid the brutal second wave of the coronavirus is India has further intensified the adoption of next-gen cold chain warehousing and management solutions.
Investments in AI by Leading Players to Electrify Market Competition
Key players in this market for air freight software are making heavy investments in AI to build a diverse portfolio of products and services. Furthermore, the incorporation of AI is allowing companies to cater to multiple end-user industries and sectors, enabling them to fulfill their logistics requirements in an efficient manner.
- February 2021: South Korea-based CJ Logistics announced the development of an inventive AI-driven solution that can accurately track cargo and estimate the possible time of arrival. The tracker will empower companies to efficiently manage delivery schedules and save costs and time.
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List of Key Players Profiled in the Air Freight Software Market Report
- The Descartes Systems Group Inc. (The U.S.)
- Riege Software International GmbH (Germany)
- Infor (India)
- Freightview (The U.S.)
- Freightos (Hong Kong)
- CHAMP Cargosystems S.A (The U.K.)
- Shiprocket (India)
- Magaya (The U.S.)
- Hard Core Technology Corp. (The U.S.)
- Freightdata 2000 (The U.K.)
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