PUBLISHER: The Business Research Company | PRODUCT CODE: 1499829
PUBLISHER: The Business Research Company | PRODUCT CODE: 1499829
Digital freight matching involves the utilization of web and mobile-based technological platforms to efficiently link shippers with suitable carriers, aligning with their specific needs such as freight load availability and carrier capacity. These platforms leverage automation to optimize booking, matching, and monitoring processes, resulting in enhanced customer service and operational planning.
The primary categories of platforms within digital freight matching include open marketplace platforms, private/enterprise platforms, and brokerage-owned platforms. Open marketplace platforms serve as digital hubs facilitating transactions among multiple buyers and sellers. They encompass deployment models ranging from cloud-based to on-premises, offering various services such as freight matching and value-added functionalities. These platforms cater to diverse transportation modes such as full truckload (FTL), less-than-truckload (LTL), intermodal, and others, catering to industries including food and beverages, retail and e-commerce, manufacturing, oil and gas, automotive, healthcare, and more.
The digital freight matching market research report is one of a series of new reports from The Business Research Company that provides digital freight matching market statistics, including digital freight matching industry global market size, regional shares, competitors with a digital freight matching market share, detailed digital freight matching market segments, market trends and opportunities, and any further data you may need to thrive in the digital freight matching industry. This digital freight matching market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The digital freight matching market size has grown exponentially in recent years. It will grow from $25.57 billion in 2023 to $32.29 billion in 2024 at a compound annual growth rate (CAGR) of 26.3%. The growth observed in the historic period can be attributed to several key factors. These include the increasing shortage of drivers, the widespread adoption of the internet, the proliferation of smartphones, the integration of Internet of Things (IoT) devices, a heightened focus on sustainability and green logistics practices, and the emergence of autonomous vehicles.
The digital freight matching market size is expected to see exponential growth in the next few years. It will grow to $83.23 billion in 2028 at a compound annual growth rate (CAGR) of 26.7%. The anticipated growth in the forecast period can be credited to several key drivers. These include the continued rise of e-commerce, ongoing efforts in supply chain optimization, growing environmental consciousness, increasing globalization trends, and heightened customer expectations for transparency and sustainability. Key trends expected in the forecast period encompass real-time communication technologies, the integration of artificial intelligence (AI) and machine learning algorithms, the adoption of blockchain for enhanced security and transparency, the development of seamless and automated ecosystems, the emergence of digital freight brokerage platforms, and the implementation of advanced freight logistics solutions.
The surge in e-commerce activities is poised to fuel the growth of the digital freight matching market in the foreseeable future. E-commerce activities encompass all commercial transactions conducted electronically over the internet, driven by factors such as convenience, extensive product variety, competitive pricing, and personalized shopping experiences. Digital freight matching (DFM) solutions play a pivotal role in enhancing e-commerce operations by offering efficient, cost-effective, and transparent transportation solutions tailored to the specific requirements of online businesses. For example, in February 2024, data from the United States Census Bureau, a US-based government agency, estimated total e-commerce sales at $1,118.7 billion by 2023, representing a 7.6% (+-1.2%) increase from 2022, with e-commerce total sales rising by 15.4% in 2023 compared to 14.7% in 2022, highlighting the significant impact of increasing e-commerce activities on the digital freight matching market.
Prominent players in the digital freight matching market are channeling their efforts towards developing advanced technological solutions, exemplified by platforms like Fr8Now, aimed at enhancing the efficiency and reliability of freight operations. Fr8Now functions as an online marketplace or software solution connecting shippers with carriers in a streamlined and efficient manner. Leveraging technologies such as algorithms and data analytics, the platform facilitates real-time matching of available freight capacity with shipping requirements. For instance, in March 2023, Freight Technologies, Inc., a distinguished US-based transportation logistics technology company, introduced Fr8Now, a digital freight-matching platform offering less-than-truckload (LTL) services in Mexico. By digitizing shipments and providing real-time shipping services, Fr8Now aims to revolutionize the LTL segment in Mexico, providing businesses across the region with unparalleled efficiency and agility in their logistics operations through innovative technological solutions.
In November 2021, Uber Freight, a leading US-based logistics and supply chain management firm, acquired Transplace for approximately $2.25 billion. This strategic acquisition positions Uber Freight to establish a premier logistics technology platform with a comprehensive managed transportation and logistics network, enhancing its presence in the logistics ecosystem by offering seamless freight solutions and operational resilience. Transplace, a renowned US-based logistics and transportation management company, specializes in digital freight matching services, aligning synergistically with Uber Freight's vision for growth and innovation within the transportation and logistics sector.
Major companies operating in the digital freight matching market are C.H. Robinson Worldwide Inc., J.B. Hunt Transport Services Inc., XPO Inc, Uber Freight LLC, Schneider National Inc, Roper Technologies Inc, Flexport Inc, Trimble Inc, Echo Global Logistics Inc, TOTAL QUALITY LOGISTICS LLC, Redwood Logistics, Convoy Inc, JiangSu ManYun Software Technology Co. Ltd, Delhivery, Coyote Logistics, Transfix Inc., Project44, Roadie Inc, Cargomatic Inc, Motive, NEXT Trucking Inc, FourKites Inc, Freight Tiger, uShip Inc, FreightWaves Inc, DAT Solutions LLC, Freight Technologies Inc, Loadsmart, Getloaded, VeriTread LLC
North America was the largest region in the digital freight matching market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital freight matching market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the digital freight matching market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The digital freight matching market consists of revenues earned by entities by providing services such as load matching, real-time visibility, automated booking and documentation, rate transparency and negotiation, capacity management, and predictive analytics and insights. The market value includes the value of related goods sold by the service provider or included within the service offering. The digital freight matching market also includes sales of real-time tracking tools, laptops, rating systems, GPS trackers, electronic logging devices, telematics devices, radio frequency identification (RFID) and barcode scanners, and load boards. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Digital Freight Matching Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on digital freight matching market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for digital freight matching? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The digital freight matching market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.