$1,748.4 Million, Trade Management Software Market is Emerging with 10.1% of CAGR by 2028

Organizations need to review and act on the high volume of data, comprising regulatory information, which is often presented on paper in various formats. These challenges are encouraging the adoption of global trade management software. Complexities involved in the global trade are compounded by the unique position of each global trade participant in the field. Vendors offer customized GTM solutions that are flexible and adapt to changing regulations and business requirements.

According to the new research report titled “Trade Management Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 1,748.4 million by 2028, registering a CAGR of 10.1% from 2021 to 2028.

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In 2019–2020, the COVID-19 pandemic disrupted the global supply chain due to restrictions levied on production and trade cycle of products. Owing to such impositions, the business of trade has fallen drastically. Therefore, for proper management of trade, maintaining speed in trade business and supply chain is a must. The pandemic situation encouraged companies to adopt cloud-hosted systems to enable personnel flexibility as organizations are performing their operations remotely. Therefore, the COVID-19 pandemic gathered the focus of enterprises toward ensuring the necessary speed in supply and trade operations, which triggered the adoption of trade management software.

The management of global trade is more complex than the management of domestic distribution. Diversification in country laws and regulations, currencies, languages, time zones, and transport modes are among the major factors influencing the trade management market growth. Moreover, the involvement of several parties in a single international shipment makes the trades more complicated. The government regulations related to international trade are highly complex, and there is a continuous scope for updating these laws.

Strategic Insights

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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