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Trade Management Market size to surpass $2 Bn by 2032
- Published Date: April 5, 2023
Trade Management Market size is estimated to exceed USD 2 billion by 2032, according to a new research report by Global Market Insights Inc.
The rising popularity of e-commerce and cross-border trade is creating a need for faster and more efficient trade management solutions. With the growth of global exchange, businesses are facing numerous challenges in cross-border trade. These difficulties include understanding intricate foreign laws, overseeing logistics and supply chain activities, and making sure that commodities are delivered to clients quickly and effectively. As per a 2022 research study, trade management functions hold significance in mapping trade-offs to accurately support spatial planning among fringe land.
Intensifying demand for visibility and openness to increase utilization of management solutions
The solution segment held more than 70% share of the trade management market in 2022. Furthermore, the growth of global trade has proliferated the demand for visibility and openness throughout the supply chain, thereby boosting the uptake of trade management solutions that can provide businesses with real-time visibility into their trade operations, enabling them to make better decisions and mitigate risks. In February 2023, Kepler Cheuvreux, a European financial services company, selected Opensee’s cloud-based trade management and execution analytics solution, providing a customized to provide real-time access to data.
Better manual control on solutions to push on-premise deployment of trade management systems
The trade management market size from the on-premises segment was valued at over USD 500 million in 2022. In an on-premises deployment, an enterprise has complete control over the solutions, thus encouraging enterprises to adopt on-premises trade management systems for improved control. For instance, in December 2022, RBC Investor & Treasury Services announced the successful installation of its end-to-end post-trade execution service for Genus Capital Management.
Browse key industry insights spread across 250 pages with 312 market data tables and 37 figures & charts from the report, “Trade Management Market Size By Component (Solution [Trade Compliance Management, Trade Finance, Supply Chain Visibility and Execution, Trade Operations, Others], Service [Consulting Services, Support and Maintenance Services, Implementation Services]), By Deployment Mode, By Organization Size, By End-Use & Forecast 2023 – 2032” in detail along with the table of contents:
Improvements in domestic sectors to boost product use in small/medium enterprises
The small/medium enterprises segment accounted for 45% of the trade management market revenue in 2022. Burgeoning economic development in the domestic sectors of developing countries as a result of booming industrial development and globalization across the globe is benefitting segment growth. This has integrated new technologies and resources that help in enhancing efficiency, encourage improvement, and make national exporting firms more competitive. According to International Energy Agency, SMEs represent 99% of European businesses, playing a substantial role in economic growth.
Soaring demand for managing import & export processes to augment retail segment revenues
The trade management market from the retail segment crossed 15% revenue share in 2022, on account of significant demand for retail trade management solutions in the import and export process to oversee file exchanges with trading partners and suggest actions necessary to import and export items as well as provide a substantial record of crucial import order information. For instance, Oracle Retail Management offers the infrastructure needed to manage imports efficiently. The Oracle Retail Merchandising System is immediately integrated into the highly scalable solution, which has been created to satisfy the needs of both small and large enterprises with growing import programs.
Booming manufacturing industry to help Asia Pacific become a prominent revenue hub
The Asia Pacific trade management market is anticipated to showcase around 10% CAGR from 2023 to 2032. The APAC region is experiencing an increased population base, an expanding middle class, and growing economies. The logistics and e-commerce industries in China are rapidly expanding with businesses and service providers strongly emphasizing warehousing and logistics automation. Government programs such as Made in China that aim at strengthening the economic stance have promoted foreign direct investment in the manufacturing industry, thus the need for rade management systems in retail and transportation is likely to impel product adoption.
Novel product launches to enhance consumer experience to remain a key growth strategy
Major players involved in the trade management market include Oracle, Expeditors, AEB, MIC Custom Solution, E2open, QAD, Thomson Reuters, SAP and Descartes. The competitive landscape of the market is primed to showcase a range of product range diversification and R&D tactics by industry players to propel their market standing. For instance, in February 2022, SAP, a German software company, released feature pack 6 for SAP Trade Promotion Management, which is set to improve the support for sales managers and key account managers to manage their customers’ profit and loss (P&L). This new product upgradation increases the effectiveness of trade promotion spending to drive revenue, margin, and share success with customers.