The global digital freight brokerage market is estimated to reach a value of USD 75,569 by 2027, recording a CAGR of 31.3% during the forecast period, 2020–2027.
Technological innovation in the supply chain and logistics is a key factor providing impetus to the growth of the digital freight brokerage market. With technologies such as machine learning, blockchain, AI, and IoT, supply chain and logistics providers are competing to identify the right combination of these technologies to gain a competitive advantage. In addition, the adoption of telematics systems and the latest technologies to enhance driver and vehicle performance are also accelerating market growth.
Internet of Things (IoT)
- IoT holds a prominent share in the highly transformative logistics market; it helps companies manage warehouse stock, optimize fleet routes, monitor inventory, and reduce dead mileage
- A range of startups are adding innovation and unlocking value in logistics, including FreightBro (data-driven predictions) and BlackBuck (inter-city full truckload marketplace)
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Autonomous Trucks and Drones
- Autonomous trucks are expected to boost the shipping, trucking and logistics, and digital freight brokerage market
- Electric-powered autonomous trucks can assuage the driver shortage issue, improve efficiency, smooth out issues in the logistical network while saving lives and money, and protect the environment
- The use of drones can extend to the over-the-road delivery of convenience items, local food, and groceries; it keeps more vehicles off the road and eliminates the inefficient process of driver delivery, all without requiring major regulatory or traffic changes
- Asia-Pacific is expected to be the fastest-growing region in the digital freight brokerage market at a CAGR of 32.9%, with India and China dominating the transportation and logistics sector. China’s two digital brokerage companies, Huochebang’s and Yunmanman, merged with the Manbang group in November 2017, which is valued at around USD 6 billion. In India, emerging startups such as Blackbuck, 4tigo, TruckHall, Rivigo, and Freightbazaar seek to smoothen freight management operations.
- The railway segment is expected to emerge as the fastest-growing segment by type, with a CAGR of 34.0%. The movement of containerized cargo by rail from China to logistics hubs in Europe, such as in the Netherlands and the U.K., is seen as a significant step in the development of trade between the two continents. It has encouraged many multinational companies, such as Hewlett-Packard and Ricoh, to use the route from Europe to China for their cargoes.
- A few of the key companies operating in the market are BlackBuck (Zinka Logistics Solutions Pvt. Ltd.), Echo Global Logistics, Inc., Coyote Logistics, LLC, Transfix, Inc., Convoy, Cargomatic Inc., Trucker Path Inc., J.B. Hunt Transport Services, Inc., Uber Freight LLC, Saloodo! GmbH, and Routier (Ebix Inc.)
- In June 2019, Convoy introduced Automated Reloads, a new program to build multiple loads at the same time. The platform evaluates and optimizes loads in real-time without human intervention.
Digital Freight Brokerage Market Segmentation
- Food and Beverage
- Retail and E-commerce
- North America
- South America
- The Middle East and Africa
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast Periods
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