Driven by the increasing complexity in supply chains, the global supply chain management platform market is expected to grow by more than 11 percent a year, according to new analysis by Frost & Sullivan.
Issues such as unreported process delays and late deliveries, are prompting shippers to invest in real-time visibility into the status of their freight. Frost & Sullivan’s Global Freight Visibility Growth Opportunities finds that the need for real-time freight visibility will push the market to $32.31 billion by 2026 from $18.85 billion in 2021, expanding at a compound annual growth rate (CAGR) of 11.4%.
“Visibility platforms have transformed how logistics stakeholders manage their inbound and outbound shipments,” said Mugundhan Deenadayalan, mobility senior industry analyst at Frost & Sullivan.
“Further, unique value propositions like freight cost management and trade management systems make enterprises rely on predictive and dynamic freight intelligence for optimized transportation performance and end-to-end supply chain orchestration.”
Access to credit
Deenadayalan said system vendors should encourage shippers to use freight visibility platforms. They can provide data that will help trading partners and vendors access credit from financial institutions and private lending firms, and reduce uncertainties in freight transportation.
Visibility platforms can also be used to digitize returnable assets, he said, making asset repositioning easier.
“Open collaboration among data sharing and freight visibility platforms drives the functional capabilities of the ecosystem partners to deliver advanced operational and process intelligence for enterprises,” Deenadayalan added.
“Additionally, widening partner system integrations and strategic engagement models would position visibility platforms as a single pane of glass for supply chain intelligence.”