The main objective of this report is to define, describe, and forecast the global trade management market on the basis of segments which include component, deployment type, organization size, vertical, and region. The report provides detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges). The report forecasts the market size with respect to the five main regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa, and Latin America. The report strategically profiles key players and comprehensively analyzes their core competencies.
Increasing globalization and rising demand for advanced automated systems are major factors driving growth of the global trade management software market . In addition, increasing number of e-Commerce startups is another factor expected to propel growth of the global market to a considerable extent over the forecast period. Moreover, increasing adoption of trade management software by various sectors such as transportation & logistics, manufacturing, etc., coupled with development of trade management applications for smartphones are other factors further fueling growth of the global market.
Trade management solutions available in the market provide myriad capabilities including restricted party screening, product classification, trade documentation and licensing, and broker and agreement management. In addition, widespread cloud deployment has enabled solution providers to offer these capabilities on demand and with pay-as-you-go models. These factors are responsible for the growing adoption of trade management software across the globe.
One of the major challenges of the market is that GTM crosses various horizontals within organizations; hence, many organizations suffer from poor performance while implementing GTM in their global operations. Usually, it takes years before an organization can fully realize the potential of a GTM solution and reap benefits from it. However, GTM software improves inventory levels forecast, and supply chain performance. As organizations around the world are opting for automation due to the increase in the transportation business, these advantages that the GTM software offers are likely to act as opportunities for the market over the forecast period.
To calculate the market size, the report considers the revenue generated from the sales of software and services. The new software license revenue is realized from the fee earned by vendors offering trade management software to customers. The software licensing revenue includes both perpetual and periodic licenses or subscriptions. Vendors also offer pay-per-use models and services based on cloud-based offerings.
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