Massive Freight Transportation Market Growth Pushes Toward Asia

Massive Freight Transportation Market Growth Pushes Toward Asia

The freight transportation management market is set to expand by more than 9% annually through 2019, according to a new report by MarketsandMarkets.

The market research company figures the industry will grow from $15.3 billion in 2014 to $23.69 billion by 2019 at an estimated compound annual growth rate of 9.14%. The expansion of international trade is a major part of the equation and creates “an enormous opportunity for the vendors of this market to provide on-demand, real-time updated and intelligent solutions,” MarketsandMarkets says.

Asia-Pacific is projected to significantly rise in its transportation management revenues as a result of a pickup in intraregional trade, the report suggests. Development investments in ports and logistics facilities are increasing alongside intensive efforts at other infrastructure improvements in numerous countries of Asia-Pacific. Companies that haven’t previously capitalized on intraregional trade in this geographic segment could find substantial opportunities for expansion.

The complications of doing business multiply, however, when moving into these new markets. Regulations, expectations of officials, labor agreements, costs and security can vary drastically from country to country, even within subregions of the continent. Political risk, labor unrest, and the lack of clear tort law and enforcement of rights in some jurisdictions add to freight transportation loss exposures.

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Source: MarketsandMarkets