Asia-Pacific trade management software market is expected to grow from US$ 164.9 Mn in 2018 to US$ 466.1 Mn by the year 2027. This represents a CAGR of 12.3% from the year 2018 to 2027. When compared to domestic distribution management, trade management is much complicated in terms of currencies, regulations, multiple languages, time zone, and mode of transport. Moreover, the involvement of the huge number of parties in a single international shipment makes it even more complicated. The government regulations related to international trade is highly complex and ever-changing. Organizations have to review and act on the high volume of regulatory information, which is often published on paper in varying formats. These challenges are enabling the adoption of a global trade management software. The complexity of global trade is compounded by each global trade participant?s unique position in the field. Trade management software manages numerous combinations of functional requirement across the trading partner network. Therefore the complexities in global trade are having a positive impact on the trade management software market.
With the increasing trade complexities and business need, supply chain leaders are identifying the emerging technologies which are relevant to the trade operations. Vendors are integrating advanced technologies with trade management software. The emerging technological trend that is most relevant to trade management is blockchain, artificial intelligence (AI), internet of things (IoT), advanced analytics, conversational systems, robotic process automation (RPA), and others. Since last few years, there has been a steady increase in trade management practitioners exploring the potential of IoT. In trade management software, IoT means a network of physical objects that contains embedded technology to communicate with the internal and external environment. These new technology trends are expected to have a significant positive impact on the growth of the trade management market.
The Asia-Pacific trade management software market is fragmented with the presence of several industries, and the competitive dynamics in the market is expected to change during the upcoming years. In addition to this, various initiatives are undertaken by the governmental bodies, which would accelerate the Asia-Pacific trade management software market. For instance, G3, an immediate payment project by the Singapore government, and Entry Point Project by the Malaysian government. Moreover, the Chinese government has also taken multiple initiatives to enhance administration, convenience, and logistics issues related to cross-border e-commerce. The trade management software market is highly competitive with the presence of some of the major players which hold the major share the trade management software market. Various companies operating in the trade management software market are focusing on providing a technologically advanced solution to gain a broader customer base and generate more revenues.
The Asia-Pacific trade management software market by component is segmented into solution and service. The solutions segment includes trade compliance as well as international trade visibility and execution. The trade compliance comprises of a range of capabilities that support the necessary item classification, trade documentation, as well as communications with international government authorities concerning non-financial trade regulations issues, tariffs, duties, and trade taxes levied by governments on international trade and commerce. The solutions include product classification, import security filing, restricted party screening, foreign trade zones, free trade agreement management, international customs compliance, export control, and the document as well as data management that supports these information and process areas.
The overall Asia-Pacific trade management software market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Asia-Pacific trade management software market. It also provides an overview and forecast for the Asia-Pacific trade management software market based on all the segmentation provided with respect to the Asia-Pacific region. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultant such as valuation experts, research analysts, and key opinion leaders specializing in the Asia-Pacific trade management software industry. Some of the players present in Asia-Pacific trade management software market are Amber Road, Inc., Bamboo Rose LLC, Expeditors International of Washington, Inc., Integration Point LLC, Livingston International, MIC, Oracle Corp, QAD, Inc, QuestaWeb, and SAP SE among others.