According to the Market Statsville Group (MSG), the global freight audit and payment market size is expected to grow from USD 14,031.8 million in 2021 to USD 37,375.6 million by 2030, at a CAGR of 11.5% from 2022 to 2030. Factors such as the rise in demand for effective management systems in the transportation and logistics industry have driven the market’s growth. The market covers a huge portfolio of solutions and services, including collecting invoices, transportation billing, processing each payment, and operating as an intermediary between the shipper and the carrier.
Over the last three decades, international trade has boomed, including the rise of cross-border e-commerce. Supply chain leaders need the bandwidth to anticipate and make provisions for several global market changes. A strong FAP program can interpret volatility in freight cost, and support invoice flows for multinational companies with complex logistics systems. As companies grow, transportation costs cause spending surges, resulting in billing errors and high-volume invoice processing that requires a cumbersome auditing process. Thus, a rise in demand for various services and solution to better cater to the needs of the freight and logistic industry result in fostering the market’s growth over the forecast period.
The COVID-19 has created an abundance across the inch of every market. However, freight and logistics have seen significant growth due to the demand for food stock, medical supplies, and all necessary consumption items. Thus, it is necessary to examine the needs of growing economies that rely on access to transport gateways in neighboring countries, thus lacking autonomy and control over the connectivity network. To ease this burden, there is the need for proper development of strong domestic and cross-border infrastructure and logistic services for better connections among countries, especially during such a crisis. Thus, increasing freight and logistics led to demand for freight audit and payment market.
The surging proliferation of efficient management systems in the transportation and logistics industry boosts the market’s growth. Further, it helps in data and reporting collection, audit analysis, carrier communication, transportation management systems (TMS), and other services anticipated to foster the freight audit and payment market growth. On the contrary, the improper records and collection of costs may create hurdles for outsourcing freight auditing, which results in impeding the market’s growth. Whereas the tremendous growth from the retail & e-commerce sector will create a lucrative growth opportunity for the market over the forthcoming period.
The study categorizes the freight audit and payment market based on offering, type, deployment mode, organization size, platform, product, and application at the regional and global levels.
The Windows operating system segment dominates the market and is anticipated to remain highest in the forecast period owing to the widespread adoption of the Windows operating system around the world. Further, the increasing e-commerce sector and high adoption for real-time freight monitoring will drive the segmental growth. Moreover, the auditing and financial analysis for the freight and logistic industry is mainly held on computers. Various software tools are mainly run on windows, creating huge demand in upcoming years.
Asia Pacific accounts for the highest CAGR during the forecast period
Asia Pacific is the major populated region, with the hub of the manufacturing facility and high service providers in the region. Countries such as China and India, with huge populations, have witnessed huge e-commerces sales. Further, Singapore, China, and Malaysia countries offer freight and logistics at an international level, thereby creating a high growth opportunity for the region's freight audit and payment market.
The global freight audit and payment market is highly competitive with key industry players adopting various strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most companies in the market are focused on expanding operations across regions, augmenting their capabilities, and building strong partner relations.
Major players in the market are:
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