Global Freight Audit and Payment Market: Description
Freight pay is a service that allows you to pay your transportation bills online.
To you, that might mean enlisting the help of your logistics or transportation manager to gather all of your numerous carrier invoices, and then delegating the chore of processing each payment through a direct clearing house or cutting individual checks to your accounting staff.
Freight payment is a set of procedures that can be compared to an accounts payable service for transportation invoices in general.
In order to receive, process, and pay invoices, freight payment services providers, such as a 3PL, function as an intermediary between the shipper and the carrier.
Freight audits are an important part of cost control in the supply chain.
Global Freight Audit and Payment Marker: Overview
The Global Freight Audit and Payment Market valued at US $14.52 Billion in 2022 is anticipated to reach a value of US $30.80 Billion in 2030, growing at a CAGR of 9.86%.
The Global Freight Audit and Payment Market is expected to be driven by an increase in the demand for effective management systems in the transportation and logistics industry.
Rate update processes, freight cost allocation, data and reporting collection, carrier communication, audit analysis, carrier usage analysis, transportation management systems, and other services are all provided by freight audit solutions.
DESCIMG2
Key trends of Global Freight Audit and Payment Market:The transportation and logistics industriesThe increasing demand for efficient management systems in these industries will primarily drive the global freight audit and payment market forward during the study period. The growing adoption of freight audit and payment solutions and their impeccable features, such as collecting invoices, transportation billing, processing each payment, etc., will fuel the growth of the global freight audit and payment market during the study period.
Booming International tradeThe booming international trade is expected to benefit the freight audit and payment over the forecast period. Furthermore, growing cases of billing errors and high-volume invoice processing due to traditional methods are expected to amplify the growth of the freight audit and payment market during the forecast period. The increasing number of strategic partnerships aiming at extending the product portfolio will also escalate the freight audit and payment industry growth during the analysis period.
Segmental Analysis of Global Freight Audit and Payment Market:Based on Organization Size Small and Medium Enterprises
Large Enterprises
Based on Operating System Linux
Windows
UNIX
Mac
Geographical Analysis of Global Freight Audit and Payment MarketThe Global Freight Audit and Payment Market is further segmented into five major countries- North America, Europe, Asia-pacific, Latin America, Middle East and Africa.
North America dominates the worldwide freight audit solutions industry. During the forecast period, the freight audit solution market in Europe is expected to grow at a quick rate. The retail and e-commerce industries in rising countries such as India and China are expected to grow, resulting in increased demand for these solutions throughout Asia Pacific.
Competitive Landscape:
Cass Information Systems, CT Logistics, CTSI-Global, LTX Insight, Data2Logistics, enVision LLC, Lojistic, The Descartes Systems Group Inc., Xeneta, TranzAct Technologies, Inc., and Ascent Global Logistics.
Scope of the report:
Global Freight Audit and Payment Market: Historical Years- 20180-2021
Global Freight Audit and Payment Market: Forecast Years- 2022-2030
Global Freight Audit and Payment Market USD value in 2022- $14.52 Billion
Global Freight Audit and Payment Market USD value in 2030- $30.80 Billion
Global Freight Audit and Payment CAGR- 9.86%
Segments Covered- Organizational Size, Operating Systems and Region
Regions Covered-
North America (US, Canada)
Europe (UK, France, Spain, Italy, Russia, Germany)
Asia-pacific (India, China, Japan, Australia, South Korea)
Latin America (Brazil, Mexico)
Middle East and Africa (UAE, Saudi Arabia, South Africa)
Key Players: Cass Information Systems, CT Logistics, CTSI-Global, LTX Insight, Data2Logistics, enVision LLC, Lojistic, The Descartes Systems Group Inc., Xeneta, TranzAct Technologies, Inc., and Ascent Global Logistics.
