The global freight audit and payment market size was US$ 14,021.8 million in 2021. The global freight audit and payment market is forecast to grow to US$ 37,365.6 million by 2030 by growing at a compound annual growth rate (CAGR) of 11.9% during the forecast period from 2022 to 2030.
Factors Influencing the Market
The transportation and logistics industries are growing at a rapid pace. The 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.
The 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. For instance, Trax Technologies inked a strategic partnership with Raistone in 2021.
COVID-19 Impact Analysis
The COVID-19 pandemic surged the demand for the products of daily necessities, such as food stock, medicines, etc., which escalate the demand for freight and logistics. Moreover, the demand to examine the needs of growing economies also escalated due to the wake of the pandemic. As a result of that, the demand for proper development of strong domestic and cross-border infrastructure increased to combat the existing issues. As a result, it has been opportunistic for freight audit and payment throughout the pandemic.
Regional Analysis
The Asia-Pacific freight audit and payment market are expected to emerge as the largest share-holding market, owing to the large population base of the countries like China, Japan, India, etc. Furthermore, the region is considered a hub of manufacturing facilities and high service providers, which will contribute to the growth of the freight audit and payment market. In addition to that, raising awareness about the extraordinary features of freight audit and payment, including invoices collection, transportation billing, payment processing, etc., will accelerate the growth of the global freight audit and payment market during the analysis period.
Competitors in the Market
Market Segmentation
The global freight audit and payment market segmentation focuses on Offering, Type, Application, Deployment, Platform, Organization Size, Product, and Region.
By Offering Outlook
By Type Outlook
By Application Outlook
By Deployment Mode Outlook
By Platform Outlook
By Organization Size Outlook
By Product Outlook
By Regional Outlook
