Industry Background:
Freight audit and payment service is related to invoice verification, cost savings, and many adjacent aspects of logistical operations. It includes the examination and verification of freight billing and payment. The increasing shipment activities due to globalization and increased import-export of goods has increased the need for freight auditing services to reduce the transportation cost and remain competitive in the market. However, freight auditing and payment service providers are increasingly focusing on the adoption of technological solutions to reduce errors and reduce the paperwork and time taken in the process.
This growth is primarily driven by Growing Preference of Online Shopping and Increasing Globalization Will Drive the Market and Increasing Volume and Complexity of Shipments Will Boost the Demand of Outsourcing of Freight Auditing & Payment.
Globally, a noticeable market trend is evident Increased Adoption of Technological Solutions by Service Providers to Provide Value-added Service and Modernize Service Offering. Major Players, such as CT Logistics (United States), enVista LLC (United States), Interlog Services (France), ControlPay (Netherlands), Intelligent Audit (United States), Blume Global (United States), Data2Logistics (United States), CTSI-Global (United States), Trax Group (United States) and nVision Global (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In June 2018, Trax Technologies announced that it has merged with Veraction to become a market leader in transportation spend management. The merger will offer customers a single global technology platform across all shipping modes and a leading suite of transportation spend management analytics. The deal brings two leaders with rich legacies, innovative solutions, and deeply talented teams with an intense customer focus.
Market Drivers
- Growing Preference of Online Shopping and Increasing Globalization Will Drive the Market
- Increasing Volume and Complexity of Shipments Will Boost the Demand of Outsourcing of Freight Auditing & Payment
Market Trend
- Increased Adoption of Technological Solutions by Service Providers to Provide Value-added Service and Modernize Service Offering
Restraints
- Improper Recording of Costs May Create Hurdles for the Outsourcing of Freight Auditing
Opportunities
High Growth of Retail & E-commerce Sector Across the Globe
Challenges
The Deployment of Technological Solutions Instead of Outsourcing Services Due to High Cost
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Freight Audit and Payment Service Study Sheds Light on
The Freight Audit and Payment Service Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Freight Audit and Payment Service industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Freight Audit and Payment Service industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.