The digital freight broker is a mobile- or web-based tool intended to match the shipper demand and demand of carrier supply, in the form of applications. They serve as the facilitator between the manufacturer and transport that carries the product to its endpoint. Brokers require a versatile, user-friendly, and completely featured interface to link technology between a legacy order processing and warehouse/distribution models. The digital freight brokerage platform requires to assess inbound procurement and outbound shipping orders so as to suggest the most suitable routing solutions. The managed supply chain and instantaneous shipment tracking platform are anticipated to increase considerably in the years to come, thereby fueling the growth of the global digital freight brokerage market during the forecast period.
The key factors contributing to the growth of the global digital freight brokerage market is the rise in the count of advanced smartphones, benefits of digital platforms, and enhanced wireless connectivity along with their rapid espousal. In the conventional freight brokerage market, the load and carriers may remain indolent till the deal is confirmed by brokers on the mail or phone. However, the rising penetration of tablets and smartphones has made this procedure well-organized by allowing shippers to discover transporters on demand and also remove unreasonable brokerage charges. The rapid acceptance of wireless connectivity technologies, specifically 4G and 3G, mainly in developing nations and endeavors by developed countries to introduce 5G in the coming period is expected to influence the market growth constructively.
Moreover, the elevated requirement for digitalization within the freight management is also projected to fuel the market expansion in the years to come. The most recent improvement in freight brokerage is the espousal of technically advanced applications. The rising technological improvement in logistics and supply chain are magnetizing the digital freight brokers market. Also, the penetration of app-based or on-demand trucking providers is receiving a notable amount of attention and investment. For freight management, the implementation of digital technology is assisting several established freight brokers to reassess their place within the market and improving their ability to sustain the advancing technologies to meet consumer demand.
On the contrary, the quality of carriers evaluated against digital freight platforms is the key challenge faced by the global digital freight brokerage market. To surpass this challenge, firms functioning in the market are attempting to provide quality carriers by working on responses from shippers and pre-validating the carriers. Further, several growth prospects are being presented for the market by blockchain technology as it can function to make digital freight platforms secure and transparent. The increasing acceptance of tools and apps to slash costs suffered on brokerage and endeavors to use unused cargo space within the trucking industry is further expected to upsurge the expansion of the global digital freight brokerage market during the forecast period.
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To cite, Kuehne + Nagel, in November 2018, planned to procure a market-leading provider of time-critical logistics and transportation solutions across the world, Quick International Courier. According to the company, the procurement of Quick is yet one more driver to boost network growth and to improve their global customer solutions portfolio.