LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Freight Payment Market - Procurement Intelligence Report.
The spend momentum of this market is primarily attributed to the growing dependence of the MCG, pharmaceutical, e-commerce, furniture, and electronics sectors on freight payment providers to obtain a fair estimate of the freight rates to transport cargoes across geographies. Most of the time, the lack of visibility of the price structure of freight services results in buyers incur exorbitant freight rates. Secondly, mismatch of invoices or incorrect shipment details has frequently delayed freight payments resulting in serious delays in cargo transportation, thereby negatively impacting buyer’s operations. To overcome these challenges, buyers are leveraging services from freight payment providers who conduct freight benchmarking and improve transparency in freight rates charged by multiple carriers in the market. Service providers in the freight payment market are fortifying their IT capabilities to improve their operational visibility which facilitate seamless integration of freight payments. This is generating cost savings for buyers in the due process while catering to their logistics requirement. This is expected to further accelerate the spend momentum of the freight payment market during the forecast period. Request a Free Sample of this freight payment market procurement intelligence report here!
APAC and MEA are some of the leading regions contributing to the spend growth of the global freight payment market. The increasing volume of exports done from the Southeast Asian countries to the developed regions such as North America and Europe is creating substantial demand for freight payment services in APAC. The necessity to adhere to regional financial laws such as Federal Tax Laws, the EU tax policies, as well as regional and global audit standards by buyers who are exporting goods is expected to drive the demand growth of this market. The increasing volume of mineral fuel exports done by a majority of the Middle Eastern countries will favor the spend growth of the freight payment market in MEA.
Insights offered in this freight payment market procurement intelligence report include supply market forecasts, major cost drivers, and category management insights. Such insights are relevant for both the buyers and the suppliers who seek a risk-free and a cost-effective procurement strategy. The category spend segmentation done in this market intelligence report will guide the investors in identifying the best investment areas as well as help them in identifying cost-saving opportunities in the market. Get free customization of this freight payment market procurement intelligence report to get information tailored to your every requirement.
“Buyers are advised to engage with freight payment providers that have adopted automation in their processes that include invoice generation, bill payments, selection of the best rates, and route optimization,” says SpendEdge procurement expert Tridib Bora.
This freight payment market procurement intelligence report has estimated the following cost drivers to influence the category growth in the coming years:
- Rise in outsourcing of freight payment services will drive category growth
- Regulatory changes pose significant challenges to vendors
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SpendEdge’s procurement market intelligence reports for the financial services category provide detailed supply market forecasts and cost drivers that impact category growth. Such information will help procurement managers as well as the suppliers to determine the total cost of ownership and change their procurement strategies accordingly. Additionally, SpendEdge’s reports provide category management insights and information on the procurement best practices for the category.
Report scope snapshot: Freight payment
Category pricing insights
- Pricing outlook
- Total cost of ownership analysis
- Supplier cost structure
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Cost-Saving Opportunities
- Supplier-side levers
- Buyer-side levers
- Quantifying cost savings by negotiation strategies
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Category ecosystem
- Competitiveness index for suppliers
- Buyer power
- Supplier power score
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