Carrier and rate management solutions allow the users to manage the performance of the carrier and benchmark it against guaranteed delivery commitments. However, measuring delivery performance is complicated, and relying on the carriers can be misleading sometimes as they normally modify their reporting to fit in with their service-level agreements. Thus, with the help of carrier and rate management solutions, each shipment is monitored and tracked against the actual delivery commitment, and reports are printed to verify the performance. Carrier and rate management solutions comprise national, multi-modal transport and manage orders from initiation to delivery. It manages all modes of transport such as air, rail, parcel, express, and carriers with the region specific rates and lane specific rates.
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One of the driving factors for the carrier and rate management solutions market is that these solutions provide accurate information that helps the user to take smarter and faster decisions. It also helps to expand communication across transportation management. This is anticipated to boost the market during the forecast period. In addition, the carrier and rate management solutions market offers a platform for maintaining rates from time of initiation to end of the commitment. Carriers, procurement specialists, and transportation managers are able to collaborate on changes of rates and are alerted when the given rates are about to expire. Allowing the carriers to suggest and access changes before implementing it. This solution also helps to integrate tightly with the logistics sourcing solution to provide up-to-date rate information. In addition, carrier and rate management solutions analyses the transportation and logistics marketplace from the viewpoint of a user’s unique shipping profile to enhance the user’s solutions. It administers the full shipment process from management of order, carrier selection, and locating of the carrier to financial settlement and performance reporting. This is projected to boost the growth of carrier and rate management solutions market during the forecast period.
The global carrier and rate management solutions market can be segmented in terms of deployment, mode of transport, enterprise size, and geography. In terms of deployment, the market can be divided into cloud and on-premise. Based on mode of transport, the carrier and rate management solutions market can be divided into road transport, rail transport, ocean transport, and air transport. Based on enterprise size, the carrier and rate management solutions market can be bifurcated into small and medium enterprises and large enterprises. The small and medium enterprises segment is anticipated to rise at a rapid pace during the forecast period.
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Based on geography, the global carrier and rate management solutions market can be divided into North America, South America, Asia Pacific, Europe, and Middle East & Africa. The market in North America is projected to expand at a notable pace during the forecast period. Asia Pacific is expected to be a lucrative market for carrier and rate management solutions in the near future, led by the wide client base and rapid digitization in the region. Continuous technological advancements in various sectors, growth in infrastructure development in different countries in Southeast Asia, and increase in foreign investments are estimated to drive the carrier and rate management solutions market in Asia Pacific.
Key players operating in the global carrier and rate management solutions market are focused on providing solutions as per client requirements, for example, implementation of different technologies and upgrade and expansion of the existing systems. The global carrier and rate management solutions market is characterized by presence of several key players. Main vendors compete with each other in terms of price and quality of their products. Major players operating in the global market include The Descartes Systems Group Inc., Amber Road, Inc., CT Logistics, Elemica, and Oracle.