Global commerce management software is a set of structured and enhanced solutions to streamline business functions by streamlining and automating them. Importers and exporters integrate international trade management software with their ERP/supply chain software to collaborate effectively with their trading partners. The global trade management software includes modules for trade compliance, import management, export management, customs management, and several others. Others involve modules focusing on logistics, transport and supply chain. Trade compliance has recorded a large share in the global trade management software market. International trade compliance refers to how well the company has witnessed the laws and regulations that govern its international business functions. Sudden transformations in regulations can lead to serious consequences as most organizations are unaware of the transformations made by the government. Therefore, implementing a trade compliance solution will enable them to avoid these consequences by streamlining business functions and accurately complying with evolving regulations.
According to the report analysis, ‘Trade Management Software Market By Solutions (Trade Function, Trade Compliance, Trade Finance, and Supply Chain Visibility) Services (Consulting, Implementation, and Support & Maintenance) – Global Forecast to 2023’ indicates that the volume of international trade has increased due to globalization, and transportation and logistics companies are facing problems related to streamlining business procedures and operating costs related to the increase in business operations. Increased sourcing from locations with cheap labor involving China and India driving business activities and requirement for global trade management software. The effective growth of cross-border security standards is propelling the demand for global trade management software. Complying with the growing number of free trade agreements between countless countries requires automation through trade management software.
Based on regions, the market is segmented into North America, Europe, APAC, and Row. The line includes the Middle East, South America and Africa. North America is the leading revenue generator in the global commerce management software market with a major share of the market taken by the United States. APAC is one of the fastest growing markets in the global commerce management software market, with the highest growth seen in China, Japan, South Korea, India, and Australia.
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One of the major factors limiting the implementation of global trade management software is the reluctance of several companies to adopt these solutions mainly due to concerns regarding the integration of trade management software with prevailing software and systems. . End users often refer to a plug-and-play solution to facilitate the process of integrating business management software with existing ERP software in the system.
The global commerce management software market is generally dominated by major companies involving Oracle, SAP, Infor, E2open and Integration Point as major players. Other prominent vendors in the market include Avolin, Bamboo Rose, AEB, Descartes Systems Group, QAD Precision, and Web. During the forecast period, the global commerce management software market is expected to witness consolidation with several major ERP vendors entering the market. Therefore, it is predicted that in the near future, the Business Management Software market will grow more effectively during the considered period across the globe.
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Ankur Gupta, Marketing and Communications Manager
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