Global freight forwarding market in need of transformation

Global freight forwarding companies are seeking change, as they are compelled to transform themselves from within. This is with relevance to the rapid growth in 2017, as seen in the global freight forwarding market. The market grew by 8.0% in 2017, and in comparison, to other years, it is considered a rapid expansion compared with recent years and the biggest annual gain since 2010.


 

Global freight forwarding companies are seeking change, as they are compelled to transform themselves from within. This is with relevance to the rapid growth in 2017, as seen in the global freight forwarding market. The market grew by 8.0% in 2017, and in comparison, to other years, it is considered a rapid expansion compared with recent years and the biggest annual gain since 2010.

 

The forwarding market and its largest players are embracing technology as they seek to transform their operations from within the entry of ‘tech forwarders’ – including digital forwarders and spot market platforms – has driven the largest forwarders to enhance their own technology usage and the capabilities they offer to shippers.

 

Customer-centricity is at the top of the agenda as the world’s largest freight forwarders look to drive efficiency and establish new routes to market.

At 8.0% the global freight forwarding market grew at its quickest annual pace since 2010. This was driven by strong growth in both air and sea freight which both saw year-on-year increases, while forecasts reveal that sea freight is positioned to continue healthy growth over the short- to medium-term.

 

Perhaps more than ever, freight forwarding stands at a crossroads with forwarders large and small facing significant challenges and threats in a market characterized by strong growth and abundant opportunity.