Digital Freight Matching Market (By Service; By Platform; By Transportation Mode; By Industry) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2024-2033

The global digital freight matching market size was estimated at around USD 36.41 billion in 2023 and it is projected to hit around USD 564.68 billion by 2033, growing at a CAGR of 31.54% from 2024 to 2033. 

Key Pointers

• North America led dominated the market with the largest market share of 33%. It is expected to grow at a CAGR of 28.85% from 2024 to 2033.
• By Service, the freight matching services segment held the largest revenue share of 83% in 2023.
• By Service, the value-added services segment is expected to expand at the highest CAGR of 32.74% throughout the forecast period.
• By Platform, the mobile-based segment had the largest market share of 63% in 2023.
• By Platform, the web-based segment is anticipated to grow at the noteworthy CAGR of 29.97% between 2024 to 2033.
• By Transportation Mode, the full truckload (FTL) segment contributed the largest market share of 44% in 2023.
• By Transportation Mode, intermodal segment is expected to expand at the highest CAGR of 31.38% from 2024 to 2033. 

Europe Hyaluronic Acid-based Dermal Fillers Market Overview

Digital Freight Matching refers to the process of using online platforms, mobile applications, and software solutions to connect shippers with carriers in real-time. By utilizing algorithms and machine learning capabilities, DFM platforms analyze various factors such as shipment requirements, carrier capacity, geographic location, and pricing preferences to identify the most suitable matches quickly and efficiently.

Europe Hyaluronic Acid-based Dermal Fillers Market Growth Factors 

The growth of the digital freight matching (DFM) market is driven by an advancement in technology, including artificial intelligence and machine learning algorithms, have significantly enhanced the efficiency and accuracy of freight matching processes. Secondly, the increasing demand for real-time visibility and transparency in logistics operations has driven the adoption of DFM solutions, enabling stakeholders to track shipments and optimize routes more effectively. Additionally, the growing emphasis on cost savings and operational efficiency has led businesses to seek out DFM platforms to streamline their supply chain processes and reduce transportation costs. Moreover, the scalability and flexibility offered by DFM solutions, along with the ability to access a broader network of carriers, have further fueled market growth. 

Report Scope of the Digital Freight Matching Market

Europe Hyaluronic Acid-based Dermal Fillers Market Trends:

• Adoption of Advanced Technologies: Integration of artificial intelligence, machine learning, and big data analytics into DFM platforms to enhance efficiency and accuracy in freight matching processes.
• Expansion of Mobile Solutions: Increasing usage of mobile applications for DFM, allowing stakeholders to access real-time information and manage shipments on the go.
• Rise of Platform Integration: Growing demand for seamless integration of DFM platforms with existing transportation management systems (TMS) and enterprise resource planning (ERP) systems for enhanced visibility and automation.
• Focus on Sustainability: Emphasis on sustainability and environmental responsibility driving the development of DFM solutions that optimize routes, reduce empty miles, and minimize carbon emissions.

Service Insights

In terms of service, the market is classified into freight-matching services and value-added services. The freight matching services segment dominated the overall market, gaining a market share of 83% in 2023. Market players provide freight matching services like freight listing and brokerage, and online transaction services. These services are the platform's core services, and the market players have contracts with shippers and carriers for using brokerage services. The growing innovation in technologies such as AI and ML and their adoption in digital freight matching platforms is driving the growth of this segment. Algorithms powered by these technologies can help in various freight brokerage applications such as capacity management and dynamic pricing.

The value-added services segment is anticipated to grow at the fastest CAGR of 32.74% throughout the forecast period. Value-added services include services such as support and insurance services. Moreover, these services can offer shippers access to TMS and carriers access to software for managing traffic ticket records. These services address the needs of carriers and shippers, improving their engagement on the platform. The need for essential services on a single platform is driving the growth of this segment.

Platform Insights

In terms of platform, the market is classified into web-based and mobile-based. The mobile-based segment dominated the overall market, gaining a market share of more than 63% in 2023. It is expected to grow at the fastest CAGR of 32.5% throughout the forecast period. Most market players provide mobile applications on Google Play and Apple Inc.'s App Store. China-based Full Truck Alliance (JiangSu ManYun Software Technology Co., Ltd.) provides freight matching and value-added services through mobile apps such as Yunmanman and Huochebang. Mobile-based platforms are faster than web-based apps and can work offline. Moreover, they are safer as they must be approved on the app store. The growing penetration of smartphones and ease of use drive the segment's growth.

The web-based segment is expected to grow at a considerable CAGR of 29.97% during the forecast period. Web-based digital freight matching platforms are platforms accessed through web browsers. Web-based applications are easier to build compared to mobile apps. Moreover, they can be launched quickly, as they do not require app store approval. The ease of maintenance of web-based platforms is driving the segment’s growth.

Transportation Mode Insights

In terms of transportation mode, the market is classified into Full truckload (FTL), Less-than-truckload (LTL), intermodal, and others. The Full truckload (FTL) segment has dominated the market, gaining a market share of more than 44% in 2023 and witnessing the fastest CAGR of 32.66% during the forecast period. Full truckload (FTL) involves booking the entire truck, and the goods are delivered from the starting to the end point without intermediate loading. It is a good option for shipping temperature-sensitive goods not meant to be transported with other goods. Moreover, it is a good option for transporting goods quickly without stopovers. The flexibility and quickness of Full truckload (FTL) transportation is driving the segment’s growth.

The intermodal segment is anticipated to witness a CAGR of 31.38% throughout the forecast period. Intermodal shipping includes goods shipment through a combination of truckload and rail. Intermodal transportation is a good option when shipping needs to be done over longer distances. It is a lower-cost alternative to truckload and a more environmentally sustainable option. Asia Pacific countries are taking initiatives to make intermodal transportation more effective by expanding their rail network. Intermodal transportation's cost-effectiveness and environmental sustainability drive the segment's growth.

Industry Insights

In terms of industry, the market is classified into food & beverages, retail & e-commerce, manufacturing, oil & gas, automotive, healthcare, and others. The food & beverages segment has dominated the overall market, gaining a market share of more than 23% in 2023 and witnessing a CAGR of 32.25% during the forecast period. The food & beverage industry consists of time-sensitive goods. The quality of the products can deteriorate over time and require specific conditions across the supply chain. Hence, they require quick and efficient transportation solutions to maintain their quality. A digital freight matching platform can improve the overall speed of freight brokerage operations as the platform connects the shippers with carriers as per load requirements. The need to maintain food quality and ensure regulatory compliance is driving the segment’s growth. 

The retail & e-commerce segment is anticipated to witness the fastest CAGR of 34.84% throughout the forecast period. Growing access to internet and smartphones is driving the growth of the e-commerce sector. Moreover, e-commerce provides customers convenience as they can shop for goods from their homes. The COVID-19 pandemic accelerated e-commerce sales as people stayed at home. 

Regional Insights

North America dominated the overall market in 2023, with a market share of 33%. It is expected to grow at a CAGR of 28.85% throughout the forecast period. North America has a developed technological infrastructure with high internet and smartphone penetration. Hence, the shippers and carriers in the region can access digital freight matching platforms. The presence of prominent market players such as U.S.-based Uber Freight (Uber Technologies, Inc.) and Convoy, Inc, and high Research and Development (R&D) activity of technologies such as AI and ML in the region is a favorable environment for the growth of the market in the region.

Asia Pacific is expected to grow at the fastest CAGR of 35.37%. Asia Pacific makes up a significant share of the global population, and the e-commerce industry is growing rapidly. Hence, digital freight matching platforms are likely to be adopted at a significant rate to meet consumer demand in the region. According to the GSM Association’s 2023 report, about 47% of Asia Pacific’s population doesn’t have mobile internet access. However, smartphone adoption and 5G connections are expected to grow significantly by 2032. Improving technological infrastructure and growing e-commerce sales are driving the market’s growth in the region.

Digital Freight Matching Market Key Companies

• Uber Freight (Uber Technologies, Inc.)
• Redwood; C.H. Robinson Worldwide, Inc.
• XPO, Inc.
• Convoy, Inc
• Full Truck Alliance (JiangSu ManYun Software Technology Co., Ltd.)
• Freight Technologies, Inc.
• Freight Tiger
• Cargomatic Inc.
• Roper Technologies, Inc.

Digital Freight Matching Market Segmentations:

By Service 

• Freight Matching Services
• Value Added Services

By Platform 

• Web-based
• Mobile-based
  • Android
  • iOS

By Transportation Mode 

• Full Truckload (FTL)
• Less-than-truckload (LTL)
• Intermodal
• Others

By Industry 

• Food & Beverages
• Retail & E-Commerce
• Manufacturing
• Oil & Gas
• Automotive
• Healthcare
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa