The global freight audit and payment market size was US$ 14,021.8 million in 2021. The global freight audit and payment market is forecast to grow to US$ 37,365.6 million by 2030 by growing at a compound annual growth rate (CAGR) of 11.9% during the forecast period from 2022 to 2030.

Factors Influencing the Market

The transportation and logistics industries are growing at a rapid pace. The increasing demand for efficient management systems in these industries will primarily drive the global freight audit and payment market forward during the study period.

The growing adoption of freight audit and payment solutions and their impeccable features, such as collecting invoices, transportation billing, processing each payment, etc., will fuel the growth of the global freight audit and payment market during the study period.

The booming international trade is expected to benefit the freight audit and payment over the forecast period. Furthermore, growing cases of billing errors and high-volume invoice processing due to traditional methods are expected to amplify the growth of the freight audit and payment market during the forecast period.

The increasing number of strategic partnerships aiming at extending the product portfolio will also escalate the freight audit and payment industry growth during the analysis period. For instance, Trax Technologies inked a strategic partnership with Raistone in 2021.

COVID-19 Impact Analysis

The COVID-19 pandemic surged the demand for the products of daily necessities, such as food stock, medicines, etc., which escalate the demand for freight and logistics. Moreover, the demand to examine the needs of growing economies also escalated due to the wake of the pandemic. As a result of that, the demand for proper development of strong domestic and cross-border infrastructure increased to combat the existing issues. As a result, it has been opportunistic for freight audit and payment throughout the pandemic.

Regional Analysis

The Asia-Pacific freight audit and payment market are expected to emerge as the largest share-holding market, owing to the large population base of the countries like China, Japan, India, etc. Furthermore, the region is considered a hub of manufacturing facilities and high service providers, which will contribute to the growth of the freight audit and payment market. In addition to that, raising awareness about the extraordinary features of freight audit and payment, including invoices collection, transportation billing, payment processing, etc., will accelerate the growth of the global freight audit and payment market during the analysis period.

Competitors in the Market

nVision Global
Green Mountain Technology
Trax Technologies
U.S. Bank Freight Payment
Software Solutions Unlimited (SSI)
National Traffic Services
Data2Logistics
CTSI-Global
Cass Information Systems
ControlPay
CT Logistics (The Commercial Traffic Company)
Other Prominent Players
Market Segmentation

The global freight audit and payment market segmentation focuses on Offering, Type, Application, Deployment, Platform, Organization Size, Product, and Region.

By Offering Outlook

Solution
Service
By Type Outlook

Cross-border Trade
Domestic Trade
By Application Outlook

Seaways
Roadways
Railways
Airways
By Deployment Mode Outlook

Cloud
On-premise
By Platform Outlook

Linux
Windows
UNIX
Mac
By Organization Size Outlook

SME (Small and Medium Enterprises)
Large Enterprise
By Product Outlook

Customized Service
Standardized Service
By Regional Outlook

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America