Market Overview:
Freight audit and payment are an essential process for the management of supply chain costs. Freight audit and payment modernize freight payment systems and reduce the administrative and operational burden of manual freight intervention. Freight audit and payment companies provide contract optimization services to offer solutions at the lowest price. A freight audit and payment is a business process, in which a company’s freight bills are inspected, adjusted, and verified in order to achieve accuracy. Freight audit and payment help in avoiding time-consuming tasks such as sorting invoices, auditing and approving invoices, receiving and opening mail, and paying and assigning a general ledger code.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Historical Period | 2017-2021 |
Unit | Value (USD Million) |
Key Companies Profiled | nVision Global (United States), Green Mountain Technology (United States), PayAnyBiz (United States), CT Logistics (United States), Software Solutions Unlimited (SSI) (United States), ControlPay (Netherlands), U.S. Bank Freight Payment (United States), Cass Information Systems (United States), CTSI-Global (United States) and National Traffic Services (Canada) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region or narrow down segments in the final scope subject to feasibility |
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics of major and emerging geographies across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Key Players of Freight Audit and Payment Market Study:
nVision Global (United States), Green Mountain Technology (United States), PayAnyBiz (United States), CT Logistics (United States), Software Solutions Unlimited (SSI) (United States), ControlPay (Netherlands), U.S. Bank Freight Payment (United States), Cass Information Systems (United States), CTSI-Global (United States) and National Traffic Services (Canada)
Freight Audit and Payment Market Segment Analysis
Scope | Sub-Segments |
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Organization Size | SME (Small and Medium Enterprises),Large Enterprise |
Platform | Linux,Windows,UNIX,Mac |
Deployment | Cloud-Based,On-Premise |
End User | Costs Air Freight/Delivery Services,Freight/Courier Services,Marine Transportation,Railroads,Transportation Services,Warehouse,Trucking |
Solution | Control-Billing,Self-Billing,Account Management,Detention,Freight Payment,Others (Utility Bill Management, Waste Expense Management) |
Influencing Trend:
Increasing Use of Analytical Tools
Market Growth Drivers:
Increase in the need for Efficient Management Systems in the Transportation and Logistics Industry and Growing Freight Costs are anticipated to Rise in the Near Future, due to a Rise in Oil Prices
Challenges:
Intense Competition Among the Competitors
Restraints:
Lack of Skilled Working Professionals
Opportunities:
Technological Advancement and Development in the Freight Audit and Payment
Some of the other players that are also part of study are Trax Technologies (Canada) and Data2Logistics (United States). The Global Freight Audit and Payment market is gaining huge competition due to involvement of United States companies that constantly invest in research & development to meet market expectation with new innovation.
Latest Industry Highlights:
On 9th October 2020, enVista, a global software and consulting services provider, optimizing and transforming digital and physical commerce, has announced the launch of its Premier Freight Audit and Payment RFP.
On 30th June 2020, RateLinx, a leading supply chain, freight audit, and logistics visibility platform just announced a new, complimentary freight audit analysis available for shippers looking to improve transportation efficiencies and effectively implement cost-savings initiatives.
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Freight Audit and Payment market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in Freight Audit and Payment market.
Identification of total players or companies operating in the global market which is further concentrated to fewer or most impacting players which are considered under the reports scope. In order to make a priority list sorting is done based on revenue generated based on the latest reporting with the help of paid databases such as Factiva, Bloomberg, etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Freight Audit and Payment Providers, Research Organizations and Consulting Companies, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors, End Users and Others.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth, etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases etc.