Electronic Bill of Lading Market Size is predicted to witness a 24.9% CAGR during the forecast period for 2024-2031.
Electronic bills of lading (eBL) systems automate these documents' creation, transmission, and processing, cutting down on the time and effort required to complete these tasks. The electronic bill of lading (eBL) combines a legal ruleset with technology to mimic the operations of a paper bill of lading. It is a digital alternative to the classic paper bill of lading. Electronic bills of lading (eBL) offer a more efficient and extensible solution for handling the ever-increasing number of transactions compared to traditional paper-based methods. Electronic bills of lading also allow users to monitor shipments in real time as they travel from origin to destination. Transportation times are reduced, supply chain efficiency is increased, and disruptions are less likely due to this transparency. Furthermore, increased reliance on digital trade procedures, strict international trade rules, and compliance standards are anticipated to fuel market expansion.
However, the market growth is hampered by the data privacy criteria for the safety and health of the electronic bill of lading market and the product's inability to prevent fog in environments with dramatic temperature fluctuations or high electronic bill of lading because Security issues, incompatibilities, and a lack of standards among eBL platforms are some of the non-functional criteria that are limiting the market's progress. Electronic bills of lading are essential to ensure the security and legitimacy of digital documents. Unlike paper bills of lading, electronic ones require strong digital security measures to prevent unauthorized access and modification. Due to the COVID-19 pandemic, which has affected the worldwide market and forced the closure of numerous factories to protect their personnel from contracting the virus, the expansion of the industry may be hindered.
Competitive Landscape
Some Major Key Players In The Electronic Bill of Lading Market:
- Vector
- Bolero
- E-Tiles
- SmartBOL
- essDOCS
- edoxOnline
- TruckLogics
- Transflo
- WaveBL
- Seatech EDOC
- Other Prominent Players
Market Segmentation:
The electronic bill of lading market is segmented based on functionality, end-use industries, and deployment type. As per the functionality, the market is segmented into document management, electronic signature, integration capabilities, and compliance and security features. By end-use industries, the market is categorised into manufacturing, logistics and transportation, retail, healthcare, and others. By deployment type, the market is segmented into cloud-based eBL software and on-premise eBL software.
Based on the End-Use Industries, the Logistics and Transportation Segment is Accounted as a Major Contributor to the Electronic Bill of Lading Market.
The logistics and transportation electronic bill of lading market is expected to lead with a major global market share in 2022. Because the sector handles a lot of shipments and transactions, it relies heavily on bill of lading (BL) documentation. As the industry strives to update and enhance its processes, there is a rising demand for electronic solutions to manage BLS better.
Cloud-Based eBL Software segment to witness growth at a rapid rate.
The cloud-based eBL software industry makes up the bulk of acrylic acid ester usage because of the scalability and flexibility offered by cloud-based eBL software. Businesses may easily increase or decrease operations in response to demand without investing heavily in new infrastructure, especially in countries like the US, Germany, the UK, China, and India.
In the region, the North American Electronic Bill of Lading Market Holds a Significant Revenue Share.
The North American electronic bill of lading market is expected to record the maximum market revenue share in the near future. It can be attributed to the regulatory backing from the government, new technologies, and more informed consumers. In addition, Asia Pacific is estimated to grow rapidly in the global electronic bill of lading market due to the region's acceptance of BYOD and enterprise mobility, rising demand for strong solutions, continuing digital transformation, and fast digitization.
Recent Developments:
- In January 2024, WaveBL revealed that it had raised a further $11 million from investors with expertise in smart logistics and bulk liquids. In addition to the Series B funding led by NewRoad Capital Partners, this additional amount will help the company further establish itself as a leader in the industry. The company plans to use the funds to expand its offerings and support scenarios that set a new standard for international trade regarding trust and efficiency.
- In September 2023, SmartBOL built a shipment information technology with an approval workflow for shipments. This workflow allowed the capture of signatures, ensuring that internal and external approvals were obtained before drivers could sign off on shipments.
Electronic Bill of Lading Market Report Scope
|
Report Attribute |
Specifications |
|
Growth Rate CAGR |
CAGR of 24.9% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By functionality, End-Use Industry, Deployment Type |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
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Competitive Landscape |
Vector, Bolero, E-Tiles, SmartBOL, essDOCS, edoxOnline, TruckLogics, Transflo, WaveBL and Seatech EDOC. |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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