Why Freight Forwarders
Adoption of Automated Solutions
According to a market research report published by Extrapolate, the global freight forwarding market was valued at US$180.4 billion in 2021 and is expected to reach US$251.1 billion by 2030, at a CAGR of 5.1% during the forecast period.
Growth in the freight forwarding market is a function of macroeconomic conditions and is largely determined by the strength of international trade. According to the United Nations Conference on Trade and Development (UNCTAD), global trade was worth a record US$32 trillion in 2022, but amid deteriorating economic conditions and rising uncertainties, growth turned negative in the second half of the year and continued to stagnate in 2023.
As international trade fluctuates, so does the demand for integrated transport services provided by freight forwarders. As global trade slows and margins shrink, freight forwarders are increasing their adoption of digital solutions and technological advancements to survive.
Freight forwarders are using technology to streamline operations and provide more efficient, cost-effective services, including shipment tracking software, automated customs clearance, and real-time updates to customers.
Partnering with Hurricane will give a freight forwarder a unique selling point in enabling it to support its customers with the required complete, accurate and valid data sets for cross-border shipments.
Reduce time to lodge an accurate customs declaration from 1-2 hours to 3-4 minutes
Preparing customs declarations is complex and requires experienced customs brokers to approve lodgement after considerable data entry into the many and varied fields of an online declaration system.
Supporting data enhancement in preparation for ICS2
This global forwarder is implementing data enhancement in relation to ICS2 for all its streams that are originating in different countries and have the EU or UK as a destination.
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