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REPORT SCOPE & OVERVIEW

The Freight Transport Market size was USD 31.91 billion in 2022 and is expected to Reach USD 76.23 billion by 2030 and grow at a CAGR of 11.5 % over the forecast period of 2023-2030.

The market has been supported by reasonable shipping rates assigned to the freight transport providers and a variety of FTAs between countries. Such agreements will help to boost the freight market by reducing commodity prices and in doing so ensure an increased demand for transport. The internal controls needed to address logistics issues, which can be addressed with the use of various freight transport management solutions such as fleet tracking & maintenance, safety and monitoring systems, warehouse management systems or 3PL services, are missing from end users and manufacturers in emerging countries like India. The overall market will be stimulated by this factor.

Freight Transport Market Revenue Analysis

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Moreover, demand for specialized freight transport and supply chain performance capabilities has been fuelled by growth of e commerce and entrepreneurship. By reducing logistics costs, inventory costs and fixed costs, shippers benefit from the contracting of freight transport services. Globalization has created a situation in which several firms outsource the management of their freight transport operations because they have no ability to manage global supply chains. To maximise the efficiency of transport services, which have advantages like lower capital costs, door to door service, flexibility and less risk of collision during transit, cargo carriers offer enhanced and inventive ways to achieve this.

Due to the availability of efficient supply chain management, the presence of leading players on the eCommerce market and the needs for infrastructure, this sector has seen growth both in the US and Europe. The ability to monitor various products and freight in transit gives e-commerce companies a full view of their inventories and operations, which has an impact on demand for logistics solutions. In addition, shippers benefit from improving the customer service and control costs by moving goods at speed, minimising disruption, proactively managing status updates and mitigating risks. Therefore, a robust supply chain is expected to be established on the basis of sufficient visibility.

MARKET DYNAMICS

KEY DRIVERS:

  • Global Trade and Economic Growth

The level of international and domestic trade directly affects the demand for freight. As economies develop and trade volumes increase, so does the need to transport goods to and from different regions. 

  • The rise of e-commerce and the trend towards quicker deliveries have driven up demand for efficient and rapid freight transportation services.

RESTRAIN:

  • Labor Shortages can hinder the market

Shortages of skilled labor, particularly drivers and warehouse workers, can lead to delays, increased labor costs, and challenges in meeting delivery timelines.

OPPORTUNITY:

  • Digitalization and Technology Adoption

The integration of digital technologies, such as IoT, blockchain, data analytics, and automation, presents opportunities to enhance supply chain visibility, optimize routes, reduce costs, and improve overall efficiency.

  • Providing access to underserved rural and remote areas can be a opportunity for companies to offer specialized logistics solutions

CHALLENGES:

  • High Operating Costs

Fuel costs, maintenance expenses, and compliance with environmental regulations can contribute to high operational costs, impacting profitability.

IMPACT OF RUSSIAN UKRAINE WAR

The war has also increased transportation costs. The closure of airspace over Ukraine, which has made it necessary to reroute flights, increasing fuel costs. The increased demand for shipping as businesses try to find alternative routes to get goods to their destinations. The rising cost of fuel, which is a major component of transportation costs. Due to these factors, freight transport market has been affected. Also, the price of shipping a container from China to Europe has increased by more than 50% since the start of the war. The cost of air freight has also increased significantly, making it more expensive to transport goods that are time-sensitive. There have been delays and cancellations of flights due to airspace restrictions over Ukraine and Russia. There have been shortages of trucks and drivers, making it difficult to move goods around Europe.

IMPACT OF ONGOING RECESSION

A study by the McKinsey Global Institute found that a recession could reduce global trade by up to 30%. This would lead to a decline in transportation volumes and revenue for logistics companies. Also, report by the World Bank found that a recession could increase unemployment by up to 5%. This would make it more difficult for logistics companies to find qualified workers and could lead to delays in shipments. A study by the Boston Consulting Group found that a recession could increase the cost of transportation by up to 20%. This would add to the financial burden of logistics companies and could make it more difficult for them to invest in new technologies. The impact of the recession on the freight transport market is likely to be felt for several years. The recession is expected to slow down the growth of the market and make it more difficult for logistics companies to innovate.

However, there are some opportunities for logistics companies to thrive during a recession. For example, logistics companies that can provide flexible and cost-effective solutions to businesses will be in high demand. Additionally, logistics companies that can focus on niche markets, such as e-commerce or healthcare, may be able to weather the recession better than other companies.

KEY MARKET SEGMENTS

By Offering

  • Solutions

  • Services

The market shall be classified according to the offering in terms of solutions and services. The largest share of revenue was accounted for by the services segment. There are three categories of the service offering: managed services, business services and system integration. The growth of this segment is mainly due to the growing demand for freight management services enabling businesses to transport and complete their supply chains in an efficient and affordable manner. In order to maintain minimal storage space and low shipping inventories, this service allows businesses from all sizes to comply with orders through the provision of Just In Time production.

During the forecast period, the solution segment is expected to be the fastest growing. The adoption of innovative freight transport management systems across the world can be attributed to this. Freight traffic management schemes help to reduce freight transport costs, increase the efficiency of consignments and provide real time supply chain visibility for businesses in a range of sectors. To enhance time to value, cloud solutions allow users to effectively manage logistics processes, connect & cooperate with their business partners, reuse and share supply chain data.

By Transport Mode

The freight market is divided into road, rail, waterway or air transport based on mode of transport. The roadways segment accounted for a significant revenue share and is expected to retain its dominance during the forecast period owing to the fastest door-to-door services for short distances. In addition, given that it involves lower investment in capital compared to other modes of transport, this ensures cost effectiveness. Moreover, this mode of transport offers a large capacity to carry goods and therefore it is one of the preferred routes for freight. The growth of this segment is also being driven by increasing government efforts to promote road transport across the world.

During the forecast period, the airways segment is expected to show significant growth. The faster delivery, rapid airport development in developing countries and the adoption of sustainable aviation fuel for climate change can be seen as contributing to this growth.

By Vertical

  • Retail & E-commerce

  • Pharmaceuticals

  • Energy

  • Automotive

  • Aerospace & Defense

  • Others

Freight Transport Market Segmentation Analysis

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The freight transport industry is divided into retail & e commerce, automobiles, aerospace and defense, pharmaceuticals, energy or other sectors based on vertical. In view of the increasing sales of eCommerce across borders and a growing freight transport market, the retail & online segment accounts for an important revenue share and is projected to maintain its dominance over the forecast period. Freight transport involves movement of products in the field of retail and online trade, e.g. groceries, electronic devices, personal care items, furniture, clothing and footwear. There's a lot of room for growth in retail and e commerce. Venture capitalists around the world invest heavily in ecom logistics business ventures to take advantage of this potential.

During the forecast period, the pharmaceuticals segment is projected to grow at a significant CAGR. Pharmaceutical transport is the most important link in a logistics supply chain as these products are intended to be consumed by humans. In order to ensure that the medicinal products reach their intended consumers in an appropriate manner, full control of the entire distribution chain is required.

REGIONAL ANALYSIS

The market is dominated by North America, which has been expected to maintain this dominance due to the presence of a number of major freight solution providers, logistic companies and logistics players during the forecast period. The biggest e commerce company in the United States and Canada. In addition, the growth of this market is supported by factors such as continuous development and uptake of new technology like Artificial Intelligence, Near Field Communication or Machine Learning. As a result of huge demand for freight transport services in production, retail trade and e commerce, the U.S. is projected to maintain its dominant position over the forecast period.

In the forecast period, Asia Pacific's expansion will be substantial and at a high compound annual growth rate for the remainder of the forecast period. The region's thriving opportunities for automobile, packaging, healthcare and other applications can be a major contributor to this growth. The growth of the Asia Pacific freight transport market can also be attributed to an increase in production capacity, given various government incentives, low labour costs and sufficient land availability on large markets.

REGIONAL COVERAGE:

North America

  • US

  • Canada

  • Mexico

Europe

  • Eastern Europe

    • Poland

    • Romania

    • Hungary

    • Turkey

    • Rest of Eastern Europe

  • Western Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Netherlands

    • Switzerland

    • Austria

    • Rest of Western Europe

Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Vietnam

  • Singapore

  • Australia

  • Rest of Asia Pacific

Middle East & Africa

  • Middle East

    • UAE

    • Egypt

    • Saudi Arabia

    • Qatar

    • Rest of Middle East

  • Africa

    • Nigeria

    • South Africa

    • Rest of Africa

Latin America

  • Brazil

  • Argentina

  • Colombia

  • Rest of Latin America   

Key players 

Some major key players in the Freight Transport market are Schneider National Inc, CEVA Logistics, Oracle, FedEx, SAP SE, United Parcel Service of America Inc, Deutsche Post AG and other players.

Schneider National Inc-Company Financial Analysis

RECENT DEVELOPMENT

  • DHL is investing in drones to deliver packages in urban areas, and UPS is investing in self-driving trucks.

  • Nine new innovative freight projects have received a total of £1.2 million from government funding, including the use of drones to deliver packages on remote Scottish islands.

Freight Transport Market Report Scope:
Report Attributes Details
Market Size in 2022  US$ 31.91 Bn
Market Size by 2030  US$ 76.23 Bn
CAGR   CAGR of 11.5 % From 2023 to 2030
Base Year 2022
Forecast Period  2023-2030
Historical Data  2020-2021
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • by Offering (Solutions, Services)
• by Transport Mode (Roadways, Railways, Seaways, Airways)
• by Vertical (Retail & E-commerce, Pharmaceuticals, Energy, Automotive, Aerospace & Defence, Others)
Regional Analysis/Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Company Profiles Schneider National Inc, CEVA Logistics, Oracle, FedEx, SAP SE, United Parcel Service of America Inc, Deutsche Post AG 
Key Drivers • Global Trade and Economic Growth
• The rise of e-commerce and the trend towards quicker deliveries have driven up demand for efficient and rapid freight transportation services.
Market Restraints • Labor Shortages can hinder the market

 

Frequently Asked Questions

Ans:  The Freight Transport Market is expected to grow at a CAGR of 11.5 %.

Ans: The Freight Transport Market size was USD 31.91 billion in 2022 and is expected to Reach USD 76.23 billion by 2030.

Ans: Global Trade and Economic Growth.

Ans: Labor Shortages can hinder the market.

Ans: North American region is dominating the market.

Table of Contents

1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Russia-Ukraine war
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
4.3 Supply Demand Gap Analysis

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Freight Transport Market, By Offering
8.1 Solutions
8.2 Services

9. Freight Transport Market By Transport Mode
9.1 Roadways
9.2 Railways
9.3 Seaways
9.4 Airways

10. Freight Transport Market, By Vertical
10.1 Retail & E-commerce
10.2 Pharmaceuticals
10.3 Energy
10.4 Automotive
10.5 Aerospace & Defense
10.6 Others

11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Freight Transport Market by Country
11.2.2North America Freight Transport Market by Offering
11.2.3 North America Freight Transport Market by Transport Mode
11.2.4 North America Freight Transport Market by Vertical
11.2.5 USA
11.2.5.1 USA Freight Transport Market by Offering
11.2.5.2 USA Freight Transport Market by Transport Mode
11.2.5.3 USA Freight Transport Market by Vertical
11.2.6 Canada
11.2.6.1 Canada Freight Transport Market by Offering
11.2.6.2 Canada Freight Transport Market by Transport Mode
11.2.6.3 Canada Freight Transport Market by Vertical
11.2.7 Mexico
11.2.7.1 Mexico Freight Transport Market by Offering
11.2.7.2 Mexico Freight Transport Market by Transport Mode
11.2.7.3 Mexico Freight Transport Market by Vertical
11.3 Europe
11.3.1 Eastern Europe
11.3.1.1 Eastern Europe Freight Transport Market by Country
11.3.1.2 Eastern Europe Freight Transport Market by Offering
11.3.1.3 Eastern Europe Freight Transport Market by Transport Mode
11.3.1.4 Eastern Europe Freight Transport Market by Vertical
11.3.1.5 Poland
11.3.1.5.1 Poland Freight Transport Market by Offering
11.3.1.5.2 Poland Freight Transport Market by Transport Mode
11.3.1.5.3 Poland Freight Transport Market by Vertical
11.3.1.6 Romania
11.3.1.6.1 Romania Freight Transport Market by Offering
11.3.1.6.2 Romania Freight Transport Market by Transport Mode
11.3.1.6.4 Romania Freight Transport Market by Vertical
11.3.1.7 Turkey
11.3.1.7.1 Turkey Freight Transport Market by Offering
11.3.1.7.2 Turkey Freight Transport Market by Transport Mode
11.3.1.7.3 Turkey Freight Transport Market by Vertical
11.3.1.8 Rest of Eastern Europe
11.3.1.8.1 Rest of Eastern Europe Freight Transport Market by Offering
11.3.1.8.2 Rest of Eastern Europe Freight Transport Market by Transport Mode
11.3.1.8.3 Rest of Eastern Europe Freight Transport Market by Vertical
11.3.2 Western Europe
11.3.2.1 Western Europe Freight Transport Market by Country
11.3.2.2 Western Europe Freight Transport Market by Offering
11.3.2.3 Western Europe Freight Transport Market by Transport Mode
11.3.2.4 Western Europe Freight Transport Market by Vertical
11.3.2.5 Germany
11.3.2.5.1 Germany Freight Transport Market by Offering
11.3.2.5.2 Germany Freight Transport Market by Transport Mode
11.3.2.5.3 Germany Freight Transport Market by Vertical
11.3.2.6 France
11.3.2.6.1 France Freight Transport Market by Offering
11.3.2.6.2 France Freight Transport Market by Transport Mode
11.3.2.6.3 France Freight Transport Market by Vertical
11.3.2.7 UK
11.3.2.7.1 UK Freight Transport Market by Offering
11.3.2.7.2 UK Freight Transport Market by Transport Mode
11.3.2.7.3 UK Freight Transport Market by Vertical
11.3.2.8 Italy
11.3.2.8.1 Italy Freight Transport Market by Offering
11.3.2.8.2 Italy Freight Transport Market by Transport Mode
11.3.2.8.3 Italy Freight Transport Market by Vertical
11.3.2.9 Spain
11.3.2.9.1 Spain Freight Transport Market by Offering
11.3.2.9.2 Spain Freight Transport Market by Transport Mode
11.3.2.9.3 Spain Freight Transport Market by Vertical
11.3.2.10 Netherlands
11.3.2.10.1 Netherlands Freight Transport Market by Offering
11.3.2.10.2 Netherlands Freight Transport Market by Transport Mode
11.3.2.10.3 Netherlands Freight Transport Market by Vertical
11.3.2.11 Switzerland
11.3.2.11.1 Switzerland Freight Transport Market by Offering
11.3.2.11.2 Switzerland Freight Transport Market by Transport Mode
11.3.2.11.3 Switzerland Freight Transport Market by Vertical
11.3.2.1.12 Austria
11.3.2.12.1 Austria Freight Transport Market by Offering
11.3.2.12.2 Austria Freight Transport Market by Transport Mode
11.3.2.12.3 Austria Freight Transport Market by Vertical
11.3.2.13 Rest of Western Europe
11.3.2.13.1 Rest of Western Europe Freight Transport Market by Offering
11.3.2.13.2 Rest of Western Europe Freight Transport Market by Transport Mode
11.3.2.13.3 Rest of Western Europe Freight Transport Market by Vertical
11.4 Asia-Pacific
11.4.1 Asia-Pacific Freight Transport Market by country
11.4.2 Asia-Pacific Freight Transport Market by Offering
11.4.3 Asia-Pacific Freight Transport Market by Transport Mode
11.4.4 Asia-Pacific Freight Transport Market by Vertical
11.4.5 China
11.4.5.1 China Freight Transport Market by Offering
11.4.5.2 China Freight Transport Market by Transport Mode
11.4.5.3 China Freight Transport Market by Vertical
11.4.6 India
11.4.6.1 India Freight Transport Market by Offering
11.4.6.2 India Freight Transport Market by Transport Mode
11.4.6.3 India Freight Transport Market by Vertical
11.4.7 Japan
11.4.7.1 Japan Freight Transport Market by Offering
11.4.7.2 Japan Freight Transport Market by Transport Mode
11.4.7.3 Japan Freight Transport Market by Vertical
11.4.8 South Korea
11.4.8.1 South Korea Freight Transport Market by Offering
11.4.8.2 South Korea Freight Transport Market by Transport Mode
11.4.8.3 South Korea Freight Transport Market by Vertical
11.4.9 Vietnam
11.4.9.1 Vietnam Freight Transport Market by Offering
11.4.9.2 Vietnam Freight Transport Market by Transport Mode
11.4.9.3 Vietnam Freight Transport Market by Vertical
11.4.10 Singapore
11.4.10.1 Singapore Freight Transport Market by Offering
11.4.10.2 Singapore Freight Transport Market by Transport Mode
11.4.10.3 Singapore Freight Transport Market by Vertical
11.4.11 Australia
11.4.11.1 Australia Freight Transport Market by Offering
11.4.11.2 Australia Freight Transport Market by Transport Mode
11.4.11.3 Australia Freight Transport Market by Vertical
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Freight Transport Market by Offering
11.4.12.2 Rest of Asia-Pacific Freight Transport Market by Transport Mode
11.4.12.3 Rest of Asia-Pacific Freight Transport Market by Vertical
11.5 Middle East & Africa
11.5.1 Middle East
11.5.1.1 Middle East Freight Transport Market by Country
11.5.1.2 Middle East Freight Transport Market by Offering
11.5.1.3 Middle East Freight Transport Market by Transport Mode
11.5.1.4 Middle East Freight Transport Market by Vertical
11.5.1.5 UAE
11.5.1.5.1 UAE Freight Transport Market by Offering
11.5.1.5.2 UAE Freight Transport Market by Transport Mode
11.5.1.5.3 UAE Freight Transport Market by Vertical
11.5.1.6 Egypt
11.5.1.6.1 Egypt Freight Transport Market by Offering
11.5.1.6.2 Egypt Freight Transport Market by Transport Mode
11.5.1.6.3 Egypt Freight Transport Market by Vertical
11.5.1.7 Saudi Arabia
11.5.1.7.1 Saudi Arabia Freight Transport Market by Offering
11.5.1.7.2 Saudi Arabia Freight Transport Market by Transport Mode
11.5.1.7.3 Saudi Arabia Freight Transport Market by Vertical
11.5.1.8 Qatar
11.5.1.8.1 Qatar Freight Transport Market by Offering
11.5.1.8.2 Qatar Freight Transport Market by Transport Mode
11.5.1.8.3 Qatar Freight Transport Market by Vertical
11.5.1.9 Rest of Middle East
11.5.1.9.1 Rest of Middle East Freight Transport Market by Offering
11.5.1.9.2 Rest of Middle East Freight Transport Market by Transport Mode
11.5.1.9.3 Rest of Middle East Freight Transport Market by Vertical
11.5.2 Africa
11.5.2.1 Africa Freight Transport Market by Country
11.5.2.2 Africa Freight Transport Market by Offering
11.5.2.3 Africa Freight Transport Market by Transport Mode
11.5.2.4 Africa Freight Transport Market by Vertical
11.5.2.5 Nigeria
11.5.2.5.1 Nigeria Freight Transport Market by Offering
11.5.2.5.2 Nigeria Freight Transport Market by Transport Mode
11.5.2.5.3 Nigeria Freight Transport Market by Vertical
11.5.2.6 South Africa
11.5.2.6.1 South Africa Freight Transport Market by Offering
11.5.2.6.2 South Africa Freight Transport Market by Transport Mode
11.5.2.6.3 South Africa Freight Transport Market by Vertical
11.5.2.7 Rest of Africa
11.5.2.7.1 Rest of Africa Freight Transport Market by Offering
11.5.2.7.2 Rest of Africa Freight Transport Market by Transport Mode
11.5.2.7.3 Rest of Africa Freight Transport Market by Vertical
11.6 Latin America
11.6.1 Latin America Freight Transport Market by country
11.6.2 Latin America Freight Transport Market by Offering
11.6.3 Latin America Freight Transport Market by Transport Mode
11.6.4 Latin America Freight Transport Market by Vertical
11.6.5 Brazil
11.6.5.1 Brazil America Freight Transport by Offering
11.6.5.2 Brazil America Freight Transport by Transport Mode
11.6.5.3 Brazil America Freight Transport by Vertical
11.6.6 Argentina
11.6.6.1 Argentina America Freight Transport by Offering
11.6.6.2 Argentina America Freight Transport by Transport Mode
11.6.6.3 Argentina America Freight Transport by Vertical
11.6.7 Colombia
11.6.7.1 Colombia America Freight Transport by Offering
11.6.7.2 Colombia America Freight Transport by Transport Mode
11.6.7.3 Colombia America Freight Transport by Vertical
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Freight Transport by Offering
11.6.8.2 Rest of Latin America Freight Transport by Transport Mode
11.6.8.3 Rest of Latin America Freight Transport by Vertical

12 Company profile
12.1 Schneider National Inc
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 CEVA Logistics
12.2.1 Company Overview
12.2.2 Financials
12.2.3 Product/Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Oracle
12.3.1 Company Overview
12.3.2 Financials
12.3.3 Product/Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 FedEx
12.4.1 Company Overview
12.4.2 Financials
12.4.3 Product/Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 SAP SE
12.5.1 Company Overview
12.5.2 Financials
12.5.3 Product/Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 United Parcel Service of America Inc
12.6.1 Company Overview
12.6.2 Financials
12.6.3 Product/Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Deutsche Post AG
12.7.1 Company Overview
12.7.2 Financials
12.7.3 Product/Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View

13. Competitive Landscape
13.1 Competitive Bench marking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions

14. Use Case and Best Practices

15. Conclusion

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Secondary Research

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Primary Research

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Data Bank Validation

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