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Digital Logistics Market 2024-2033 : Market Size, Top Segments, Leading Region Forecast
Digital Logistics Global Market Report 2024
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According to The Business Research Company's, The digital logistics market size has grown rapidly in recent years. It will grow from $20.62 billion in 2023 to $24.53 billion in 2024 at a compound annual growth rate (CAGR) of 19.0%. The growth in the historic period can be attributed to globalization and supply chain complexity, e-commerce boom, focus on sustainability, rise of omnichannel retail, customer expectations for faster delivery, dynamic market conditions, regulatory compliance requirements, data-driven decision-making, focus on inventory optimization.
The digital logistics market size is expected to see rapid growth in the next few years. It will grow to $46.09 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%. The growth in the forecast period can be attributed to rapid growth in e-commerce volumes, growth of autonomous vehicles, enhanced cybersecurity measures, shift towards servitization, digital twins for supply chain visualization, cross-border trade facilitation. . Major trends in the forecast period include adoption of iot in logistics, automation and robotics in warehousing, artificial intelligence (ai) in route optimization, cloud-based logistics platforms, sustainable logistics practices, 5g connectivity for logistics networks, cybersecurity measures, predictive analytics for demand forecasting.
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Market Drivers and Trends:
The rising adoption of artificial intelligence (AI) is expected to propel the growth of the digital logistics market going forward. Artificial intelligence (AI) refers to a branch of computer science that focuses on building smart machines that are capable of carrying out tasks that generally require human intelligence. AI adoption in digital logistics optimizes route planning, enhances predictive analytics for demand forecasting, and automates decision-making processes, leading to improved efficiency, cost savings, and streamlined supply chain operations. For instance, in May 2022, according to The International Business Machines Corporation (IBM), a US-based technology company, 35% of businesses worldwide used artificial intelligence (AI) in 2022, which is an increase of 4% from 2021. Therefore, the rising adoption of artificial intelligence (AI) is driving the growth of the digital logistics market.
Technological advancement is a key trend gaining popularity in the digital logistics market. Major companies operating in the digital logistics market are focused on research and development for designing technologically advanced digital logistics solutions enabling different use cases in connected logistics. Such as advanced solutions provide companies with a competitive edge in the market. For instance, in September 2022, XPO Logistics, a US-based transportation company, launched its integrated digital customer service management platform, called Assist, across the Iberian Peninsula. This innovative platform aims to simplify customer account service requests and processes, offering efficient communication tools and instant visibility into the status of customer inquiries. The integration of Assist has resulted in quicker responses to customer queries, thanks to the decreased time spent by customer service staff on administrative tasks.
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Major Key Players of the Market:
Oracle Corporation, IBM Corporation, SAP SE, Advantech Co Ltd., AT&T Inc., Intel Corporation, Honeywell International Inc., HCLTech Ltd., Blue Yonder Inc., DigiLogistics, Hexaware Technologies Ltd., Tech Mahindra Pvt. Ltd., Samsung SDS, ORBCOMM Inc., Freightgate, Huawei Technologies Co. Ltd., WebXpress, Ramco Systems Ltd., Logisuite, ICAT Logistics, JDA Software Pvt. Ltd., Cloud Logistics, DigiLogistics Technology Ltd., Infosys Limited, Kuehne + Nagel International AG, UPS Supply Chain Solutions, Capgemini SE, Cognizant Technology Solutions Corporation, Deutsche Post DHL Group, FedEx Corporation, Kenco Logistics Services LLC, Schneider Electric SE, XPO Logistics Inc.
Digital Logistics Market 2024 Key Insights:
• The digital logistics market size is expected to see rapid growth in the next few years. It will grow to $46.09 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%.
• E-Commerce Expansion To Drive Digital Logistics Market Growth
• Technological Advancement Driving Innovation In Digital Logistics
• North America was the largest region in the digital logistics market in 2023
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