Press release
Digital Logistics Market expected to Witness Huge Revenue Growth to 2034
The global Digital Logistics Market is estimated to reach over USD 269.6 Bnby 2034, exhibiting a CAGR of 21.2% during the forecast period.
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Digital Logistics refers to the use of sophisticated technology and communication in logistics to assist in reducing operational costs, improve the supply chain, increase overall efficiency, and create customer-centric solutions. The highlights of digital logistics solutions are the acceptance of data-driven logistics plans, improved logistics performance and quality, and enhanced engagement with multiple supply chain partners.
Digital logistics improve company performance by allowing for more flexible operations while lowering costs and stocks. As a result, businesses all over the world are implementing these solutions to gain a competitive advantage. High acceptance of digital technology and improving the capacity of existing solutions and creative applications are some of the reasons driving the growth of the digital logistics market.
Moreover, in recent years, the digitalization trend has provided a variety of new possibilities for ensuring long-term competitive advantages through the systematic improvement of logistics performance and/or progressive decrease of logistical costs.
List of Prominent Players in the Digital Logistics Market:
• Advantech
• AT&T
• Blue Yonder (Formerly Known as JDAJDA Software)
• Cloud Logistics
• Digilogistics Technology Limited
• Eurotech SPASPA.
• Freightgate Inc.
• HCLHCL Technologies
• Hexaware
• Honeywell
• IBM
• ICAT Logistics
• Impinj
• Infosys Limited
• Intel
• Intersec
• Logisuite
• Magaya
• Oracle
• Orbcomm Inc.
• Ramco Systems
• Samsung SDSSDS
• SAP
• Softlink
• Tech Mahindra
• We express
Market Dynamics:
Drivers-
Over the last decade, the rise in online purchases and the number of Internet users has fueled the e-commerce industry's exponential expansion. Because of the surge in e-commerce activity, logistics providers must work faster and more efficiently to fulfil small individual demands. Online shoppers expect order accuracy, same-day or same-hour delivery, and free returns. E-commerce companies are seeking ways to reduce order delivery times and operational costs.
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Challenges:
One of the most significant barriers to the wide acceptance of digital logistics is a lack of governance. The logistics industry is very fragmented, necessitating the development of a logistics IoT standard. To retain profitability and viability, global transportation and logistics industries are working on boosting supply chain efficiency. Because having one authority per field would be confusing, keeping governance as consistent as possible is necessary.
Regional Trends:
Asia Pacific Digital Logistics Market is expected to register a major market share in terms of revenue and is projected to grow at a high CAGR in the near future due to the use of digital technology in nations such as China and India, etc. Technological breakthroughs such as IoT, AI, and cloud computing help to drive market growth. In the midst of several challenges, including the COVID-19 pandemic, China's logistics sector is embracing digital technologies to boost productivity. Because of the fast adoption of digital logistics goods, North America is likely to increase at a high rate. The expanding E-commerce sector, widespread acceptance of cloud technology, and globalization of retail marketplaces are all offering enough prospects in the digital logistics market.
Recent Developments:
• In May 2022, IBM announced the signing of a Strategic Collaboration Agreement (SCA) with Amazon Web Services, Inc. (AWS), with plans to offer a significant portion of its software catalogue as Software-as-a-Service (SaaS) on AWS. IBM and AWS's relationship will help with supply chain digitalization.
Segmentation of Digital Logistics Market-
By Component-
• Solution
o Asset Management
o Data Management & Analytics
o Network Management
o Security
o Warehouse Management
• Service
o Deployment & Integration
o Planning & Consulting
o Support & Maintenance
By Application-
• Transportation Management
• Warehouse Management
• Workforce Management
By Deployment Mode-
• Cloud
• On-Premises
By Organization Size-
• Large Enterprises
• Small & Medium-Sized Enterprises
By End-user-
• Aerospace & Defense
• Automotive
• Energy & Utilities
• Manufacturing
• Pharmaceuticals & Healthcare
• Retail & E-Commerce
• Other End-users
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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