New York, USA, Jan. 31, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Logistic Software Market information by Software Type, by End-users and Region – forecast to 2030” market size to reach USD 18.31 billion, growing at a compound annual growth rate of 10.5% by 2030.
Market Scope:
The booming e-commerce industry for the increasing penetration of smartphones and the internet will boost market growth over the forecast period. As the e-commerce sector includes delivery of products doorstep, the industry growth has a direct effect on the development of the logistics market. Following the advances of technology, the logistics service providers in the warehouse and transportation sectors are using logistics software solutions for better efficiency. Besides, these solutions offer e-commerce companies with updates regarding the freight and stock forwarding. The WMS software solutions assist end-users in inventory management and offer accurate details about outward and inward stock.
Dominant Key Players on Logistic Software Market Covered are:
- Advantech Corporation
- Digilogistics
- UTI Worldwide Inc.
- Hexaware Technologies
- IBM Corporation
- JDA Software
- Oracle
- Samsung Electronics Co
- SAP AG
- Tech Mahindra
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Market USP Exclusively Encompassed:
Market Drivers
Introduction of Software Solutions with Advanced Technologies like AI to offer Robust Opportunities
The growth in the global need for logistics and transportation services will offer robust opportunities for the market over the forecast period. For capitalizing the increasing adoption of logistics software solutions, the vendors are coming up with software solutions with technological advancements like artificial intelligence. Artificial intelligence in the supply chain is utilized for predicting the demand, optimize warehouse management stock, plan demand and supply forecast, and ensure accuracy in shipping for reducing the lead time & transportation expenses.
Besides, other factors adding to the market growth include the growing awareness of the various benefits of logistics software like proper managing of labors, time saver, and cost, logistics software being used for managing and scheduling of mailing, tracking and shipping of packages, letters, equipment, logistics software like transportation management software allowing users in managing transportation operations relating to taxis, trains, buses, airlines, shippers, transportation rental agencies, and moving companies, the growing needs of unification amongst the growingly complex supply chains, increasing need from developing economies, the growing cloud-based technological advances, increase in strategic partnerships, rising investments in logistics industry, and implementation of blockchain technology.
Lack of Awareness in SMEs to Remain as Market Restraint
Lack of awareness concerning the perks of logistics software tools amid small and medium sized enterprises may remain a market restraint in the forecast period. Besides, the high initial investment may also impede market growth. SMEs are budget constrained and thus cannot afford high initial investments to adopt outsourced connective management technologies.
Safety Issues to act as Market Challenge
The safety and security issues coupled with the increase in malfunction cases associated with WMS software may act as market challenges over the forecast period.
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Segmentation of Market Covered in the Research:
The global logistic software market has been bifurcated based on software type and end users.
By software type, the warehouse management software type will lead the market over the forecast period. Warehouse management software or WMS are automated systems which are designed for managing daily operations of warehouses, fulfillment centres, and distribution centres. Such operations also comprise inventory management, auditing, and picking processes. Besides, it cuts down the paperwork and also reduces human errors which take place in manual processing at the time of storing or picking items in warehouses. Thus, as a result, the service provides will save time that in turn will boost efficiency and increase employee productivity. Such benefits will continue in bolstering the growth of the segment.
By end users, the logistic software market is segmented into Automotive, Government & Defense, Healthcare, Telecommunication and IT, Industrial, Engineering and Manufacturing, Oil & Gas and Others.
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Regional Analysis
APAC to Lead Logistic Software Market
The APAC region will lead the global logistic software market over the forecast period. Increasing need for high-end technology adoption, soaring up electronics industry, increasing adoption in Japan, India, and China, and rapid digitalization and industrialization are adding to the global logistic software market growth in the region.
North America to Have Significant Growth in Logistics Software Market
North America will have significant growth in the logistics software market over the forecast period. Increasing adoption of new technologies in the US, strong financial position, increasing investment to adopt leading technologies and tools, and booming telecommunication and IT & healthcare industry are adding to the global logistic software market growth in the region.
COVID-19 Impact on the Global Logistic Software Market
The wave of the COVID-19 outbreak has critically impacted every part of the world and also lowered the growth rate of the economy. The health and financial crisis alike broke down people the world over. During the government imposed lockdown, almost every production work and industrial operation had been restricted. This lockdown that was imposed to curb the spread of the virus had created a huge disturbance in the supply chain. The pandemic’s adverse consequences did impact the global logistic software market to some extent. Yet, owing to the limitations for manual operations, the organizations depended largely on the software. In fact the ease in the management in the logistics software influenced organizations in adopting it that assisted the logistics software business in possessing a stable growth during the tough circumstances as well. With the increasing need for logistics software, this market has been capable of regaining its normal potential. Key industry players too have contributed tremendously for boosting the growth of the logistic software market by offering customers with improved and better solutions. The multiple benefits of this software are like to increase the logistic software market sales in the days ahead.
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Competitive Landscape
The global logistic software market is both competitive along with being fragmented on account of the presence of several international and also domestic industry players. Such industry players have utilized an assorted innovative strategies for being at the top along with sufficing to the burgeoning requirement of the esteemed clients including geographic expansions, collaborations, joint ventures, new product launches, partnerships, contracts, and much more. Besides, the players are also investing in different research & development activities.
Industry News
Yojee, a logistics software leader has joined hands with HERE Technologies for creating unique intelligence solutions for transforming warehouse operations & management for the global companies.
Related Reports:
Digital Logistics Market Research Report – By Component (System, Services), Applications (Warehouse Management, Labor Management, Transportation Management), Verticals (Healthcare, Automotive, Manufacturing), by Regions - Forecast Till 2027
Connected Logistics Market: By Software (Asset Management, Warehouse management system, Security), Platform (Application Management, Device Management, Connectivity Management), Transportation Mode (Roadways, Railways, Airways, Waterways) - Global Forecast till 2027
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