New York, US, April 11, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), " Digital Logistics Market: By Component, By Applications, By Vertical Forecast till 2030”, The size of the worldwide market was $18.10 billion in 2021, and it is anticipated to grow at a CAGR of 17.12% between 2022 and 2030 to reach USD 79.12 Billion. In 2020, North America accounted for the majority of the market, and it is anticipated that this dominance will persist for the entire anticipated time period.
Market Research Future Insights
Over the past ten years, the advent of online shopping and an increasing number of Internet users have driven the e-commerce industry's explosive expansion. Due to the exponential growth of e-commerce businesses working in the logistics sector, there is an urgent need for them to operate more swiftly and effectively in order to meet modest individual needs. Customers anticipate accurate orders (notification), free returns, and same-day or next-day delivery when making purchases online. Manufacturing (81%), wholesale (81%), and retail (80%) dominate the market for transportation services, according to a 2020 poll. In particular industries, e-marketplaces for logistics and transportation services have exploded with tremendous success. Startups in the last-mile, freight, and package delivery sectors have developed into a variety of platforms that combine access to shippers and carriers.
E-commerce players are looking for ways to cut down on the costs and times associated with order delivery. Transparency in price, convenience, and delivery times, as well as luring uninterrupted returns, are the driving forces behind the e-commerce business. To fulfill this need, new business models and solutions must be created by automating material handling, warehouse management, and distribution management systems and digitizing logistics processes. About half (44%) of consumers, according to Conveyco, stated they would be willing to wait two days for products to arrive via swift delivery. In terms of last-mile delivery options and simple return procedures, this has led to more effective and varied fulfillment services.
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Digital Logistics Market Report Scope:
| Report Metrics | Details |
| Digital Logistics Market Size by 2030 | USD 79.12 Billion (2030) |
| Digital Logistics Market Growth | 17.12% CAGR during 2022-2030 |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | Growth strategies, new product launches, mergers and acquisitions (M&A) activities, and latest R&D initiatives are discussed in granular detail. |
Lockdowns implemented by the government as a result of the recent COVID-19 outbreak have severely disrupted supply chains and operations for many enterprises. To make those crucial deliveries, businesses are enhancing their current supply chain capabilities with the use of digital logistics solutions. According to Logistics News, modern supply chains that make use of artificial intelligence and facilitate digital payments are necessary to combat disasters like the Covid-19 epidemic.
The total digital logistics market is also being driven by advancements in real-time shipment tracking, digital fulfillment, 3PL logistics, API-powered customization, internet of things, A.I., and machine learning.
In recent years, self-driving cars have become more prevalent in highly regulated environments like warehouses and yards, which has increased their relevance in the logistics industry. On the other side, self-driving cars, used in public and shared areas like city streets and highways, may be the sector's next major advancement, helping to streamline logistical processes and enhance safety. TedCrunch reports that in 2018, more than 80 companies tested more than 1,400 autonomous cars, trucks, and other vehicles throughout 36 states and Washington, DC. Because of growing A.I technical advancements and increased significant investments in the development of sensors and visual technologies, self-driving cars can help revolutionize the way vehicles are built, operated, employed, and maintained.
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Competitive Analysis
The competitive landscape research reveals details about the best-performing rivals with a global presence. Supply chain organization, SWOT analysis, PESTLE analysis, initiatives, company overview, significant R&D expenditures, production capacity, company strengths and weaknesses, overall revenue generation, company financials, and production sites and facilities are just a few of the factors used in the comparison.
Industry Trends
On July 1, 2022, Accenture completed the acquisition of Trancom ITS, a renowned provider of Japanese logistics technology services, and its operational technology and digital engineering capabilities. The acquisition will increase Accenture's capacity for digital engineering, logistics, and manufacturing, enabling it to provide the kind of hyper-automation solutions that Japanese logistics and manufacturing firms are increasingly demanding.
Following receiving regulatory permissions, GEODIS bought Keppel Logistics in July 2022. With this particular acquisition, GEODIS will be able to increase the scope of its contract logistics and e-commerce fulfillment activities throughout the APAC area, particularly in Singapore. Their consumers will receive a comprehensive supply chain experience thanks to the combined strengths of the two businesses. This acquisition will advance B2B and B2C e-channel commerce's management services. It will assist in the integration of Keppel Logistics' quickly expanding UrbanFox platform in Vietnam, Singapore, and Malaysia with GEODI's self-controlled air freight, sea freight, and road transport connections across the APAC region, ensuring that consumers present in every corner of the respective region can easily transport goods from almost all corners of the world.
Long-time client QuadX, one of the Philippines' fastest-growing startups that specializes in software solutions and e-commerce logistics, has significantly increased delivery productivity and increased the accuracy and timeliness of deliveries using FarEye's intelligent delivery platform, according to a June 2022 announcement from the company. During FarEye's rollout in 2018, QuadX has succeeded in creating a delivery platform that is very competitive and able to handle 307% more orders.
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Regional Analysis
North America had the largest share in the Regions segment. Significant I.T. companies and quick technological advancements, including the digitalization in nations like the USA & Canada, are accelerating the overall industry boom in this field. The developed economies of the concerned nations will enable them to make significant investments in cutting-edge digital logistics services and solutions. The cost of digital transformation in the logistics industry is anticipated to reach $13.2 billion in the United States by 2020, according to the transport and logistics news. Now, the nation has 28.98% of the market. Commercial logistics and transportation are the foundation of the North American economy. The Compliance, Safety, and Accountability (CSA) Act and modifications to the Hours of Service Solution (HOS) Act are two examples of regulatory reforms that are contributing to the gradual growth of the North American digital logistics business. Retail, utilities, and services are the top three industries with the quickest growth rates, and they are all helping to increase the use of digital logistics solutions.
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