Pune, July 11, 2024 (GLOBE NEWSWIRE) -- Digital Logistics Market Growth Analysis:
“According to the SNS Insider Research, the Digital Logistics Market size was estimated at US$ 29.65 billion in 2023 & is expected to reach US$ 160.1 billion by 2032, and the compound annual growth rate will be 20.6% during the forecast period 2024-2032.”
Growing Demand for Digitalization and Automation
The digital logistics market is growing due to the increasing e-commerce industry necessitates efficient and transparent logistics solutions. This, integrated with the rising trend of intelligent automation and generative AI, helps to drive market growth. Generative AI empowers logistics firms to automate repetitive tasks, improve the satisfaction of customers, and operate on a predictive version. It streamlines warehouse management processes, labour management, shipping management, and real-time communication.
Generative AI is a revolutionary technology that automates traditional logistics work and empowers corporations to function on a predictive version. The Internet of Things (IoT) is revolutionizing logistics by way of enabling real-time monitoring of goods. Sensors and devices embedded in various vehicles, cargo cubicles, and infrastructure offer precious records on area, temperature, and different important elements. This fact empowers logistics businesses to decorate visibility, decrease operational risks, and make informed decisions. Additionally, IoT facilitates the mixing of property into the supply chain, allowing efficient evaluation for advanced warehouse logistics, shipping management, and fleet management.
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Major Players Analysis Listed in this Report are:
The Key Players are Huawei Technologies Co., Ltd, IBM, Honeywell, Oracle Corporation, SAP, Intel, HCL Technologies, Blue Yonder, HCL Technologies Limited, AT&T, Cloud Logistics, Infosys, Eurotech S.P.A, ORBCOMM, Freightgate, WebXpress, Logisuite, ICAT Logistics, Magaya, Hexaware, Tech Mahindra, Advantech and Other Players
Recent Developments
SGTraDex, a trade data exchange platform, partnered with shipping lines OOCL, PIL, and ONE In August 2023. This is built upon an existing collaboration focused on digital innovation in logistics.
The new agreement aimed to create a data-driven ecosystem for logistics. It would achieve this by encouraging the use of digital solutions and data sharing through SGTraDex, involving land-based logistics players and industry software providers.
April 2023, Osa Commerce, a supply chain technology company, announced a partnership with Techdinamics. This collaboration aimed to help brands, retailers, and logistics providers implement digital innovations. Osa's platform would provide real-time order visibility, while Techdinamics would contribute integration and fulfillment solutions.
In October 2023, the delivery company UPS purchased Happy Returns, a company specializing in reverse logistics. This acquisition allows UPS to offer a broader variety of virtual logistics answers. Happy Returns specializes in streamlining the returns manner for both purchasers and agencies.
Digital Logistics Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 29.65 Bn |
| Market Size by 2032 | US$ 160.1 Bn |
| CAGR | CAGR of 20.6% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key 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 Growth Drivers | • Growing demand for the digital logistics market by the proliferation of the internet and a significant increase in online shopping and growth of e-commerce. • Increasing automation and generative AI also substantially contribute to this growth of the market. |
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Segment Analysis
By the deployment, the On-premises deployment held the dominant share of more than 71% in 2023 due to its enchantment to organizations looking for full control over their logistics methods. However, the cloud segment is expected to witness the highest growth rate of 20.8%, due to the flexibility, scalability, and cost-effectiveness it offers.
By function, the transportation management held the largest market share of more than 38% in 2023, because of its important role in optimizing supply chains and handing over on time. However, the labour-control segment is expected to grow with the highest growth rate as providers increasingly include person-friendly interfaces and gamification features to beautify accessibility and enhance performance.
By vertical, manufacturing segment dominated the market in 2023 because of the reliance on digital logistics for well-timed delivery of raw materials and inventory management, accounted the largest share of more than 28%.
Digital Logistics Market Key Segmentation:
By Function
- Warehouse Management
- Transportation Management
- Workforce Management
By Components
- Solution
- Asset Management
- Warehouse Management
- Data Management and Analytics
- Network Management
- Tracking and Monitoring System
- Security
- Fleet Management System
- Services
- Planning and Consulting Services
- Deployment and Integration Services
- Support and Maintenance
By Deployment Mode
- Cloud
- On-premises
By Organization Size
- Large Enterprises
- SMEs
By Vertical
- Retail and eCommerce
- Manufacturing
- Pharmaceuticals and Healthcare
- Aerospace and Defence
- Automotive
- Energy and Utilities
- Others
North America Retains Dominance, Asia-Pacific to Witness High Growth
North America's dominance is driven by the presence of massive IT corporations, a highly skilled workers, and a robust research infrastructure focus on automation. The well-established economies on this region allow for enormous investments in solutions related to digital logistics. Regulatory developments and the fast growth of retail, utilities, and service sectors in addition contribute to the growth of market.
The Asia-Pacific is projected to grow with a significant growth rate of 20.85%, because of the growing adoption of digital technologies in nations like China and India. Government initiatives to promote digital platforms for logistics delivery and foster global supply chain businesses are driving market growth. China's focus on optimizing its domestic market infrastructure and India's national logistics policy aimed at reducing costs and enhancing competitiveness are expected to fuel further growth in the region.
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Key Takeaways for the Digital Logistics Market
- Generative AI is transforming logistics via automating tasks, enhancing communication, and permitting data-pushed selection-making.
- The growing use of IoT and actual time monitoring answers is enhancing operational visibility and performance.
- The digital logistics market is experiencing enormous growth driven using e-commerce, automation, and the adoption of advanced technologies like generative AI.
- North America dominates the market, but Asia-Pacific is expected to witness the fastest boom because of authorities projects and fast technological adoption.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Digital Logistics Market Segmentation, By Function
8. Digital Logistics Market Segmentation, By Components
9. Digital Logistics Market Segmentation, By Deployment Mode
10. Digital Logistics Market Segmentation, By Organization Size
11. Digital Logistics Market Segmentation, By Vertical
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
15. Use Case and Best Practices
16. Conclusion
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