USD 47.98 billion
Report ID: SQMIG45D2055 | Region: Global | Published Date: February, 2023 | Pages: 211 | Tables: 91 | Figures: 76
Global Digital Transformation Spending in Logistics Market size was valued at USD 47.98 billion in 2021 and is poised to grow from USD 52.2 billion in 2022 to USD 102.5 billion by 2030, growing at a CAGR of 8.8% in the forecast period (2023-2030).
The market growth is attributable to increasing spending on digital transformation in logistics. Speed and time are crucial elements that contribute to enhanced efficiency as a result of the growing digitalization of many industries, and they are now even more crucial for the logistics sector. Technology has ushered in a logistical revolution marked by quicker and more effective operations.
The development of artificial intelligence and the Internet of Thought has accelerated the growth of digital transformation spending in the logistics sector for a number of significant organizations. The market's primary driver is the growing digitalization of business. For a number of large firms, the increase in digital transformation spending in the logistics sector has been driven by the development of artificial intelligence and the Internet of Thought. The increased digitalization of business is the main force driving the market.
Digital logistics refers to the automation and digitalization of processes related to the movement of commodities. Every routine logistical task that uses paper and a pen and requires repetitive manual labour can be digitally and automatically automated. Digital logistics comes into play in this situation. In 2019, according to NITI Aayog, the Indian government prioritised IoT, AI, and Big Data to transform the nation's supply chain and logistics industry. The government invested 100 crores of Indian Rupees in this sector, which is boosting the need for digital logistics across the nation.
Global Market Size
USD 47.98 billion
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Global digital transformation spending in logistics market is segmented on the basis of solutions, devices, IT Equipments, and region. By solutions, the market is segmented into hardware, software, and services. By devices, the market is segmented into RFID readers, Real-Time location System (RTLS). Barcode scanners, barcode stickers, and Global Positioning System (GPS). By IT equipment the market is segmented on the basis of enterprise servers and client machines. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Solutions
The software segment dominated the global digital transformation spending in logistics market and is anticipated to maintain its dominance throughout the forecast period. After the pandemic, the e-commerce sector's global sales share increased from 16% to 19%, according to UNCTAD. Advanced logistics software, which can handle customer requests, process orders, find necessary products, handle sales, and move the product to the shipment location where it will be shipped within the set time, significantly controls the industry. This significant growth demonstrates the advantages logistics software solutions provide for a logistics business which is anticipated to propel the demand for integrated software solutions in the logistic sector over the forecast period.
The GPS devices segment is expected to grow significantly over the forecast period. This is attributable to cellphones becoming more commonplace and there are more cars with GPS systems. Moreover, GPS is employed in civil applications like shipping, road transportation, heavy vehicle guidance, financial services, surveying, and mapping. Using vehicle tracking technologies reduces expenses and fuel usage while enabling improved fleet management throughout the way. Future GPS system demand and segment growth are anticipated to be fueled by the expansion of the logistics market.
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North America dominated the global market in 2021 and is expected to maintain its dominance throughout the forecast period, with the US alone accounting for the highest share in the regional market. The existence of a significant population of patients with mental illnesses, numerous activities featuring meditation workshops, and the quick growth of yoga studios in the area are all credited with the rise of the regional market. A major segment of the population in the region, particularly in emerging countries is expected to have more disposable income in the next years, which will lead to a rise in the number of people spending on mental health development.
Significant I.T. companies are present, and quick technological advancements like digitalization in countries like the US and Canada are accelerating the growth of the industry as a whole. 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 US by 2020, according to the transport and logistics news.
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Increasing demand for digitization is expected to drive market growth
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The major players in the market are Digital Logistics Group, Hexaware Technologies, S2K Warehouse Management, IBM, PartnerTech, Oracle. Mindtree, Tech Mahindra, SAP, 4Flow AG, and others.
SMEs are utilizing cloud services due to intense rivalry and the lack of multiple resources present in large enterprises. On the other hand, large enterprises are extremely cost sensitive, which drives them to increase their use of cloud-based software. In October 2018, Oracle Block chain Applications Cloud was introduced, a set of services to improve the supply chain transparency. It is intended to facilitate the tracking of goods along the supply chain using a distributed ledger, boosting the dependability of business transactions and accelerating the delivery procedure. Digital logistics solutions are given in a personalised manner based on business requirements owing to cloud-based services, which increases client satisfaction.
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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global digital transformation spending in logistics market analysis, speed & time are the crucial elements resulting in greater efficiency and have become even more crucial for the logistics sector as a result of the increasing digitalization of several industries. Technology has caused a shift in logistics, resulting in quicker, leaner, and more effective operations. These improvements are being accepted more quickly than ever owing to the development of automation services.
|Market size value in Logistics||USD 47.98 billion|
|Market size value in 2030||USD 52.2 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Digital Transformation Spending in Logistics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Digital Transformation Spending in Logistics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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