Global Digital Transformation Spending in Logistics Market

Digital Transformation Spending in Logistics Market Size, Share, Growth Analysis, By Solutions(Hardware, Software), By Devices(RFID Readers, Real-Time location System (RTLS)), By IT Equipment(Enterprise Servers, Client Machines) - Industry Forecast 2024-2031

Report ID: SQMIG45D2055 | Region: Global | Published Date: February, 2024
Pages: 211 | Tables: 91 | Figures: 76

Digital Transformation Spending in Logistics Market Regional Insights

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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Digital Transformation Spending in Logistics Market size was valued at USD 47.98 billion in 2019 and is poised to grow from USD 52.2 billion in 2023 to USD 102.5 billion by 2031, growing at a CAGR of 8.8% in the forecast period (2024-2031).

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. 'IBM Corporation', 'SAP SE', 'Oracle Corporation', 'Cognizant Technology Solutions Corporation', 'Amazon Web Services, Inc.', 'Accenture PLC', 'Huawei Technologies Co., Ltd.', 'Microsoft Corporation', 'Cisco Systems, Inc.', 'HCL Technologies Limited', 'Infosys Limited', 'DHL International GmbH', 'FedEx Corporation', 'United Parcel Service, Inc.', 'Deutsche Post AG (DHL eCommerce Solutions)', 'Kuehne + Nagel International AG', 'XPO Logistics, Inc.', 'Sinotrans Limited', 'SF Express Co., Ltd.', 'CEVA Logistics'

The major factor anticipated to accelerate the growth of the digital transformation investment in the logistics industry is the rise in demand for the digitalization of business operations and the pressure on service providers to lower costs. Also, increased digitalization adoption across a variety of industries, including logistics, and the revolutionary benefits for businesses with improved customer awareness, creative business models, and higher efficiency would significantly contribute to the market's development. Also, the logistics sector invests in digital transformation to improve the speed, efficiency, and timing of logistic services. This will boost customer satisfaction, which is anticipated to drive expansion over the projected period.

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.

North America dominated the 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.

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