The surge in e-commerce, demand for real-time visibility, and adoption of IoT and AI technologies propel digital logistics market growth.
PORTLAND, OREGON, UNITED STATES, November 21, 2023 /EINPresswire.com/ — The digital logistics market was valued at $24.8 billion in 2022, and is estimated to reach $155.3 billion by 2032, growing at a CAGR of 20.4% from 2023 to 2032.
The digital logistics industry is experiencing significant transformation and growth. E-commerce expansion is a major driver, with increased demand for efficient supply chain solutions. Automation and data analytics are key trends, streamlining operations and enhancing decision-making. Big data and IoT technologies provide real-time visibility into shipments, optimizing routes, and reducing costs. Artificial intelligence and machine learning are used to predict demand, enabling proactive inventory management.
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In addition, the COVID-19 pandemic accelerated the adoption of digital logistics as businesses sought resilient supply chains. Overall, the digital logistics market analysis is marked by innovation, efficiency, and adaptability, serving as a vital component of the evolving global commerce landscape. Furthermore, major market players have undertaken various strategies to increase the competition and offer enhanced services to their customers.
For instance, in September 2023, IBM announced the expansion of its collaboration with biscuit brand Parle Products Pvt. by deploying cloud and artificial intelligence for business solutions through the course of the association, Parle was able to reduce sourcing cost, enhance sales forecast accuracy, lower the cost to serve and optimize IT infrastructure. Further, in May 2022, The German multinational software company SAP is partnering with Apple to expand partnerships across the digital supply chain. SAP announces two new mobile apps – Warehouse Operator & Direct Distribution – are available in the Apple App Store and also unveils new sustainability tools.
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By organisation size, the large enterprise segment is the highest-growing segment in 2022. This is attributed to the fact that the adoption of digital logistics industry solutions among large enterprises is driven by several factors such as the need for real-time visibility and tracking of goods throughout the supply chain is paramount.
Large enterprises require accurate and up-to-the-minute data to make informed decisions and proactively address potential disruptions. Meanwhile, small and medium-sized businesses are anticipated to be the fastest-growing segment during the forecast period. This is attributed to growing application of digital logistics is primarily geared towards achieving operational efficiency and cost reduction. These businesses typically have tighter budgets and may lack the infrastructure to support elaborate supply chain operations.
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By region, the global digital logistics market forecast was dominated by North America in 2022 and is expected to maintain this trend during the forecast period. Regulatory changes and trade uncertainties are creating opportunities for digital logistics providers to offer compliance and risk management solutions. Ensuring compliance with evolving customs and trade regulations is crucial for businesses involved in international logistics. Therefore, employer adoption, customization, and growing demand are driving the growth of the digital logistics market in the North America region.
On the other hand, the Asia-Pacific is expected to grow as the fastest-growing segment during the forecast period. This is attributed as governments and businesses in Asia Pacific are increasingly focused on reducing carbon emissions and promoting eco-friendly transport solutions. Electric and autonomous vehicles, along with eco-conscious packaging materials, are gaining traction. Therefore, a diverse market landscape, digital transformation, and employee engagement are driving the growth of the digital logistics market in the Asia-Pacific region.
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