Digital Logistics Market: Global Size, Share, Trends, Growth and Forecast Outlook 2022-2032
Digital Logistics Market: Overview and Definition
The global digital logistics market is expected to grow from USD 22.1 billion in 2021 to USD 130.5 billion in 2032, at a CAGR of 23.1% during the forecast period 2022-2032. The key factors fueling the growth of digital logistics industry include significant growth in the ecommerce industry, rising volume and velocity of data in the logistics industry, and digital transformation in the logistics industry. Growing the adoption of cloud-based technology is expected to provide lucrative opportunities for the global market throughout the forecast period.
The digital logistics market refers to the use of digital technologies such as artificial intelligence, internet of things (IoT), cloud computing, and blockchain to streamline and optimize logistics and supply chain operations. This market includes a range of solutions, such as transportation management systems, warehouse management systems, and supply chain analytics software. The global digital logistics market is expected to experience significant growth in the coming years due to the increasing demand for real-time visibility and transparency in supply chain operations, as well as the growing adoption of e-commerce and omnichannel retailing.
Digital Logistics Market: Key Drivers
The digital logistics market is being driven by a variety of factors, including:
- Increasing demand for real-time visibility and transparency in supply chain operations
- Growing adoption of e-commerce and omnichannel retailing
- Advancements in digital technologies such as IoT, cloud computing, and blockchain
- Rising pressure to optimize logistics and supply chain operations for cost efficiency and sustainability
- Need for greater agility and flexibility in response to changing market conditions and customer expectations
- Increasing use of data analytics and machine learning to optimize logistics and supply chain operations.
Digital Logistics Market: Challenges
The digital logistics market faces several challenges, including:
- Integration with legacy systems and processes
- High initial costs of implementing digital logistics solutions
- Cybersecurity risks associated with increased use of digital technologies
- Lack of standardization across the industry
- Difficulty in finding and retaining skilled personnel with expertise in digital logistics technologies
- Concerns around data privacy and ownership.
Digital Logistics Market: Segmentation
Based on components, the digital logistics market has been classified into solution, and services. The solution segment is projected to be the largest segment during the forecast period. The solution segment is further classified into asset management, warehouse management, data management and analytics, security, and network management.
By function, the global digital logistics market has been divided into warehouse management, transportation management, and workforce management. The transportation management segment is projected to be the largest segment during the forecast period.
Based on organization size, the digital logistics market is segmented into large enterprises, and SMEs. By deployment mode, the global digital logistics market has been divided into cloud, and on-premises. The cloud segment is expected to register the highest CAGR during the forecast period.
By vertical, the global digital logistics market has been divided into retail and ecommerce, manufacturing, pharmaceuticals and healthcare, aerospace and defense, automotive, energy and utilities, and others (includes IT, telecom and chemicals).
Digital Logistics Market: Regional Synopsis
Geographically, the report covers North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America digital logistics market captured first position in the overall market share of 2021, driven by presence of large it companies, and significant invest in leading digital logistics solutions and services. In terms of revenue, Europe captured the second position in the digital logistics market. The digital logistics market in Asia Pacific region is projected to grow at lucrative growth rate over the forecast period.
Digital Logistics Market : Report Scope
Base Year Market Size
Forecast Year Market Size
Digital Logistics Market: Recent Developments
Some recent developments in the digital logistics market include:
- Adoption of artificial intelligence (AI) and machine learning (ML) technologies to optimize supply chain operations, such as predictive analytics and demand forecasting.
- Increasing use of blockchain technology to increase transparency and traceability in supply chain operations, particularly in industries such as food and pharmaceuticals.
- Growing interest in autonomous vehicles and drones for last-mile delivery and warehouse operations.
- Integration of digital logistics solutions with other enterprise systems such as enterprise resource planning (ERP) and customer relationship management (CRM) systems.
- Rising focus on sustainability and reducing carbon footprint, with the use of digital logistics solutions to optimize transportation routes and reduce waste.
Digital Logistics Market: Key Players
- AT&T, Blue Yonder
- Cloud Logistics
- Eurotech S.P.A
- HCL Technologies
- ICAT Logistics