The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Digital Logistics Market Share. The growth sectors of the Digital Logistics Market Share are identified with precision for a better growth perspective.
The digital logistics market is predicted to surpass a valuation of USD 19 billion, attaining a CAGR of 11% during the forecast period (2017-2023), Market Research Future (MRFR) reveals in a detailed report. Digital logistics offer advantages to the companies by offering profitability, enhanced efficiency, customer-centric solutions, and enhanced supply chain. Enterprises across the world are highly embracing these solutions to gain a competitive edge. Digital logistics use advanced communications and technologies to improve supply chain integration and supply chain by minimizing the operation cost.
Market Potential and Pitfalls
The global digital logistics market has witnessed a tectonic surge over the past few years, mainly due to the booming e-commerce sector across the globe. Digital logistics has been highly impacted by the advent of m-commerce and e-commerce, which has empowered customers to source products from across the world. Supply chain logistics and new enterprise applications are united to the core warehouse, transportation, and labor management, with the help of digital logistics. This will further enable new process models and ensure excellence and fulfillment. The enhanced logistics operations and large volume of data are some of the factors propelling the growth of the market across the globe. Globalization has paved the way for the consumers to source commodities from across the globe, which in turn has triggered the demand for a reliable digital logistics solution. Moreover, the loss due to employee theft, concerns associated with product distribution, and loss of goods in transit are some of the prominent factors to intensify the growth of the market in the foreseeable future.
A prominent change is likely to reshape the shipping and logistics industries. With digitization spreading across the globe, platform-based business models are likely to connect with new players and harness the cloud. Consumer-facing logistics and transportation have witnessed the rise of platforms like Deliveroo and Uber. New technology and infrastructure, constant pressure to minimize cost, and more visible logistics data is likely to influence the growth of the digital logistics market during the review period. IBM and Maersk partnered to launch TradeLens, which is a blockchain-based platform to manage shipments across the globe, involving multiple stakeholders.
Global Digital Logistics Market: Segmental Analysis
The digital logistics market is segmented on the basis of applications, component, and verticals
By component, the digital logistics market is segmented into services and system. The system is further segmented into order management systems, database management systems, information integrated systems, fleet management systems, electronic data interchange systems, and tracking and monitoring systems. The services segment comprises consulting services and system integration services.
By applications, the digital logistics market is segmented into transportation management, warehouse management, and labor management.
By verticals, the market is segmented into government, automotive, aerospace, defense, manufacturing, healthcare, retail, and others.
Geographically, the digital logistics market spans across the Asia Pacific, North America, Europe, and the Rest of the World (RoW).
Considering the global scenario, North America is likely to experience high growth, with the increased proliferation of digital technologies and systems like RFID, electronic data interchange, and others. As the rate of technology adoption has always been on the rise, the market is considered to flourish in the region.
Europe is gaining popularity in the digital logistics market owing to the next generation of cloud services. The region will multiply its revenue generation owing to the wide-scale penetration of cloud services
The Asia Pacific countries like Japan, China, and India are considered as emerging regional markets for digital logistics. With the proliferation of internet connectivity, the market is expected to gain mileage in the region. The booming e-commerce industry in this region is likely to favor the growth of the market in the long run.
Digital Logistics Market has increased at 11% CAGR during forecast period 2017 to 2023, Digital…
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