DIGITAL LOGISTICS MARKET IS EXPECTED TO FORESEE SIGNIFICANT GROWTH DURING THE FORECAST PERIOD. ASIA-PACIFIC REGION TO WITNESS THE HIGHEST GROWTH
Digital Logistics Market is expected to reach the market valuation of US$ 46 Billion by 2027 expanding at a significant CAGR of 18% during the forecast period (2021-2027) from US$ 15 Billion in 2020. Enterprises are willingly adopting digital logistics solutions for their regular logistics and supply chain operations to better serve their customers. The digital logistics market is growing rapidly because of the increasing requirement for digital fleet management which is cost-effective logistics and supply chain solutions across various industry verticals. The increasing customer expectation, along with the measures to control the logistics cost, plays a vital role in shaping the future of the digital logistics market. For instance: in 2020, the e-commerce market is not only thriving but it is expected that more than 95% of all purchases to be conducted via e-commerce by 2040.
Transportation service providers such as carriers, third-party logistics providers, and freight forwarders have traditionally composed a big market for logistics IT. In 2020, 81% of respondents tell they sell to the transportation service industry. But that number has fallen since 2019, when 93% of respondents counted transportation service providers among their customers. According to a survey in 2020, three industries play a huge role in the market as transportation services: manufacturing (81%), wholesale (81%), and retail (80%). In 2019, 55% of respondents said that their solutions were cloud-based, Software as a Service (SaaS), or hosted. But in 2020, 100% of respondents report they offer such solutions. 42% vendors gave customers a choice that they may implement solutions in the cloud or on a customer’s own premises — the same as in 2019. The number of vendors who offer on-premises solutions only — already a mere 1% in 2019 — dwindled to zero in 2020.
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The exponential growth of the e-commerce industry over the past decade has been driven by the rise in online shopping and an increase in the number of internet users. The e-commerce activities require logistics providers to operate faster and more efficiently to rapidly process small individual orders. Online customers expect order accuracy, same-day or same-hour delivery, and free returns. E-commerce companies are exploring ways to reduce order delivery times and operational costs. The e-commerce industry drives the demand for transparency, affordability, convenience, and speed in delivery as well as compelling frictionless returns. To cater to this need, it is essential to create new business models and solutions by digitalizing the logistics operations, automating material handling system, warehouse management system, and distribution management system. This has ensured faster and varied fulfillment services, especially in terms of last-mile delivery options and seamless returns processes. It is expected that mobile commerce will take a market share of ecommerce of 72.9% by 2021. Most online customers prefer to pay with credit cards, and around 51% of online shoppers conduct purchases via their smartphones. There are over 2 billion digital buyers in the world, which further boost the logistics demand.
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The outbreak of the COVID-19 pandemic has hurt the consumer sector which contributes the most to economic growth. The retail, catering, and travel services are experiencing tremendous cash flow pressure due to declining sales and high fixed costs. The logistics and supply chain companies are in under pressure due to higher emphasis of national government on the continued supply of essential commodities and healthcare products. Thus, the logistics chains are witnessing unusual and massive losses from the disruption caused by the COVID-19 pandemic. The shutdown of factories and scarcity of workforce to de-stuff cargo as well as drivers to operate trucks for cargo clearing has derailed the trade and smooth functioning of the logistics industry. Digitization of core business activities such as fleet monitoring, documentation, seamless networks of communication, the management of revenue, and building digital foundations by modernizing systems in the COVID times has helped logistics companies to shorter innovation cycles, agility, and quick solution.
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The digital logistics type segment is mainly bifurcated into the inventory management, warehouse management system, fleet management, and others. In 2020, fleet management segment accounted for a maximum share in terms of revenue.
Based on organization size, the digital logistics market is fragmented into large enterprises, and small-medium enterprises. In 2020, the large enterprises segment accounted market share in terms of revenue and is expected to remain dominant during the analyzed period.
Based on deployment mode, the digital logistics market is fragmented into cloud and on-premises. In 2020, the cloud segment accounted for more than XX% revenue share.
Based on verticals, the retail segment is growing with a highest CAGR XX% during the forecast period.
The market dynamics of the digital logistics market, for which a detailed analysis was conducted for different regions across the globe including North America (The United States), Europe (The United Kingdom, Germany), Asia-Pacific (China, Japan, India, and South Korea) and Rest of World. North America region dominated the market in 2020.
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IBM, Oracle, SAP, Intel, Infosys, HCL Technologies, Samsung SDS, Cloud Logistics, Digi Logistics, and Tech Mahindra are some of the prominent players operating in the Digital Logistics market. Several M&A’s along with partnerships have been undertaken by these players to develop Digital Logistics.
Digital Logistics Market Segmentation
Market Insight, by Type
- Inventory Management
- Warehouse Management System
- Fleet Management
Market Insight, by Organizational Size
- Large Enterprises
- Small-Medium Enterprises
Market Insight, by Deployment Mode
Market Insight, by Verticals
- Food & Beverage
- Oil & Gas
Market Insight, by Region
- North America
- The United States
- United Kingdom
- South Korea
- Rest of World
Top Company Profiles
- HCL Technologies
- Samsung SDS
- Cloud Logistics
- Digi Logistics
- Tech Mahindra