According to a new market research report “Digital Logistics Market by Solution (Asset Management, Warehouse Management, Data Management and Analytics, Security, Network Management), Service, Function (Warehouse Management, Transportation Management), Vertical, and Region – Global Forecast to 2025″, published by MarketsandMarkets™, the market size to grow from USD 17.4 billion in 2020 to USD 46.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 21.7% during the forecast period.
Digitalization offers significant operational and customer engagement enhancement benefits to logistics service providers. Digital logistics solutions are being implemented by all stakeholders in the industry, including manufacturers, distributors, warehouse owners, and transportation service providers. Digital logistics solution providers are developing applications to enable large amounts of information to be stored, exchanged, analyzed, communicated, and visualized. The use of technologically advanced logistics solutions results in resource optimization, productivity enhancement, cost optimization, and improved overall business strategies for logistics service providers. Digital logistics provides businesses with hyper connectivity, lower costs, automation of jobs, service virtualization, simplification of transactions, and remote access.
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The solutions segment to hold a larger market size during the forecast period
Based on component, the solutions segment of the Digital Logistics Market is projected to hold a larger market size during the forecast period. The solutions segment in the Digital Logistics Market comprises six major segments: asset management, warehouse management, data management and analytics, security, and network management. Due to increasing Information and Communication Technology (ICT) integration with different verticals, digital logistics solutions are also expected to witness a massive growth. These solutions are customized by companies for specified requirements from customers. All the solutions are aimed at logistics monitoring, optimizing Total Cost of Ownership (TCO), reducing risks, improving safety and security, and enhancing operations with real-time tracking and maintenance.
By function, the warehouse management segment to record a higher growth rate during the forecast period
Warehouse management is a very important function in the Digital Logistics Market. The storage of goods that are being transported is managed through this function. Warehouse management is done with help of software and platforms that are dedicated to keep the updates of incoming and outgoing goods in the warehouse. Orders that are being processed are synched with the inbound and outbound logistics details in the WMS, enabling the logistics service providers to keep track of the inventory being stored inside and moving out of the warehouse. Therefore, the WMS has features for updating the inventory checks and stock takes. The WMS software can be integrated with scanners that update the order details in the various warehouse systems and software. The integration of WMS with TMS is very necessary to keep the order details and processing up to date and keep the supply chain going.
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Asia Pacific to record the highest growth during the forecast period
The APAC Digital Logistics Market is estimated to have a strong growth in the future. The APAC region is witnessing high growth due to increasing global competition, growing penetration of smart devices, connected machines, and rising investments in smart cities. High economic growth in developing countries, such as India, China, and Vietnam, has resulted in an increase in the number of connected solutions that consist of sensors and RFID tags, resulting in a sudden outburst of vast amounts of data. This has made digital logistics a prominent feature in the growing transportation and logistics sector of this region. Thus, APAC is a current hotspot of the Digital Logistics Market and attracts many companies.
Major vendors of digital logistics include IBM (US), Oracle (US), SAP (Germany), AT&T (US), Intel (US), Infosys (India), Honeywell (US), Eurotech S.P.A (Italy), HCL Technologies (India), ORBCOMM (US), Cloud Logistics (US), Freightgate (US), Blue Yonder (US), Digilogistics (China), WebXpress (India), Ramco Systems (India), Logisuite (US), Impinj (US), Intersec (France), ICAT Logistics (US),Magaya (US), Softlink (India), Samsung SDS (South Korea), Hexaware (India), Tech Mahindra (India), and Advantech (Taiwan).
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