Global Digital Logistics Market - Overview
According to Market Research Future (MRFR), the global Digital Logistics Market size is estimated to touch USD 19 billion at a CAGR of 11% from 2016 to 2023 (forecast period). The report addresses and explores the effect of the Covid-19 outbreak on the digital logistics industry, including potential opportunities and challenges, drivers, and risks.
Logistics plays a crucial role in the management of the supply chain and helps to handle every business efficiently. Logistics is the process of managing things from the point of production to the point of consumption by customers. Changes in dynamics and consumer demand for innovative solutions are increasing market demand. Digital Logistics provides a range of benefits to businesses by offering improved efficiency, profitability, cost savings, customer-centric solutions, and improved supply chain. As a result, various companies around the world are adopting these approaches in order to achieve a competitive advantage in the industry. Digital logistics use digital technology and communications to strengthen the supply chain and increase the efficiency of the supply chain integration by reducing the operating costs.
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Market Dynamics
Digital logistics are being widely implemented at a rapid rate; the advent of new technologies and the development of existing solutions are critical factors in the sector's growth. Digital technology is paired with innovative applications that are a crucial driver for the global market. Digital logistics will minimize costs and time, and its higher level of adoption will have a positive impact on the digital logistics industry in the coming years. Moreover, the factors propelling the growth of the digital logistics market are the large volume of data and enhanced logistics operations, which significantly boost the market growth. Digital logistics is a method that makes logistic operations smarter with the aid of digital technology. The rising demand for digital technology is driving the growth of the digital logistics market.
Nevertheless, the lack of proper ICT infrastructure, security concerns, privacy, and reliability are some of the factors that impede the growth of the global digital logistics industry. In addition, system scalability and costly data communication also hinder the market growth.
Market Segmentation
The global market for digital logistics has been segmented based on components, applications, and verticals.
By component, the global market for digital logistics has been segmented into services and systems. Furthermore, the system is divided into database management systems, information integrated systems, order management systems, tracking and monitoring systems, aelectronic data interchange systems, and fleet management systems. Moreover, services are divided into consulting services and system integration services.
By applications, the global market for digital logistics has been segmented into warehouse management, transportation management, and labor management.
By verticals, the global market for digital logistics has been segmented into automotive, government, defense, aerospace, healthcare, manufacturing, retail, and others.
Regional Analysis
The regional analysis of the global market for digital logistics is done for regions such as North America, Asia Pacific, Europe, and the Rest of the World.
North America is experiencing high growth due to the growing penetration of digital technologies and systems like radio frequency identification, electronic data interchange, and other technologies that drive the digital logistics market.
In the European region, the market for digital logistics is growing rapidly due to the next generation of cloud services that are driving the market growth.
While Asia Pacific countries, including China, Japan, and India, are emerging markets for digital logistics and are projected to gain traction with the growing expansion of Internet connectivity and to rise with the highest CAGR in the coming years.
Key Players
Some of the key participants identified by MRFR in the global digital logistics market Tech Mahindra (India), SAP SE (Germany), Oracle Corporation (U.S.), Samsung Group (South Korea), HCL Technologies Limited (India), Advantech Co. (Taiwan), International Business Machines Corporation (U.S.), Huawei Technologies Co., Ltd. (China), JDA Software Group, Inc. (U.S.), Hexaware Technologies (India) among others.
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