The Global Digital Transformation Spending in Logistics Market size is expected to grow from USD 59.16 billion in 2022 to USD 109.41 billion by 2030, at a CAGR of 7.99 % during the forecast period (2023-2030).
Market Overview:
The process of reshaping products, services, and entire business models through the adoption of digital technologies is known as digital transformation spending in logistics. Only large and international companies can afford to create a full internal IT department due to the high cost of doing so. The analyst claims that the emergence of artificial intelligence and the Internet of thinking has accelerated the growth of the global market for digital transformation spending in logistics.
Top Key Players in Digital Transformation Spending in Logistics Market:
JDA Software WMS, Logitech, Unisys Corporation, Sanco Software, Advantech, Partner Tech, Oracle, Hexaware Technologies, S2K warehouse management, Samsung, Mindtree, 3GTMS, XPO Logistics, IBM, APL Logistics Ltd., Digital Logistics Group, Syntel,4Flow AG, SAP, Tech Mahindra, and other major players.
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Market Dynamics and Factors for Digital Transformation Spending in Logistics Market:
Drivers:
Increasing Adoption of Distributed Ledger Technology Based on Advanced Analytics to Aid Market Growth
The expanding digitalization of business operations has opened significant avenues for growth in the Digital Transformation Spending in Logistics Market. The digitalization of business processes facilitates real-time tracking and visibility across the supply chain. This transparency minimizes delays, reduces inventory costs, and enhances overall supply chain efficiency.
Digital transformation enables the collection and analysis of vast amounts of data, providing actionable insights for logistics optimization. Predictive analytics and AI-driven solutions enhance demand forecasting and route optimization.
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Opportunities:
The Emergence of Artificial Intelligence and The Internet of Thinking
The convergence of Artificial Intelligence (AI) and the Internet of Things (IoT), often referred to as the Internet of Thinking, presents a compelling opportunity for the Digital Transformation Spending Logistics Market. AI-powered predictive analytics leverage IoT data from sensors, devices, and vehicles to anticipate demand fluctuations, optimize routes, and enhance supply chain efficiency, reducing costs and delays. The Internet of Thinking facilitates smart warehousing by integrating AI-driven automation and IoT-enabled tracking. Real-time inventory management and order processing enhance accuracy and speed.
Segmentation Analysis of the Digital Transformation Spending in Logistics Market:
By Solutions, the Services segment is expected to dominate the market. The services segment has been classified into consulting, integration, and operation and maintenance.
By Deployment Type, Cloud-based is likely to dominate in this area. The rising investment in this segment by the IT sector to increase the productivity and efficiency of the businesses is improving the market share for this segment.
By Solutions
Hardware,,Software, Services
By System
Conveyors,Automated Storage and Retrieval Systems (ASRS), Automatic Sorters, Automated guided vehicle (AGV), Robotic Picking System, Automatic Palletizer, Peripheral & Supporting Components BFSI
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Regional Analysis of the Digital Transformation Spending in Logistics Market:
North America is expected to dominate the market during the forecast period. The region's main market for logistics services is the US. In Canada and the rest of North America, digital logistics in logistics are also becoming more and more popular. The rise of the local market is attributed to a sizeable population of patients with mental illnesses, numerous events with meditation workshops, and the rapid expansion of yoga studios in the area. In the coming years, a sizable portion of the population in the region, particularly in emerging nations, is anticipated to have more disposable income, which will cause an increase in the number of people spending on the advancement of their mental health.
Key Industry Development:
In July 2022, Accenture finalized the acquisition of Trancom ITS, a recognized provider of Japanese logistics technology services, including its operational technology and digital engineering skills. The acquisition will increase Accenture's capacity for digital engineering, logistics, and manufacturing, enabling it to provide the kind of hyper-automation solutions that Japanese logistics and manufacturing firms are increasingly requesting.
In July 2022, adigital logistics firm in Egypt called Khazenly raised $2.5 million in seed funding. The funds will be used for Khazenly's global expansion and the development of its goods and services. Arzan Venture Capital and Shorooq Partners jointly managed the investment effort.
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Oct 26, 2023
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